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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 Department processes 92% of Income Tax Returns within 60 days

Income Tax Department processes 92% of Income Tax Returns within 60 days

Mon, Feb 13, 2017

The Government of India's Income Tax Department has processed 92% of Income Tax Returns (ITRs) within 60 days for the current financial year 2016-17(FY17).

Tax officers to file self-appraisal report on e-assessment

Tax officers to file self-appraisal report on e-assessment

Sun, Feb 12, 2017

The assessment proceedings in all cases selected under scrutiny have to be conducted through email based communications unless the taxpayer concerned desires to opt out of the paperless assessment scheme.

Deposits of only more than Rs 2.5 lakh will be questioned: Income Tax Department

Deposits of only more than Rs 2.5 lakh will be questioned: Income Tax Department

Tue, Feb 07, 2017

Highlighting on the alert which is given on the income tax e-filing website, he said that already 2 lakh people have logged in on it.

Budget raises India's capital market ambitions

Budget raises India's capital market ambitions

Mon, Feb 06, 2017

The government intends to raise Rs 110 billion from the listing of state-owned insurance companies, Rs 465 billion from the sale of stakes in state-owned companies on local stock exchanges and Rs 150 billion from strategic sales in 2017-18.

Tax dept scans 1-crore accounts under 'Operation Clean Money'

Tax dept scans 1-crore accounts under 'Operation Clean Money'

Sun, Feb 05, 2017

"We have initially matched 1-crore accounts with the profile in our database and identified 18 lakh people with suspicious deposits of over Rs 5 lakh. We will expand the scope of data analytics further and match the profiles with our data base," the source told PTI.

Govt rules out tax incentive beyond Rs 2 lakh for second home

Govt rules out tax incentive beyond Rs 2 lakh for second home

Sat, Feb 04, 2017

"Government resources are very very limited. The question is should the government be subsidising first-time home owners who are occupying own house or should the government be subsidising the second acquisition of the property by people who have got surplus money to invest in real estate," Adhia said while addressing industry representatives here.

Tax Dept asks taxpayers to e-verify deposits post note ban

Tax Dept asks taxpayers to e-verify deposits post note ban

Thu, Feb 02, 2017

As the Income Tax Department uses Big Data to catch evaders, it is asking taxpayers to verify online the deposits they made in their accounts post demonetisation and respond to queries of any mismatch.

Income Tax Department launches Operation Clean Money to verify demonetisation data with tax payers' filings

Income Tax Department launches Operation Clean Money to verify demonetisation data with tax payers' filings

Tue, Jan 31, 2017

India's Income Tax Department has launched Operation Clean Money on Tuesday to verify deposited demonetised notes with tax payer's IT filings.

I-T begins action under Benami Act; issues 87 notices; attaches 42 assets worth crores

I-T begins action under Benami Act; issues 87 notices; attaches 42 assets worth crores

Tue, Jan 31, 2017

To slap the stringent provisions of the Benami Transactions Act was taken after analysing serious cases.

Demonetisation: Private entities to analyse data vis-a-vis Income Tax Return, Tax Deducted at Source

Demonetisation: Private entities to analyse data vis-a-vis Income Tax Return, Tax Deducted at Source

Thu, Jan 26, 2017

Post demonetisation, the Income Tax department has started the process of engaging private entities to match the data with I-T return or other information of assessees.

1 taxpayer owes 11% of India's individual income tax in 2014-15

1 taxpayer owes 11% of India's individual income tax in 2014-15

Tue, Jan 24, 2017

India had 36.5 million individual taxpayers who declared taxable income of Rs 16.5 lakh crore and were liable to pay Rs 1.91 lakh crore as income tax -- an increase of 23% and 37%.

NCLT to give order on January 18 on contempt plea filed by Cyrus Mistry family companies

NCLT to give order on January 18 on contempt plea filed by Cyrus Mistry family companies

Mon, Jan 16, 2017

The National Company Law Tribunal (NCLT) on Monday reserved its order till January 18 on a contempt petition filed by two Cyrus Mistry family companies against Tata Sons and its directors, including Ratan Tata, alleging violation of NCLT directives in taking steps to remove Mistry from the Board.

Demonetisation: Rs 80,000 crore of loans repaid in cash since November 8

Demonetisation: Rs 80,000 crore of loans repaid in cash since November 8

Tue, Jan 10, 2017

Since November 9, more than Rs 10,700 crore cash was deposited in different bank accounts in North Eastern states.

CBEC initiates process of migration of existing central excise & service tax assesses to GST

CBEC initiates process of migration of existing central excise & service tax assesses to GST

Mon, Jan 09, 2017

With a goal to meet the government's aim of meeting April 1 deadline for implementing GST across India, the CBEC has initiated the process of migration of its existing central excise and service tax assesses to the new tax regime with effect from Monday.

Income Tax detects Rs 4,807 crore black income; seizes Rs 112 crore new notes

Income Tax detects Rs 4,807 crore black income; seizes Rs 112 crore new notes

Sun, Jan 08, 2017

Over Rs 4,807 crore of undisclosed income has been detected while Rs 112 crore worth new notes have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post demonetisation.

IT department asks banks to report cash deposits in accounts from April-November

IT department asks banks to report cash deposits in accounts from April-November

Sun, Jan 08, 2017

The Income Tax department on Sunday asked banks to report on cash deposits in accounts from the period April 1 to November 9, 2016, Times Now tweeted.

Demonetisation: 60 lakh depositors put Rs 7 lakh crore in banks since November 8

Demonetisation: 60 lakh depositors put Rs 7 lakh crore in banks since November 8

Fri, Dec 30, 2016

As many as 60 lakh individuals and firms have made large deposits totalling an astonishing Rs 7 lakh crore in old notes, top government officials said today while warning that every penny of tax will be extracted as the black money does not become white by merely putting it in banks.

Direct tax collections in Mumbai, Delhi in single digit

Direct tax collections in Mumbai, Delhi in single digit

Wed, Dec 28, 2016

The growth was in double digit in all the other parts of the country during the period.

Companies must drop retro tax cases to avail settlement scheme: CBDT

Companies must drop retro tax cases to avail settlement scheme: CBDT

Sun, Dec 25, 2016

Vodafone, Cairn Energy and other firms facing retrospective tax demand will have to withdraw legal cases and give up the right to contest constitutional validity of back-dated amendment to Income Tax (I-T) laws if they want to avail of the dispute resolution scheme ending on December 31.

Income Tax Department identifies over 67 lakh non-filers

Income Tax Department identifies over 67 lakh non-filers

Thu, Dec 22, 2016

The Income Tax Department (IT) has identified 67.54 lakh non-filers for financial year 2014-15, it said in a statement.

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