Income Tax Data

Initial data suggest undisclosed income to the tune of Rs 15,000 cr

This week we write about how you can file tax returns after deadline and why investors must temper their market expectations

Corporate tax made up Rs 56,000 crore, personal income tax constituted Rs 16,500 crore, and undisclosed income from foreign assets accounted for Rs 50 crore

The Congress on Friday said Income Tax authorities had frozen its main bank accounts, impacting all political activity. However, the accounts were later de-frozen by the Income Tax Appellate Tribunal pending a further hearing next week. Party leader Vivek Tankha, who appeared before the tribunal against the order, said the party was now allowed to operate its bank accounts. The tribunal will hear the matter next Wednesday before a final decision is taken on the matter. Tankha said he told the tribunal that the Congress would not be able to participate in the "festival of elections" in case its accounts remain frozen. Earlier in the day, treasurer Ajay Maken said the Income Tax department had frozen the Congress' main bank accounts on "flimsy grounds" and this affected all political activity of the party barely two weeks before general elections are announced. The accounts, including that of the Indian Youth Congress, were frozen on an Income Tax demand of Rs 210 crore for 2018-19,

The Supreme Court has agreed to examine an important legal question whether nuns and priests, working as teachers in government-aided Christian missionary schools, are entitled to income tax exemption. A bench comprising Chief Justice D Y Chandrachud and Justices JB Pardiwala and Manoj Misra on Thursday took note of the submissions of senior advocate Arvind Datar that the plea of several dioceses and congregations from Tamil Nadu and Kerala on the issue needed an urgent hearing. The bench agreed to consider listing the plea, which raised the issue whether the income of nuns and priests, working as teachers, can be subjected to income tax. In December, 2014, the Income Tax department asked the educational authorities to effect TDS (tax deducted at source) from persons working as teachers. The appeals have been filed in the top court after the high courts did not agree to the challenge raised by nearly 100 dioceses and congregations from Tamil Nadu and Kerala. The plea said the inco

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More than 5.41 crore income tax returns (ITRs) filed have been verified and 1.58 crore refunds amounting to Rs 31,857 crore for AY 2021-22 (2020-21 fiscal) have been issued

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The income tax authorities till December 2018 have identified more than 2,000 benami transactions

After almost 16 years, the revenue department last week made public three sets of data related to direct taxes, including time series data since 2001-02