Page 8 - Latest Updates on Income tax
Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year
To encourage taxpayers to file their ITRs and forms early, over 1.03 billion outreaches were made through targeted e-mail, SMS and other creative campaigns
 "Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year")
I-T dept leverages tech to scrutinise tax returns, recovers Rs 36,000 cr
With one more quarter to go, the income tax department expects the recovery amount to further rise to Rs 50,000 crore by the end of the financial year
 "I-T dept leverages tech to scrutinise tax returns, recovers Rs 36,000 cr")
Income Tax Recruitment 2023: Registration opens for 291 MTS, TA posts
Interested applicants can apply online for Income Tax recruitment 2023 for different positions under sports quota through the official website at incometaxmumbai.gov.in
 "Income Tax Recruitment 2023: Registration opens for 291 MTS, TA posts")
Income Tax dept notifies ITR forms 1, 4 for assessment year 2024-25
Usually, ITR forms for a particular financial year are notified by the end of March or early April. But last year, the forms were notified in February
 "Income Tax dept notifies ITR forms 1, 4 for assessment year 2024-25")
Over 74 mn ITRs filed in FY23, 50 mn people showed zero tax liability: Govt
Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha there has been an increase in the number of returns filed in the last five years
 "Over 74 mn ITRs filed in FY23, 50 mn people showed zero tax liability: Govt")
Newsclick Row: HC dismisses news portal plea challenging income tax orders
The petitioner had further prayed for a stay of demand during the pendency of the petitioner's appeal before the Commissioner of Income Tax (Appeals)
 "Newsclick Row: HC dismisses news portal plea challenging income tax orders")
I-T dept raids ex-IFA secretary's premises over financial irregularities
I-T officials were checking relevant documents and speaking with Ganguly at his Dhakuria residence, around which a cordon was laid by jawans of central forces since morning
 "I-T dept raids ex-IFA secretary's premises over financial irregularities")
Odisha I-T raid: Officials to deposit all cash at Balangir SBI branch
Income Tax officials however continue to conduct the survey at properties linked to Dheeraj Sahu with documentation process still on
Rs 351 crore cash haul in I-T raids against biz group linked to Cong MP
The counting involved nine teams of about 80 people from the tax department and various banks, working in shifts in a 24x7 cycle
 "Rs 351 crore cash haul in I-T raids against biz group linked to Cong MP")
Shah targets Oppn over massive cash seizure from premises of Congress MP
The Income Tax has seized over Rs 300 crore in cash from several premises of a business group linked to Congress MP from Jharkhand Dhiraj Prasad Sahu
 "Shah targets Oppn over massive cash seizure from premises of Congress MP")
Clarification sought from Dheeraj Sahu: Jharkhand Congress in-charge
Pandey, however, clarified that is it a private matter of Dheeraj Sahu and the party has nothing to do with it
Odisha cash haul set to be 'highest-ever' with Rs 290 crore seizure
Besides these, more vehicles have also been requisitioned by the department to transport the seized cash to government banks in the state
 "Odisha cash haul set to be 'highest-ever' with Rs 290 crore seizure")
I-T dept intensifies crackdown on a liquor distillery group in Odisha
The amount of money recovered from Sudapara is being counted, an official said, adding it is expected to be over Rs 50 crore
10-yr reopening of I-T assessment applies to serious cases: Delhi HC
Only in cases where there is evidence of concealing income above Rs 50 lakh, says court
 "10-yr reopening of I-T assessment applies to serious cases: Delhi HC")
ITAT dismisses I-T dept's appeal in BBC India case of AY 2004-05
The tribunal noted that the inter-company agreement was clear in terms of the activities on which the Indian entity is expected to provide the services to its associated enterprises
 "ITAT dismisses I-T dept's appeal in BBC India case of AY 2004-05")
India's gross direct tax collection up 17.6% at Rs 12.3 trillion till Nov
The government has projected 10.5 per cent growth in revenues from corporate and individual income tax to Rs 18.23 trillion this financial year
 "India's gross direct tax collection up 17.6% at Rs 12.3 trillion till Nov")
India's direct tax collection up 17.6% to Rs 12.3 trillion till Nov 9: CBDT
Currently, the tax collection stands at 58.15% of the total Budget Estimates for FY24
 "India's direct tax collection up 17.6% to Rs 12.3 trillion till Nov 9: CBDT")
Kishida plans an income tax cut for households and corporate tax breaks
I'm determined to take unprecedentedly bold measures, Kishida said, pledging an intensive effort to achieve stronger supply capability in about three years
 "Kishida plans an income tax cut for households and corporate tax breaks")
ED files charge sheet against man named in Panama Papers for foreign assets
The money laundering case against Shinde stems from an Income Tax Department charge sheet that was filed earlier under the anti-black money law
 "ED files charge sheet against man named in Panama Papers for foreign assets")
I-T dept may raise tax demand retrospectively from telcos: Analysts
The Supreme Court has set aside a Delhi High Court order of December 2013 and ruled that the licence fees paid by telecom operators should be treated as a capital expense
 "I-T dept may raise tax demand retrospectively from telcos: Analysts")
