Page 3 - Income Tax Collection

Real-estate firm Sobha Ltd gets Rs 46 cr income tax demand notices

Realty firm Sobha Ltd has received demand notices of nearly Rs 46 crore from Income Tax Department. The notices were issued by Deputy Commissioner of Income Tax, Central Circle- 1(4), Bengaluru. The notices are related to Assessment Year ( AY) 2016-17 and 2022-23. In a regulatory filing on Monday, Sobha informed that the "company has received demand notices under section 156 of the Income Tax Act, 1961 for Rs 13.12 crore and Rs 32.68 crore related to AY 2016-17 and AY 2022-23 respectively, due to disallowances of certain expenses and other additions." Sobha said it is in the process of filing an appeal before the Commissioner of Income Tax (Appeals), against the said orders within the prescribed timelines. "The company has legal and factual grounds to substantiate its case. The company is in the process of evaluating the implications of these orders on the financial statements," Sobha said. There is no impact on operations or other activities, it added. Bengaluru-based Sobha Ltd

HC set to pass order on Cong's pleas against tax re-assessment exercise

The Delhi High Court will pronounce its order on Friday on the Congress party challenging the reassessment proceedings against it by the Income Tax Department. A bench of Justices Yashwant Varma and Purushaindra Kumar Kaurav is scheduled to pass its verdict at 2:15 PM. The high court had reserved its order on March 20 on the pleas filed by the political party against the tax reassessment proceedings initiated against it by the authorities for three successive years, that is, 2014-15, 2015-16 and 2016-17. The party has contested the reassessment proceedings, claiming they were barred by limitation. Senior advocate Abhishek Singhvi, representing the Congress party, had submitted that tax reassessment proceedings are barred by limitation and the I-T department could have gone back to a maximum of six assessment years. The I-T department, however, asserted there was no violation of any statutory provision by the tax authority and that as per the material recovered, the "escaped" incom

Income Tax department recovers Rs 73,500 cr in pending dues for FY24

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

Delhi HC to pass order today on Congress' plea in Rs 100 cr tax demand case

The Delhi High Court will pronounce its verdict on Wednesday on a petition by the Congress challenging an order of the Income Tax Appellate Tribunal which refused to stay a notice issued by the Income Tax department for recovery of outstanding dues of more than Rs 100 crore. A bench of Justices Yashwant Varma and Purushaindra Kumar Kaurav is scheduled to deliver the order at 2:15 PM. The bench had reserved its order on Tuesday after hearing the submissions on behalf of the Congress and the I-T department. The Congress approached the high court after the Income Tax Appellate Tribunal (ITAT) on March 8 dismissed the party's application seeking a stay on the February 13 notice of the I-T department initiating recovery proceedings against it. The assessing officer had raised a tax demand of more than Rs 100 crore for the assessment year 2018-19 when the income was assessed to be more than Rs 199 crore. The counsel for the Congress had urged the court to grant it some protection otherw

People reporting annual income over Rs 1 cr increase to 216,000 in AY24

The number of people earning above Rs 1 crore annually has risen to over 2.16 lakh as on December 31, 2023, for Assessment Year 2023-24, Parliament was informed on Tuesday. Minister of State for Finance Pankaj Chaudhary gave assessment year-wise details of the number of individuals submitting ITR with income of more than Rs 1 crore. The number has increased from over 1.09 lakh in AY 2019-20 to about 1.87 lakh in AY 2022-23. The number of ITRs filed till December 31, 2023, with income over Rs 1 crore for AY 2023-24 has risen to 2.16 lakh. Chaudhary further said the total number of individuals who reported income from 'Profession' in AY 2023-24 is 12,218, up from 10,528 reported in AY 2022-23. In 2019-20, the number of people reporting income from 'profession' was 6,555. In reply to a separate question, Finance Minister Nirmala Sitharaman said direct tax collection (for the financial year 2023-24 up to January 31, 2024), personal income tax has grown at a rate of 27.6 per cent ...

I-T dept collects over Rs 1,260 cr in TDS from online gaming, crypto trade

The government has collected about Rs 1,260 crore in taxes till now this fiscal after a new TDS regime was brought in for online gaming and trade in cryptocurrency, CBDT Chairperson Nitin Gupta said Friday. About Rs 1,080 crore in taxes (under the tax deduction at source head) has been collected from online gaming and around Rs 180 crore through TDS has been mopped up during 2023-24 fiscal from the taxation of virtual digital assets (crypto currency), he told PTI during a post Budget interview. The data is till January 31. The Finance Act 2023 inserted a new section, 194BA, in the Income-Tax Act, 1961, with effect from April 1, 2023, which mandates online gaming platforms to deduct income-tax (TDS) on the net winnings in the person's user account. Tax is required to be deducted at the time of withdrawal as well as at the end of the financial year. Similarly, from April 1, 2022, income from transfer of virtual digital assets or cryptocurrencies is taxable at 30 per cent. Such income

TDS, explaining the rise and rise of a safe-bet tax collection method

The I-T department's cost of collection has been reduced as a share of the total direct taxes collected

5.6 mn updated ITRs filed, Rs 4,600 cr taxes mopped up in 2 yrs: CBDT

The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return. 56 lakh updated returns updated and garnered around Rs 4,600 crore taxes from that," Gupta said. The Interim Budget 2024-25 has announced withdrawal of outstanding small tax demands, some even dating back to 1962, of up to Rs 25,000 till 2014-15 in respect of income, wealth and gift taxes. There are about 1.11 crore such disputed demand entries and the aggregate tax demand involved is Rs 3,500-3,600 crore. Gupta said the move would ..

No changes in tax regime: Palkhiwala would have been pleased

His constant lament was that he longed for a budget, which would make zero changes in the Income Tax Act

FM Sitharaman's Interim Budget is high on confidence, not on populism

FM overperforms on deficit, stays away from sops, pushes feel-good factor by ending old tax disputes, lists out decade of development

Interim Budget withdraws certain small, disputed direct tax demands

Proposal expected to help 10 million taxpayers, clean up government books

Direct tax-GDP ratio rises to 15-year high of 6.11% during FY23, shows data

However, direct tax collections rose higher than economic growth during FY23

Income tax benefits granted to 2,975 recognised startups: DPIIT

As many as 2,975 government recognised startups have been granted income tax exemptions so far, a senior official said on Monday. Under the Startup India , the government provides income tax exemption. Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sanjiv said that as on December 31 last year, 1,17,254 startups have been recognised by the department. "The number of startups getting income tax benefits was 1,100 till March 2023 and now it has increased to 2,975 startups," he told reporters here. He added that they are in the process of formulating a standard operating procedure for examining and fast-tracking applications for granting eligibility certificates. This certificate is required to claim tax exemptions. The Startup India Action Plan was announced in 2016.

LIC receives notification for tax refund of Rs 25,464 crore for 7 AYs

The insurer noted that it will file an appeal with the before Commissioner (Appeals) against all the tax notices

Implementation of global tax code will be the key, says Marna Ricker

Marna Ricker, EY Global vice-chair (tax), in an interview with Krishna Kant in Mumbai, discusses the progress on the new tax code and its implications for companies and capital flows

I-T dept leverages tech to scrutinise tax returns, recovers Rs 36,000 cr

With one more quarter to go, the income tax department expects the recovery amount to further rise to Rs 50,000 crore by the end of the financial year

Over 74 mn ITRs filed in FY23, 50 mn people showed zero tax liability: Govt

Over 7.40 crore persons filed income tax returns in the 2022-23 fiscal, of which 5.16 crore showed zero tax liability, the Finance Ministry said on Monday. Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha there has been an increase in the number of returns filed in the last five years. The number of persons filing ITRs increased from 6.28 crore in fiscal 2018-19, to 6.47 crore in 2019-20, to 6.72 crore in 2020-21. The number of ITRs filed in the 2021-22 fiscal rose to over 6.94 crore and further to over 7.40 crore in the 2022-23 fiscal. The number of persons whose I-T returns amount to zero tax liability during the last four years increased from 2.90 crore in fiscal 2019-20 to 5.16 crore in 2022-23. "There may not be proportionate increase in direct tax collection and number of income tax returns filed because the direct tax collection is dependent upon multiple factors which include tax rate applicable for relevant assessment year, admissible deductions/ ...

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

At Rs 10.6 trillion, net direct tax collection rises 23.4% in Apr-Nov

Net direct tax collection in the eight months of the current fiscal touched 58.34 per cent of Budget Estimates (BE) at Rs 10.64 lakh crore. The net tax collection for April-November stood at Rs 10.64 lakh crore, which is 23.4 per cent higher than the corresponding period of last year, the Ministry of Finance said. Gross collections, before issuing refunds, grew 17.7 per cent to Rs 12.67 lakh crore in the April-November period. Refunds amounting to Rs 2.03 lakh crore issued from April to November of the current fiscal. Special initiative was taken for cases where refunds had failed initially and subsequently issued to validated bank accounts, the ministry said. In the current fiscal, Rs 18.23 lakh crore is expected to be collected in direct taxes (personal income tax and corporate tax), and Rs 15.38 lakh crore from indirect taxes (GST, customs, excise). Earlier this week, a senior finance ministry official said that the government is likely to stick to the budgeted estimate of a t

Odisha Distillery I-T raid: 156 bags of cash found, Rs 20cr counted so far

The Income Tax department on Friday found 156 bags of cash during search for the third consecutive day in places linked to an Odisha-based distillery group on charges of tax evasion, officials said. From the bags, Rs 20 crore were counted till now, taking the total amount so far recovered to Rs 220 crore. The department officials recovered as many as 156 bags containing cash during the raid at Sudapada in Bolangir district on Friday. "Of the 156 bags, only 6/7 were counted and the amount found was Rs 20 crore," an official said. The raids were carried out at Sambalpur, Bolangir, Titilagarh, Boudh, Sundargarh, Rourkela and Bhubaneswar. The company is yet to provide any reaction to the raids. Around Rs 200 crore in cash was seized on Thursday during raids at the Bolangir office of Baldeo Sahu & Group of Companies, one of the biggest country-liquor manufacturers and selling companies in western Odisha. The raids were conducted at some houses, offices, and distillery at Sargipali in