Page 2 - I-t Department

I-T dept searches real estate group Omaxe group premises in NCR, others

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

I-T department raids premises of ex-NSE chief Chitra Ramkrishna

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

Top headlines: Punjab gets new CM; India questions big tech firms

Business Standard brings the top headlines of the day

CBDT chairman questions delay in time-barred assessment proceedings

I-T dept to dispose of 35K cases by mth-end; Rs 10K-crore demand may be raised

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

I-T portal glitch: FM's reprimand of Infy reflects contractual weaknesses

As former finance secretary Sumit Bose pointed out, govt often does not set clear milestones. The penalties, too, are often most difficult to invoke owing to a 1987 SC ruling

Refunds: I-T dept asks taxpayers to send online response for AY 20-21

The Income Tax Department has urged taxpayers to "quickly" send an online response so that their pending refunds for assessment year 2020-21 can be processed expeditiously. In an official statement issued on Sunday, it said that till date, 93 per cent of the refund claims in ITRs (Income Tax Returns) filed for assessment year (AY) 20-21 have "already" been processed. "In the past week, refunds of over Rs 15,269 crore have been issued which will be credited to taxpayers shortly," it said. The statement said that in order to "resolve" pending refunds of assessment year 2020-21, the department is in the process of communicating with taxpayers, where response from taxpayers would be required in cases involving notices "for prima facie adjustments, defects, adjustment under section 245 and refund failure due to bank account mismatch." "The department requests taxpayers to respond online quickly, so that ITRs in such cases of AY 20-21 can be processed expeditiously," it said. The statem

I-T dept must not operate in isolation: CBDT chairman J B Mohapatra

'There is always a time and context when an amendment is brought in', said J B Mohapatra

Towards a lean tax department

Worries about vacant positions and their impact on tax collection may be misplaced in a world of technological disruptions

Targeting taxpayers

Tax department should not issue notices indiscriminately

Quess Corp counters I-T dept, denies 'concealing' income of Rs 880 cr

Manpower outsourcing company Quess Corp has denied concealing any income after the IT department claimed that it has revealed undisclosed income of around Rs 880 crore

Over 400 top-level posts lie vacant in the Income Tax department

Seventy-three of the 91 chief commissioner positions are lying vacant, with some of them for more than a year

Govt extends timelines for income tax compliance amid Covid-19 crisis

The I-T department also extended the ITR filing deadline for companies by a month till November 30

Income Tax department issues Rs 24,792 cr refunds so far this fiscal

The Income Tax department on Wednesday said it has issued over Rs 24,792 crore refunds to more than 15 lakh taxpayers so far this fiscal.

Crypto exchanges draw attention of regulators over brand promotions

According to regulatory sources, the brand promotion could mislead retail investors as the legality of cryptocurrency itself is under the scrutiny of the central government

I-T Dept issues refunds to tune of Rs 17,061 crore so far in FY22

The Income Tax Department on Wednesday said it has issued over Rs 17,061 crore of refunds to more than 13 lakh taxpayers so far this fiscal year.

I-T dept goes after hospitals taking cash payment to treat Covid patients

Response from Minister of State for Finance Anurag Thakur and I-T department is carried at the end of the story

Hyderabad Nizam's grandson seeks one-time settlement for pending wealth tax

Family members of the last Nizam of Hyderabad have written to Finance Minister urging her to resolve the Nizam Jewellery Trust income and wealth tax issue which has been pending for the last 26 years

Income-Tax department brings out 'faceless penalty scheme'

It is aimed to complement the faceless assessment scheme by handling penalty recommendations

Over Rs 950-crore tax evasion by Flipkart unit, Swiggy: I-T department

Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy, said a tax official privy to the preliminary findings