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.
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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.
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.
Sun, Oct 02, 2016
Over 5,500 public meetings, social media campaign on Talkathons and Nukkad Nataks along with threat of prosecution prompted over 64,000 blackmoney holders to declare unaccounted wealth under four-month disclosure window that would make the exchequer richer by over Rs 29,000 crore.
The Comptroller and Auditor General of India (CAG) may audit the just ended black money disclosure scheme for the process followed and how well it performed, but will not get into the disclosures made.
Sun, Sep 11, 2016
The Income Tax Department on Sarturday directed the people involved with blackmoney to clear their taxes under the Income Declaration scheme as only 20 days left for the window to close for declaration.
Tue, Aug 30, 2016
While the earlier exercise was restricted to people with huge defaults to the tune of about Rs 10-20 crore.
Tue, Aug 09, 2016
Undisclosed assets worth Rs 1,474 crore was seized by the Income Tax Department from 990 assessee groups in the past two years. Total amount of undisclosed income by assessees was Rs 21,354 crore.
Sat, Jul 30, 2016
Government has taken various measures such as policy-level initiatives, more effective enforcement action on the ground; putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building, and integration of information and its mining through appropriate use of information technology.
Wed, Jul 20, 2016
However, there is a big gap in the information about income taxes. The new generation doesn’t have enough knowledge on how to approach income tax return e-filing. Many don’t even know if they are supposed to e-file their returns or not. Well, that’s one subject of ambiguity that we’re here to solve.
Mon, Jun 27, 2016
The Income Tax Department has been levying 1% TCS on cash purchase of bullion in excess of Rs 2 lakh and jewellery in excess of Rs 5 lakh.
Mon, May 16, 2016
The Income Tax Department has given four months period for people to declare their undisclosed incomes and pay tax on it.
Fri, May 06, 2016
The Income Tax department has issued 2.10 crore refunds totalling over Rs 1.22 lakh crore in 2015-16, which saw 94 per cent the returns being filed online.
Sat, Apr 30, 2016
2.6 crore people filed income taxes in calender year 2012-13.
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