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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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Vested interests behind 'harassment of taxpayers' charge: CBDT

Vested interests behind 'harassment of taxpayers' charge: CBDT

Tue, Jan 22, 2019

CBDT on Monday clarified that there had been no mass harassment by the Income Tax Department as it had filed only 1,400 prosecutions during the current fiscal for various offences under the Income Tax Act.

Registry alert! Income Tax trouble may hit you soon if you've paid over Rs 20k in cash for property purchase in Delhi

Registry alert! Income Tax trouble may hit you soon if you've paid over Rs 20k in cash for property purchase in Delhi

Sun, Jan 20, 2019

You may soon receive a notice from the Income Tax Department if you have made a cash transaction of Rs 20,000 and above while dealing in property in Delhi.

Beware Taxpayers! Fraudsters may fool you with fake refund messages; know how to have safe ITR filing

Beware Taxpayers! Fraudsters may fool you with fake refund messages; know how to have safe ITR filing

Tue, Dec 18, 2018

Even though every employee is liable to pay a certain part of his or her salary or income from other sources, to the Income Tax Department, there are certain methods through which the taxpayers can claim some amount from the tax paid.

Direct Tax Collection stands at Rs 6.75 lakh crore in November 2018; personal tax rises by 16%

Direct Tax Collection stands at Rs 6.75 lakh crore in November 2018; personal tax rises by 16%

Wed, Dec 12, 2018

According to IT department, Net collections (after adjusting for refunds) have increased by 14.7% to Rs 5.51 lakh crore during April - November, 2018.

Start-ups in India set to get Income-Tax dept, DIPP booster shot

Start-ups in India set to get Income-Tax dept, DIPP booster shot

Thu, Nov 01, 2018

The Department of Industrial Policy and Promotion (DIPP) is working with the tax department and regulators to ease the rules and laws for startups to support budding entrepreneurs, a top government official said.

Manual forms for income tax exemptions to be made electronic

Manual forms for income tax exemptions to be made electronic

Tue, Oct 30, 2018

The government on Monday proposed doing away with manual filing of application forms seeking exemption of tax on incomes received by a person on behalf of any other fund, university, educational institution, hospital, trust or any other institution.

Alert! Income Tax dept warns about Vijay Mallya shares; this is what it wants you to do

Alert! Income Tax dept warns about Vijay Mallya shares; this is what it wants you to do

Thu, Oct 25, 2018

The Income Tax Department on Thursday cautioned the public against buying over 41-lakh equity shares of fugitive liquor baron Vijay Mallya in his company the Debt Recovery Tribunal-II has put up for sale through e-auction on October 30, an official said.

Modi govt plan: Soon, beat queues at airports, railway stations, highways; Here's how

Modi govt plan: Soon, beat queues at airports, railway stations, highways; Here's how

Tue, Oct 16, 2018

Everybody wants to have a hasslefree experience at busiest places like railway stations and airports. Soon, this may become possible for a certain set of people if a reported Modi government's plan is to be believed.

Income Tax alert: TDS cut but not paid to government? Here's why you shouldn't worry

Income Tax alert: TDS cut but not paid to government? Here's why you shouldn't worry

Tue, Oct 16, 2018

A taxpayer whose company went bankrupt, filed his return of income for assessment year 2012-13 on July 31, 2012, that is, within the applicable due date. During the relevant period, the company had deducted Tax at Source (TDS) totalling to Rs 2.68 lakh from the salary payments made to the taxpayer.

Income Tax searches launched on 44 premises of builders in Rajkot

Income Tax searches launched on 44 premises of builders in Rajkot

Wed, Sep 26, 2018

On Wednesday, Income Tax department officials searched around 44 premises of three construction firms and a finance firm in Gujarat's Rajkot city.

ITR filing: For whom is E-filling of Income Tax Return compulsory?

ITR filing: For whom is E-filling of Income Tax Return compulsory?

Wed, Aug 29, 2018

ITR filing: The last date for filing income tax return is August 31. if you have filed by now, you can rest easy. Others should be a worried lot. With so much importance being given to e-filing, here is a basic question answered for those who are still confused.

Income Tax Returns filing: Taxable or not? PF and Gratuity to salary arrears, check if you need to pay tax

Income Tax Returns filing: Taxable or not? PF and Gratuity to salary arrears, check if you need to pay tax

Wed, Aug 29, 2018

Income Tax Returns filing: Tax paying season is finally drawing to an end and most taxpayers have dutifully filed their returns. Those who have not, should do so immediately as the last date is August 31 and if they don't, then an amount of Rs 5000 or 10000 can be imposed on them.

Income tax return (ITR) filing: Deadline looming, stop scrambling for solutions, know this first

Income tax return (ITR) filing: Deadline looming, stop scrambling for solutions, know this first

Mon, Aug 13, 2018

Income tax return (ITR) filing: What are the forms of tax return prescribed under the Income-tax Law? This is teh question that most frustrtaes taxpayers. Under the Income-tax Law, different forms of returns are prescribed for different classes of taxpayers.

Income tax return (ITR) filing: Paid taxes? Your responsibility still not over

Income tax return (ITR) filing: Paid taxes? Your responsibility still not over

Tue, Aug 07, 2018

Income tax return (ITR) filing: Lakhs of taxpayers have honestly paid their taxes and now they are sitting back comfortably, thinking their responsibilities are over. But are they really? Is there something that has been left out. Can taxpayers be held accountable? Here is truth.

Income tax returns (ITR) filing: Section imposing Rs 5000 fine for delayed ITR challenged in court

Income tax returns (ITR) filing: Section imposing Rs 5000 fine for delayed ITR challenged in court

Sat, Jul 21, 2018

The Madras High Court today issued a notice to the Centre on a PIL challenging a new section in the Income Tax Act which imposes a fine of up to Rs 10,000 for late filing of I-T returns from Assessment Year 2018-19

Income tax returns (ITR) filing: On TDS, deductor faces these penalties for failing to deduct or deposit sums

Income tax returns (ITR) filing: On TDS, deductor faces these penalties for failing to deduct or deposit sums

Wed, Jul 18, 2018

Income tax returns (ITR) filing: In this day and age, there are numerous cases of tax deducted at source (TDS) scams that are being reported. However, that carries a number of penalties.

Income Tax Return (ITR) filing: If ITR filed after July 31, you may end up paying Rs 5000 penalty; find out more

Income Tax Return (ITR) filing: If ITR filed after July 31, you may end up paying Rs 5000 penalty; find out more

Sat, Jul 14, 2018

On the official website, the IT department stated that, file before due date and avoid paying late fee upto Rs 5000.

Income Tax dept scanner on Amazon, Google, Facebook, Twitter

Income Tax dept scanner on Amazon, Google, Facebook, Twitter

Sat, Jul 14, 2018

Seeking to tax overseas online companies deriving economic value in India, the Income Tax department today sought industry views on the revenue and user thresholds to determine if they have 'significant economic presence' in the country

CBDT warns Income Tax Department (ITD) over "high-pitched" assessments against taxpayers

CBDT warns Income Tax Department (ITD) over "high-pitched" assessments against taxpayers

Mon, Jul 09, 2018

CBDT Chairperson Sushil Chandra, in a recent three-page directive to all regional ITD chiefs, expressed disappointment that a special drive launched in this regard in 2015 had failed to achieve its mandate of resolving taxpayers' grievances and was under-utilised.

Hurry up!IT department warns of Income Tax Return (ITR) filing deadline; These are the citizens who can file ITR-1 in Sahaj

Hurry up!IT department warns of Income Tax Return (ITR) filing deadline; These are the citizens who can file ITR-1 in Sahaj

Sat, Jun 30, 2018

The Income Tax Department (IT department) has rolled out a new advertisement where it directs Indian citizens on who should file for Income Tax Return (ITR) under Sahaj.

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