I-t Act

File revised return with caution as repeated filings invite scrutiny

A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors

I-T dept seized Rs 5,095 cr assets in 4 years till FY23, Parliament told

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

Govt to move to exemption-free I-T regime with lower taxes: Revenue Secy

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 .

Limit Section 54 benefit to curb money laundering

Section 54 tax exemption should not be available if the taxpayer already owns two or more properties on the date of sale of property

Budget: Concessional rate dumped, foreign dividends now under tax ambit

The provisions of this section shall not apply from assessment year 2023-24 onwards, according to the Finance Bill

Raise refund reissue claim if tax rebate is delayed, say experts

Do this only if there are no remarks or reasons given by I-T division for withholding it

Govt extends deadlines for various I-T compliances, GST relief

The government on Sunday extended the deadline for various compliances under the income tax law and availing relief under the GST law to help taxpayers tide over difficulties in filing such forms

Officials, Infosys working to resolve glitches in I-T portal: Anurag Thakur

Earlier today, senior Congress leader Shashi Tharoor had slammed the Centre over the reported glitches in the new Income Tax portal

I-T refunds worth Rs 5,649 crore issued during April 1-19: Data

The Income Tax Department on Wednesday said it has issued refunds of over Rs 5,649 crore to 739,000 taxpayers during April 1-19, 2021-22

Taxes taking a bite out of your salary? Use Section 197 to manage cash flow

Only payments made after submission of this certificate are eligible for lower or nil tax rate

I-T exemption on buying shares at lower price in firms under insolvency

The CBDT has exempted from income tax the purchase of shares at rates lower than the market price in companies undergoing insolvency proceedings and whose board has been taken over by the government

From computing damages to I-T appeals, here're the key court orders

In Uma Maheshwari vs United India Insurance Co, the court again raised the compensation reduced by the Karnataka High Court

I-T tribunal stays tax demand against Tata Education and Development Trust

The Rs 100-crore tax demand on Tata Education and Development Trust was raised last year by the I-T department owing to cancellation of registration on past exempted income.

Trustees of PM CARES appoint SARC & Associates as auditor of fund

Opposition parties have questioned how the PM CARES Fund is being kept out of the audit purview of the Comptroller and Auditor General (CAG).

Realty firms can't move price below circle rate; want changes in I-T law

Circle rate is the minimum value that state governments have set for the sale or transfer of a plot, built-up house, apartment or commercial property

I-T dept may sell two dozen properties in FY20 over huge maintenance costs

These are located in prime locations in Delhi, Mumbai, Chennai, Bengaluru

New direct tax code panel report to overhaul I-T Act delayed by 15 days

This is the second extension for the taskforce under the CBDT member Akhilesh Ranjan

Maneka Gandhi urges FM to not tax assets gifted to wives, amend I-T Act

The provision to tax the gifted assets was originally formulated in 1960s under the assumption that wives and daughters-in-law would normally