Page 10 - Cbdt

Proptech startup under scanner, suspected of tax evasion worth Rs 224 cr

According to CBDT, the startup allegedly obtained huge foreign funding via the Mauritius route, issuing shares at an "exorbitantly" high premium.

I-T Dept reforms, stronger economy led to record tax collections: CBDT

Reforms undertaken within the Income Tax department and the "strengthening" of the economy are among the major factors that led to the highest-ever direct tax collections, CBDT Chairman said.

I-T dept has made highest tax collection in its history: CBDT Chairman

The net collection numbers as on today is Rs 13.63 trn which is against Rs 11.18 trn of 2018-19, Rs 10.28 trn of 2019-20 and Rs 9.24 trn of 2020-21, he said

Income tax refunds of over Rs 1.83 trn issued so far this fiscal: CBDT

Refunds worth over Rs 1.86 trillion have been issued to more than 2.14 crore taxpayers during the current financial year, the Income Tax department said on Thursday.

Sitharaman raps CBDT and CBIC for not addressing tax assessees grievances

Union Finance Minister Nirmala Sitharaman on Monday came down heavily on the tax boards for allegedly not responding to grievances of the tax assessees and directed their officials to reserve Saturdays to hold meetings with them. During the Budget Outreach Programme between Finance Ministry officials, the industry and trade bodies in Bengaluru, the General Manager and the Chief Financial Officer of the Karnataka Bank Muralidhar Krishna Rao posed a question seeking clarity on certain provisions of the GST Act and the direct tax deductions impacting the banking sector. Even before the officials responded, Sitharaman intervened and pulled up the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes & Customs (CBIC) officials. "I'm very curious to know if the CBIC and CBDT are here. Are you all engaging with your own assessees? The questions which are being asked here are not those questions where I want the secretaries of the Ministry of Finance sit here and ...

CBDT claims Huawei manipulated account books to reduce taxable income

The CBDT statement made multiple charges against the company including that it 'made inflated payments against receipt of technical services from its related parties outside India'

We have been studying crypto sector for the past five years: JB Mohapatra

We now have sufficient working knowledge as to how the sector works, and in what manner surplus is being generated, says Mohapatra

Despite teething issues, e-filing process largely smooth: CBDT spokesperson

'The faceless assessment scheme in India draws upon the best practices of the UK HRMC and Australian ATO'

Record number of searches in FY22 as tax offences get money laundering tint

With three months still to go for the year to end, total 'undisclosed income' is about Rs 32,000 cr, far eclipsing the FY19 level of Rs 18,600 cr

I-T dept finds bogus spends of crores after raids linked to Samajwadi Party

In the case of one company, it said, undisclosed income of over Rs 86 crore of its directors was detected

SC dismisses PIL against taxing of interest on accident compensation

The Supreme Court on Friday refused to entertain a petition seeking quashing of the provision mandating tax on interest earned on compensation received by a road accident victim.

Unholy nexus between ARCs and borrowers found after IT raids: CBDT

The searches were launched on December 8, and a total of 60 premises in Mumbai, Ahmedabad, Delhi and few other places were covered

CBDT issues refunds of Rs 1.37 trillion to 12.7 million taxpayers

The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,36,779 crore to more than 1.27 crore taxpayers from April 1 to December 13, the Income Tax Department said on Wednesday. "CBDT issues refunds of over Rs 1,36,779 crore to more than 1.27 crore taxpayers from 1st Apr, 2021 to 13th December, 2021. Income tax refunds of Rs 46,438crore have been issued in 1,25,34,644 cases & corporate tax refunds of Rs 90,340 crore have been issued in 2,02,705 cases," the Income Tax department tweeted. This includes 90.95 lakh refunds of Assessment Year (AY) 2021-22, amounting to Rs 18,848.60 crore, it said.

I-T dept says found Rs 400 cr black income at 2 Delhi-NCR realty firms

The unidentified groups engaged in construction of commercial and residential projects were searched on November 17.

Rs 200-cr black income detected after raids on Pune business group: CBDT

The group was engaged in the manufacturing of heavy machinery

Rs 600 cr black income unearthed after raids on 2 Gurugram groups: CBDT

Unaccounted income of Rs 600 crore was detected after the Income Tax Department recently raided two business groups based in Gurugram in Haryana, the CBDT said on Monday. The searches were carried out on November 10 on the groups, one engaged in real estate and hospitality and the other a tools and equipment manufacturing group, it said in a statement. "The search action on these groups has led to the detection of estimated unaccounted income to the tune of Rs 600 crore," the Central Board of Direct Taxes (CBDT) said. Rs 3.54 crore in cash and jewellery worth Rs 5.15 crore were seized while 18 bank lockers have been placed under restraint, the policy-making body for the tax department said. "Various incriminating documents and electronic data relating to unaccounted investment in real estate, unaccounted sales and purchases, difference in stock, acquisition of shell companies, benami properties and transactions, bogus unsecured loans and share application money, evasion of capital

Fix these errors in Form 26AS before filing your Income Tax returns

Taking excess tax credit while filing your returns could lead to a notice from the income-tax department, say experts.

CBDT issues refunds of Rs 1.12 trn to 9.1 mn taxpayers from Apr 1-Nov 1

The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,12,400 crore to more than 91 lakh taxpayers from April 1 to November 1, the Income Tax Department said on Wednesday. "CBDT issues refunds of over Rs 1,12,489 crore to more than 91.30 lakh taxpayers from 1st April, 2021 to 1st November, 2021. Income tax refunds of Rs 33,548 crore have been issued in 89,53,923 cases & corporate tax refunds of Rs 78,942 crore have been issued in 1,75,692 cases," the Income Tax department tweeted. The department said the amount includes 58.22 lakh refunds of Assessment Year (AY) 2021-22 amounting to Rs 11,086.89 crore.

Over 20 million I-T returns filed on new portal; many glitches rectified

Infosys has been asked to address issues linked to complex filings

Centre notifies rules to settle Vodafone retrospective tax case

Vodafone Plc is required to give a declaration to the Income-Tax Department, withdrawing all legal proceedings against the government over the levy of retrospective taxes