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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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I-T Department cautions taxpayers against sharing user ID, password

I-T Department cautions taxpayers against sharing user ID, password

Thu, Dec 22, 2016

It has also asked users not to use the same password for different accounts.

Black money: IDS disclosure figures to be revised lower to Rs 55,000 crore

Black money: IDS disclosure figures to be revised lower to Rs 55,000 crore

Wed, Dec 21, 2016

Government had given the option to the declarants of paying tax amount in three instalments up to September 30, 2017. The first instalment of 25% was due on November 30.

Are you an SME? We explain how to take advantage of income tax on digital turnover

Are you an SME? We explain how to take advantage of income tax on digital turnover

Wed, Dec 21, 2016

Earlier this week, finance ministry had rolled out a benefit of lower income tax rate, under section 44AD, for small businesses with turnovers up to Rs 2 crore if it were in digital/banking transactions.

Demonetisation: I-T dept raids house of Tamil Nadu's chief secretary Rama Mohana Rao

Demonetisation: I-T dept raids house of Tamil Nadu's chief secretary Rama Mohana Rao

Wed, Dec 21, 2016

Income Tax (I-T) department officials on Wednesday raided the house of Tamil Nadu Chief Secretary P Rama Mohana Rao. "The raids have commenced at Tamil Nadu Chief Secretary`s residence," a senior Income Tax official told IANS.

Embarrassed, upset over conduct of handful of employees, says Axis Bank's CEO Shikha Sharma

Embarrassed, upset over conduct of handful of employees, says Axis Bank's CEO Shikha Sharma

Sun, Dec 18, 2016

"Embarrassed and upset" over the conduct of a handful of employees bringing the organisation into disrepute, Axis Bank MD and CEO Shikha Sharma said on Sunday the bank has hired KPMG to conduct a forensic audit for enhanced due diligence and building more safeguards.

Unaccounted cash worth Rs 4.4 lakh in new notes seized in Andhra Pradesh

Unaccounted cash worth Rs 4.4 lakh in new notes seized in Andhra Pradesh

Sat, Dec 17, 2016

Unaccounted cash worth Rs 4.4 lakh in new currency notes of Rs 2,000 was seized on Saturday from Krishna district of Andhra Pradesh, police said.

I-T department sends 3,000 notices for high bank deposits post notes ban

I-T department sends 3,000 notices for high bank deposits post notes ban

Sat, Dec 17, 2016

Income Tax department (I-T) has issued around 3,000 notices to assessees for unmatched deposits in bank accounts, while it has seized a total of Rs 393 crore in cash and jewellery over the past five weeks.

Undisclosed income of Rs 2600 crore unearthed since November 8

Undisclosed income of Rs 2600 crore unearthed since November 8

Fri, Dec 16, 2016

The Ministry said that while the searches have been carried out in 291 cases across the country, 295 cases have been covered by survey action.

How to calculate Advance tax and who should pay it?

How to calculate Advance tax and who should pay it?

Wed, Dec 14, 2016

If your do not pay Advance tax as per the schedule, you will become liable to pay interest under section 234B and 234C.

Demonetisation: I-T dept seizes Rs 2.6 crore in new notes among Rs 13.5 crore from raids at Delhi law firm

Demonetisation: I-T dept seizes Rs 2.6 crore in new notes among Rs 13.5 crore from raids at Delhi law firm

Sun, Dec 11, 2016

The total amount of seizure in the raid by the city police at a law firm in southeast Delhi's Greater Kailash-I area on Sunday neared Rs 13.5 crore, of which Rs 2.6 crore was in new banknotes released after demonetisation, a senior police official said.

Jan Dhan inflows decline after govt alert on converting black money

Jan Dhan inflows decline after govt alert on converting black money

Wed, Dec 07, 2016

The Ministry also said that the Income Tax Department has identified the local clusters and bank branches where the inflow of Jan Dhan deposits have been more than normal.

Demonetisation: I-T department seizes Rs 130 crore in cash & jewellery since Nov 8

Demonetisation: I-T department seizes Rs 130 crore in cash & jewellery since Nov 8

Wed, Dec 07, 2016

The Income Tax Department (I-T) has carried out investigations into over 400 cases post-demonetisation seizing as much as Rs 130 crore in cash and jewellery, an official statement said on Tuesday.

Income Tax department seizes Rs 130 crore post-demonetisation

Income Tax department seizes Rs 130 crore post-demonetisation

Tue, Dec 06, 2016

The Income Tax Department has carried-out swift investigations in more than 400 cases.

CBDT detects over 30 tax irregularity cases, seizes over Rs130 crore

CBDT detects over 30 tax irregularity cases, seizes over Rs130 crore

Tue, Dec 06, 2016

Detecting ‘serious’ irregularities while disclosing income, the Central Board of Direct Taxes (CBDT) on Tuesday said that over 30 such cases have been reported to the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED).

Demonetisation: I-T conducts raids in Delhi, Mumbai, other cities

Demonetisation: I-T conducts raids in Delhi, Mumbai, other cities

Thu, Nov 10, 2016

Finance Minister Arun Jaitley today assured people that taxman will not hound those making small deposits.

Deposits above Rs 2.5 lakh to face tax, 200% penalty on mismatch

Deposits above Rs 2.5 lakh to face tax, 200% penalty on mismatch

Thu, Nov 10, 2016

Further dangling the stick, government on Wednesday warned that cash deposits above Rs 2.5 lakh threshold under the 50-day window could attract tax plus a 200% penalty in case of income mismatch.

CBDT asks taxmen to ensure revenue collection targets are met

CBDT asks taxmen to ensure revenue collection targets are met

Mon, Oct 31, 2016

CBDT has asked taxmen to pull up their socks to ensure targeted revenue collection targets are met as the figures till September show a shortfall of an estimated over Rs 14,000 crore.

Benami Act to come into effect from November 1; here’s what you need to know

Benami Act to come into effect from November 1; here’s what you need to know

Sat, Oct 29, 2016

The Benami Act that seeks to give the government powers to confiscate ‘benami’ properties will come into effect from November 1, the Income Tax department said on Friday.

Govt's income tax earning grew over 50% in past two years

Govt's income tax earning grew over 50% in past two years

Thu, Oct 27, 2016

For the AY 2012-2013, the data was already available on the public domain.

Income Tax Dept changes PAN rules for automobile sales above Rs 2 lakh

Income Tax Dept changes PAN rules for automobile sales above Rs 2 lakh

Wed, Oct 19, 2016

The Directorate of Income Tax (Intelligence and Criminal Investigation) conducted a seminar on Tuesday on quoting of permanent account number (PAN) in respect of transactions of sale or purchase of automobiles above Rs 2 lakh and furnishing of statement of financial transaction in case of receipt

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