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Income Tax Department

Income tax return filer base up 2.2 times in 10 years, 5 times growth in Rs 50 lakh-plus income category: Sources

Income tax return filer base up 2.2 times in 10 years, 5 times growth in Rs 50 lakh-plus income category: Sources

Wed, Nov 13, 2024

There has been a significant increase in income tax compliance in the country with more than five-fold growth in the Rs 50 lakh-plus income category, according to sources.

I-T department notifies tolerance range for AY25 for transfer pricing cases

I-T department notifies tolerance range for AY25 for transfer pricing cases

Tue, Oct 29, 2024

The income tax department has notified the tolerance range for variation between arm's length price and transfer pricing for international and specified domestic transactions for Assessment Year 2024-25.

IT department issues guidance note on Vivad Se Vishwas dispute resolution scheme

IT department issues guidance note on Vivad Se Vishwas dispute resolution scheme

Wed, Oct 16, 2024

It would also include cases pending before the Dispute Resolution Panel (DRP) and revision petitions pending before the Commissioner of Income Tax.

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Do you think of submitting fake rent receipts in income tax return? Here's how I-T Department can catch you on wrong foot

Do you think of submitting fake rent receipts in income tax return? Here's how I-T Department can catch you on wrong foot

Wed, Sep 04, 2024

Income Tax Return Filing: House Rent Allowance (HRA) is a key component in the salary of an employee taxpayer. It can help them save considerable tax. But sometimes, such taxpayers get greedy and use wrong methods to cheat the Income Tax Department (I-T Department). But the I-T Department has its own ways to catch such violators.

Nirmala Sitharaman advises I-T Department to avoid 'unnecessary harassment' of individual as well as corporate taxpayers

Nirmala Sitharaman advises I-T Department to avoid 'unnecessary harassment' of individual as well as corporate taxpayers

Wed, Aug 21, 2024

The finance minister advised that the I-T Department needs to simplify the language as due to it, clarifications have to be given to taxpayers time and again.

Track your ITR Refund; a step-by-step guide from the Income Tax Department

Track your ITR Refund; a step-by-step guide from the Income Tax Department

Mon, Aug 05, 2024

The Income Tax Department has released a detailed guide on how to check your ITR refund status. This step-by-step process includes logging into the e-filing portal, navigating to your filed returns, and viewing the refund status. Ensure you're updated on your refund with this easy-to-follow guide.

ITR Filing Last Date: 5 consequences you may face for missing income tax return filing deadline

ITR Filing Last Date: 5 consequences you may face for missing income tax return filing deadline

Wed, Jul 31, 2024

Income Tax Filing Deadline: The last date to file income tax return (ITR deadline) is today (July 31, 2024) and just a few hours are left in it. If taxpayers miss it, not only the Income Tax Department (I-T Department) will impose a penalty on them, but they will have to file a belated ITR for the financial year 2023-24.

ITR filing season: Check how much penalty you need to pay after July 31; avoid doing these things to get refund, warns I-T department

ITR filing season: Check how much penalty you need to pay after July 31; avoid doing these things to get refund, warns I-T department

Mon, Jul 29, 2024

ITR filing season: If you file your ITR after the last, then you will need to pay a penalty for this. According to the income tax department, penalties will be imposed based on taxpayers' income.

ITR Filing Deadline: Do not make these 4 mistakes at all, or your ITR form can be rejected and you will have to do hard work again

ITR Filing Deadline: Do not make these 4 mistakes at all, or your ITR form can be rejected and you will have to do hard work again

Mon, Jul 29, 2024

Income Tax Season: There are only a few days left for the last date of filing Income Tax Return (ITR Deadline July 31, 2024). With a few days go do, many people are filing ITR return in a hurry and are also making a lot of mistakes in thm. As a results, the Income Tax Department (I-T Department) is also rejecting such forms.

Income Tax Notice: Don't panic if you receive one—Here's how to resolve it

Income Tax Notice: Don't panic if you receive one—Here's how to resolve it

Thu, Jul 18, 2024

Rather than panicking, it's essential to identify the issue and take appropriate action. Here's what you should do if you receive an income tax notice.

Our decisions have effect on nation's economy: New CBDT chief to I-T officials

Our decisions have effect on nation's economy: New CBDT chief to I-T officials

Tue, Jul 02, 2024

Newly appointed CBDT chairman Ravi Agrawal has told Income Tax Department officials that the decisions they take have implications on the nation's economy, ease of doing business and international transactions as he asked them to draw a 100-day action plan.

Sebi penalises Kwality former MD others for misrepresenting company financials

Sebi penalises Kwality former MD others for misrepresenting company financials

Fri, Jun 28, 2024

Individually, the regulator imposed a fine of Rs 1.5 crore each on Sanjay Dhingra and Sidhant Gupta (former director and member of Kwality's audit committee) and Rs 75 lakh on Satish Kumar Gupta (Chief Financial Officer).

A step-by-step guide to apply for PAN using Form 49A, check all details

A step-by-step guide to apply for PAN using Form 49A, check all details

Thu, Jun 20, 2024

A PAN enables the department to link all transactions of the “person” with the department, keeps an eye on every transaction done by the individual, and records it. It acts as an identifier for the “person” with the tax department.

Income tax department imposes penalty of Rs 4.68 crore on L&T

Income tax department imposes penalty of Rs 4.68 crore on L&T

Sun, Jun 02, 2024

The department levied a penalty of Rs 4,68,91,352 in connection to the tax proceedings of erstwhile L&T Hydrocarbon Engineering Limited, a wholly-owned subsidiary, which was merged with the company on April 1, 2021, L&T said in the filing on Saturday.

Zee Business Exclusive: Lok Sabha Elections 2024; I-T Department seizes 50% more cash, bullion, and jewellery than 2019 polls

Zee Business Exclusive: Lok Sabha Elections 2024; I-T Department seizes 50% more cash, bullion, and jewellery than 2019 polls

Tue, May 14, 2024

A total of cash, bullion, and jewellery worth Rs 390 crore was seized in the 2019 elections, whereas after the current four phases, the value of seized assets has increased to more than Rs 560 crore.

Fake Rent Receipts in ITR: How can I-T department crack down on this malpractice?

Fake Rent Receipts in ITR: How can I-T department crack down on this malpractice?

Tue, Apr 02, 2024

In such cases, the I-T department can also send a notice to the landlord requesting a response, and their tax burden may increase if they disclose the truth. You may also face charges of fraud.

Jana SFB jumps over 2.50% after lender receives partial relief from NFAC in tax-related case

Jana SFB jumps over 2.50% after lender receives partial relief from NFAC in tax-related case

Thu, Mar 21, 2024

NFAC had passed an order on March 31, 2022, disallowing certain expenditure incurred by the Bank. Vide the said order NFAC had raised a demand of Rs 76.23 crores (including interest of INR 18.91 crore) without giving credit to the taxes paid/tax credit available to the company. Jana SFB had filed an appeal before NFAC challenging the above order. NFAC has now passed an order disposing off the appeal, upholding the disallowance made by assessing officer amounting to Rs. 25.03 crore.

Income Tax Department may send you notice for these 5 transactions; know them

Income Tax Department may send you notice for these 5 transactions; know them

Mon, Jan 08, 2024

Some people think that instead of doing a large amount online transaction, if they deposit the same amount of cash in an account, the Income Tax Department will not notice it. But they are wrong; any transaction done—online or offline—may attract the I-T department's attention. Know about five such transactions that the I-T department may notice and send you an income tax notice for.

Income Tax department conducts survey at some entities of Hinduja Group

Income Tax department conducts survey at some entities of Hinduja Group

Wed, Nov 29, 2023

The Income Tax department on Wednesday conducted a survey operation at some entities of the Hinduja Group in Mumbai and some other cities, official sources said.

I-T department raids Yatharth hospital group premises, offices in Noida, Delhi

I-T department raids Yatharth hospital group premises, offices in Noida, Delhi

Thu, Oct 19, 2023

The income tax department on Thursday raided multiple premises of the Yatharth hospital group in Uttar Pradesh and Delhi on charges of tax evasion, official sources said.

IT Dept moves to Bombay HC against Mahindra & Mahindra

IT Dept moves to Bombay HC against Mahindra & Mahindra

Tue, Oct 17, 2023

The company has received an intimation from the Principal Commissioner of Income Tax-2 informing that the Income Tax Department has filed an appeal under the provisions of Section 260A of the Income Tax Act, 1961, before the High Court of Bombay, Mahindra & Mahindra said in a regulatory filing.

I-T launches major operation in Ahmedabad targeting chemical dealers

I-T launches major operation in Ahmedabad targeting chemical dealers

Wed, Oct 11, 2023

The Income Tax Department on Wednesday initiated extensive operations across Ahmedabad against Chemical dealers.

Income Tax department collects over Rs 700 crore in TDS from online gaming, crypto trade

Income Tax department collects over Rs 700 crore in TDS from online gaming, crypto trade

Tue, Oct 10, 2023

The government has collected more than Rs 700 crore in taxes till now this fiscal after a new TDS regime was brought in for online gaming and trade in cryptocurrency, CBDT Chairperson Nitin Gupta said.

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