I-T Department

Automaker Mahindra & Mahindra has a sum of Rs 100.63 crore set aside as a contingent liability

The industry has long suggested that minor Income Tax offences incur penalties rather than criminal prosecution. This would garner more trust and boost ease of doing business

Telangana Phone Tapping Case: Last month, DMK leader R S Bharathi accused agencies like the ED, CBI, and I-T Department of illegal interceptions, potentially using software like Pegasus

The Income Tax Department on Friday said the amended India-Mauritius protocol on double taxation avoidance agreement is yet to be ratified and notified by the department. India and Mauritius on March 7, 2024, signed an amendment to the DTAA and included a principal purpose test (PPT) in the pact which aims to curtail tax avoidance by ensuring that treaty benefits are only granted for transactions with a bona fide purpose. There were concerns that foreign portfolio investments coming via Mauritius would face increased scrutiny by tax authorities. Also, there were apprehensions that past investments could be covered by the amended protocol. In a post on X (formerly Twitter), the I-T department said some concerns have been raised on the India Mauritius DTAA amended recently. "In this context, it is clarified that the concerns /queries are premature at the moment since the Protocol is yet to be ratified and notified u/s 90 of the Income-tax Act, 1961. "As and when the Protocol comes i

Data analysis was carried out in some high-value cases of mismatch between the rent paid by the employee and receipt of rent by the recipient for the financial year 2020-21

BSE said that it has sought clarification from Polycab India on the reports of tax raids

The Income Tax department has seized assets worth Rs 5,095.45 crore through search and seizures actions on 2,980 groups in four years till 2022-23, Parliament was informed on Monday. As per details of the search and seizure actions, including those mounted on business establishments, shared in the Lok Sabha by Minister of State for Finance Pankaj Chaudhary in 2019-20, a total of 984 groups were searched and the value of assets seized stood at Rs 1,289 crore. A total of 365 prosecutions were launched during the fiscal. In 2020-21, 569 groups were searched, leading to asset seizures of Rs 881 crore. Prosecution was launched in 145 cases. In 2021-22, 686 groups were searched and Rs 1,159.59 crore worth assets were seized, and 115 prosecution cases were launched. During 2022-23, 741 groups were searched, Rs 1765.56 crore assets were seized, and 97 prosecution were launched. "On the basis of the evidence gathered during search operation and subsequent investigation, tax-assessments ar

The Income-tax department raids being carried out against an Odisha-based distillery firm owned by a Congress MP's family, and some linked entities, ended early Friday, capping ten days of searches and recording the country's "highest-ever" cash haul at Rs 351 crore, official sources said. The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours. The searches against the firm--Boudh Distillery Pvt. Ltd. (BDPL)-- and its linked entities were launched last week on December 6. The taxman also covered the family house of Congress Rajya Sabha MP Dhiraj Prasad Sahu in Ranchi apart from a number of entities including distributors and some hawala operators during these 10-day-long searches, they said. The searches came to a close in the early hours of December 15, the sources told PTI. A final appraisal report of the entire operation has bee

GST authorities may take some time to introduce faceless scrutiny assessment of tax returns filed under Goods and Services Tax (GST), a senior official said on Wednesday. The faceless assessment -- under which there is no physical interaction between the tax officer and the assessee and no physical submission of documents -- was first introduced by the Income Tax department and later extended to Customs. "We may take some time to introduce faceless assessment in GST. GST assessments are linked to a particular jurisdictional officer or unit. Changing that may take some time. Some changes would also be required at the policy level to make it effective," GST Network Vice President (Services) Jagmal Singh said at a Ficci event here. Introduced on July 1, 2017, indirect tax reform GST has subsumed 17 local levies, including excise duty, service tax, VAT and cesses.

The Income Tax department suspected a tax evasion of more than Rs 800 crore by senior Samajwadi Party leader Azam Khan after it conducted raids on him and people associated with him for three days, official sources said on Friday. Income tax sleuths who reached Khan's residence on Jail Road in Rampur in Uttar Pradesh at 7 am on Wednesday completed their search Friday evening. After the officials left his residence around 7 pm on Friday, Khan came out and said, "It was a raid of I-T department. They stayed here for three days. They conducted searches and asked questions." Khan refused to answer further questions. On September 13, the Income Tax department conducted raids at more than 30 premises in Uttar Pradesh and Madhya Pradesh as part of a tax evasion probe against Khan. Official sources said the department has conducted raids in Rampur, Saharanpur, Lucknow, Ghaziabad and Meerut in Uttar Pradesh apart from some premises in neighbouring Madhya Pradesh. In Ghaziabad, the Income T

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A day after the Budget announcement of a revamped personal income tax regime, Revenue Secretary Sanjay Malhotra on Thursday said the government would eventually like to move to a simple and exemption-free tax structure with lower rates. According to an analysis by the Revenue Department, an individual earning Rs 15 lakh in a year will have to claim deductions of at least Rs 3.75 lakh under the old tax regime, otherwise the new revamped tax regime with lower rates proposed in 2023-24 will be more beneficial. In an interview to PTI, Malhotra said the government does not have any specific timeline to make the new regime mandatory for taxpayers. "We would like to move towards a lower tax rate, which is simple and without tax exemptions," Malhotra said. The Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on people with annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 under the new .

The Bombay High Court on Monday questioned the Income Tax department's move seeking to prosecute Reliance ADAG chairman Anil Ambani under the Black Money Act for alleged tax evasion, and asked how Acts criminalising certain action can have a retrospective effect. A division bench of Justices Gautam Patel and S G Dige, while hearing a petition by Ambani challenging a show cause notice issued to him by the I-T department, asked how a person conducting himself or herself in a certain manner will know what the government is going to do in future. The high court posted the matter for hearing on February 20 and extended its September 2022 order directing the I-T department to not take any coercive action against Ambani till then. The I-T department had issued a notice to Ambani on August 8, 2022, for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. As per the department's notice, Ambani was liable to be prosecuted

The Income Tax (I-T) Department was conducting searches at multiple locations in Hyderabad on Friday

NDTV promoter group firm RRPR Holding has told VCPL, which along with two other Adani group firms has launched a hostile takeover bid for the media firm, that its stakeholding in NDTV has been provisionally attached by the I-T authorities and require their approval for the transfer. The contention has been rejected by the Adani group, which termed it as "misconceived and misleading" statements while asking RRPR Holding to convert the warrants into equity shares. In a regulatory filing, NDTV said that its founders Radhika and Prannoy Roy have informed that RRPR Holding has intimated Adani group firm Vishvapradhan Commercial Pvt Ltd (VCPL) that the attachment of the shareholding, notified in 2018, shall remain in place until the completion of reassessment proceedings. The group has asked RRPR Holding (RRPRH) to withdraw the letter and alleged it was written with the intent to further inordinately delay the warrant conversion and to perform its obligations without any further ...

Once the ITR 2021-22 is filed, the taxpayer needs to verify their return within 120 days, or it is deemed invalid

The official said that a total of 18 premises across Delhi, Mumbai and Daman were covered during the search action

Assessment order passed under section 10(3) of Black Money Act

The Income Tax department conducted searches at multiple premises linked to real estate group Omaxe in the national capital region and few other cities on charges of tax evasion

FinMin seeks answers on governance; worried it may hit investor confidence