Wed, Sep 18, 2024
The income tax department has hiked the minimum threshold for filing appeals by the department in tribunal, high courts and the Supreme Court. As per a circular by the CBDT, tax authorities can file appeals before the ITAT, high courts and Supreme Court, if the disputed tax demand exceeds Rs 60 lakh, Rs 2 crore and Rs 5 crore, respectively.
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Sat, May 25, 2024
The index for the following financial year, 2024-25, has been updated to 363, marking an increase of 15 points, which corresponds to an annual inflation rate of approximately 4.3 per cent.
Fri, Feb 16, 2024
The Congress on Friday said Income Tax authorities had frozen its main bank accounts, impacting all political activity. However, the accounts were later de-frozen by the Income Tax Appellate Tribunal pending a further hearing next week.
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.
Tue, Nov 07, 2023
The Income-tax department launched multi-state searches against the Som Group, a prominent player in the liquor manufacturing and sale field, as part of a tax evasion investigation, official sources said.
Wed, Feb 15, 2023
To facilitate taxpayers and to improve the ease of filing, no significant changes have been made to the ITR forms in comparison to the last year's ITR Forms. Only bare minimum changes necessitated due to amendments in the Income-Tax Act, 1961, have been made, the Income Tax department said.
Wed, Jul 27, 2022
During the search operations, its concerned employees extended their full co-operation to the Income Tax Officials and provided all the required information/ documents, a regulator filing by the Ahmedabad-based firm said.
Wed, Jul 20, 2022
The Income Tax department on Wednesday conducted search operations at around 40 premises belonging to Madhusudan Ghee in Mumbai and other places in Maharashtra in connection with alleged tax evasion, sources said.
Wed, Jun 15, 2022
The Income Tax Department on Wednesday notified the cost inflation index for the current fiscal to calculate long-term capital gains arising from the sale of immovable property, securities and jewellery, as per PTI report.
Tue, May 24, 2022
The Income Tax Department is now engaged in the investigation of the alleged front running case in Axis Mutual Fund. Zee Business Tarun Sharma reports.
Tue, May 10, 2022
The investigation wing of the Income Tax Department has uncovered many cases in which money was being sent out of the country via hawala channels to invest in crypto assets.
Thu, Mar 17, 2022
Over 6.63 crore income tax returns (ITRs) have been filed for 2020-21 fiscal as of March 15, an increase of 16.7 lakh over the tax returns filed last year, the I-T department said on Wednesday.
Sun, Feb 27, 2022
Revenue Secretary observed and admitted that the government in 2015 has made an announcement that it wanted to simplify the law so as to lower the tax rates by removing exemptions.
Mon, Feb 07, 2022
The income tax department on Monday said around 6.17 crore I-T returns and about 19 lakh tax audit reports (TARs) have been filed on the new I-T e-filing portal in eight months since its launch.
Sat, Dec 29, 2018
The values of assets seized during the past two financial year are Rs 1,469.62 crore in 2016-17 and Rs 992.52 crore in 2017-18, Shukla said.
Sun, Jun 24, 2018
In GST, businesses are allowed to claim credit for excise and service tax paid for the stock that was bought before GST came but were sold when GST came (July 1). As such credits, a huge amount of Rs 1.6 lakh crore was claimed by nearly 9.5 lakh assessees till the December 27 deadline. For claiming credits there are forms like GSTR-1, GSTR-2, GSTR-3, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A and GSTR-6.
Thu, Jul 07, 2016
ICDS will be applicable on the income earned in this fiscal instead of the previous financial year.
Fri, Jul 01, 2016
Last week, Prime Minister Narendra Modi had also said there would not be any extension.
Tue, Jun 28, 2016
IDS was announced by the government with an aim to flush out black money from the domestic economy.
Mon, Jun 27, 2016
Market dips down of Brexit fear. Watch complete news story of Headlines @ 8:00 AM and stay updated with the latest trends and statistics in the stock market, commodity market and share market!
Mon, Jun 20, 2016
ClearTax, which started in 2011, has come out with a platform that claims you to file your income tax return within 7 minutes.
Thu, Jun 02, 2016
The Income Tax Department will soon put out a list of registered "valuers" of various categories of assets for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened on Wednesday.
Fri, Apr 29, 2016
"Every Indian whose name has appeared in the Panama Papers expose... the income tax department has sent notices and currently investigating the matter," the minister told the Lok Sabha in reply to a question on tax evasion.
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