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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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Income Tax Return (ITR) filing: Here’s why you should know about Form 16

Income Tax Return (ITR) filing: Here’s why you should know about Form 16

Sat, Jun 30, 2018

Last month, in a bid to rationalise some fields without making any change in the manner of filing the Income Tax Returns (ITR) as compared to last year. As the deadline for ITR filing nears, every taxpayer should remember about Form 16.

Sebi shares info on 14,720 entities involved in non-genuine trades with IT Dept, MCA

Sebi shares info on 14,720 entities involved in non-genuine trades with IT Dept, MCA

Sun, Jun 17, 2018

Continuing with efforts to crack down on illegal trading activities, regulator Sebi has shared its findings about 14,720 entities that indulged in non-genuine trades through illiquid stock options with the Income Tax Department and the Ministry of Corporate Affairs, according to a senior official.

Tax dept says this IT company transferred funds to non-residents

Tax dept says this IT company transferred funds to non-residents

Thu, Jun 07, 2018

The department submitted that the company is liable to pay additional taxes on the excess amount above the fair price per share fixed by the assessing officer.

Income tax benefits for senior citizens: Here is all you need to know in brief

Income tax benefits for senior citizens: Here is all you need to know in brief

Tue, Jun 05, 2018

When it comes to income tax, senior citizens and very senior citizens are given higher tax exemption limits as compared to general taxpayers

IT department revises Income Tax Informants Reward Scheme; You can get reward up to Rs 5 crore, here's how

IT department revises Income Tax Informants Reward Scheme; You can get reward up to Rs 5 crore, here's how

Sun, Jun 03, 2018

The NDA government has from time-to-time taken various measures in dealing black money, which is why, the Income Tax Department is leaving no stone unturned by carrying out investigations in various offices, houses and states.

Earn Rs 5 cr! Join fight against benami transactions, black money, get paid big amounts

Earn Rs 5 cr! Join fight against benami transactions, black money, get paid big amounts

Fri, Jun 01, 2018

With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and to reduce tax evasion, the department has announced a reward of Rs 1 crore and even Rs 5 crore for providing information about benami transactions and properties, income earned on such properties by hidden investors as well as on black money stashed abroad.

What is PAN and why is it important for an income tax returns filler?

What is PAN and why is it important for an income tax returns filler?

Sat, May 19, 2018

What is PAN? Permanent Account Number (PAN) is a 10-digit alphanumeric number, issued by the Income Tax Department. PAN enables the Income-Tax Department to link all transactions of a person with the department.

How to cancel PAN card in 5 easy steps

How to cancel PAN card in 5 easy steps

Wed, May 16, 2018

Has your credit card or loan application been rejected? One reason could be two PAN cards against your name and lenders see this as an indicator of fraud, denying you loans or even credit card.

Income Tax Return (ITR) filing: Are you planning to file ITR 1 form? here's how to do it

Income Tax Return (ITR) filing: Are you planning to file ITR 1 form? here's how to do it

Mon, May 14, 2018

Individuals earning income up to Rs 50 lakh are supposed to file ITR 1 form. Other ITR forms will be available shortly.

Income tax returns (ITR) filing: Have you received I-T dept notice? Safeguard yourself; here is how

Income tax returns (ITR) filing: Have you received I-T dept notice? Safeguard yourself; here is how

Sun, May 13, 2018

Few reasons why we receive income tax notice is due to not filingIncome tax returns (ITR), mismatch in tax rate, high value transactions or scrutiny notice. So, is it time to panic? Find out.

Income tax returns (ITR) filing: What is tax evasion and how you can get into trouble

Income tax returns (ITR) filing: What is tax evasion and how you can get into trouble

Sat, May 12, 2018

Income tax returns (ITR) filing: What is tax evasion? To ensure that you do not get into trouble inadvertently, you must get to know what this phrase is all about. Paying taxes is the duty of every citizen and under no circumstances should anyone stray from that fact.

How many crorepati in India? 59,830, says the Income Tax dept

How many crorepati in India? 59,830, says the Income Tax dept

Fri, May 11, 2018

Income Tax department for tax assessment year 2015-16 showed that individuals with over Rs 1 crore of declared income rose 23.5 per cent to 59,830, but there has been a deterioration in income.

Income Tax raids in Kanpur: Rs 70 cr tax evasion detected:

Income Tax raids in Kanpur: Rs 70 cr tax evasion detected:

Thu, May 10, 2018

The Income Tax (I-T) department unearthed tax evasion to the tune of Rs 70 crore after conducting raids on 15 places in Kanpur and Unnao districts of Uttar Pradesh belonging to two prominent companies owning tanneries and manufacturing leather goods.

Income Tax Returns filing: What happens when you file wrong ITR?

Income Tax Returns filing: What happens when you file wrong ITR?

Tue, Apr 24, 2018

ITR Filing: In case the assessee has filed his Income Tax return (ITR) with errors then the person is granted an opportunity to file a revised ITR in view of the provisions of section 139(5) of the Income Tax Act, 1961, within the prescribed time limit, i.e. 1 year from the end of the relevant assessment year

Income tax returns (ITR) filing: How to file tax online with new ITR-1 form for AY 2018-19; step by step guide

Income tax returns (ITR) filing: How to file tax online with new ITR-1 form for AY 2018-19; step by step guide

Sat, Apr 21, 2018

Income tax returns (ITR) filing: The Central Board of Direct Taxes (CBDT) had made changes in ITR forms that including ITR 1 also.

ATM cash crisis: Problem severe, Income-Tax dept roped in by government

ATM cash crisis: Problem severe, Income-Tax dept roped in by government

Wed, Apr 18, 2018

This comes amid reports of an unusual spike in cash in the ATMs in many parts of the country. The finance ministry will ask the I-T department to probe all the large withdrawals made in the past three months. "There has been a mismatch in withdrawals and deposits made with the banks in last 2-3 months. The taxman will probe who all withdrew large sums," sources said

Income Tax Returns (ITR) filing: Check out in brief, the new ITR 2018-19

Income Tax Returns (ITR) filing: Check out in brief, the new ITR 2018-19

Mon, Apr 09, 2018

Income Tax Returns (ITR) filing: The new ITR 2018-19 form is here. Some fields in the new ITR form for have been rationalised and it shows that the Income Tax Department wants to know a little bit more about you

Two Navjot Singh Sidhu bank accounts seized by Income-Tax Dept

Two Navjot Singh Sidhu bank accounts seized by Income-Tax Dept

Fri, Mar 30, 2018

Navjot Singh Sidhu, former cricketer-turned-TV personality, who is currently the tourism minister of Punjab is back in the news and this time for all the wrong reasons. The Income Tax department has seized two of his bank accounts for failing to present bills of expenditure shown in his tax returns filed for FY15, and reportedly has dues amounting to over Rs 52 lakh against him.

Cognizant bank accounts frozen; here is why Income Tax department launched crackdown

Cognizant bank accounts frozen; here is why Income Tax department launched crackdown

Wed, Mar 28, 2018

Cognizant failed to pay the tax of more than 25 billion rupees ($385 million) in the 2016-17 financial year, the Hindu newspaper reported, citing officials from the tax department.

Income tax returns (ITR) filing: Not filed returns for 2 years? Beware! Deadline nearing

Income tax returns (ITR) filing: Not filed returns for 2 years? Beware! Deadline nearing

Tue, Mar 20, 2018

Income tax returns (ITR) filing: March 31, 2018 is the last date for taxpayers in filing ITR for the assessment year 2016-17 and 2017-18.

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