Page 11 - Income Tax Department

Top Bollywood celebrities under CBIC scanner over alleged GST evasion

Face charge of incorrect declaration to dodge tax

Single-window exports clearance system roll-out likely next year, in phases

First phase is expected early next fiscal year; CBIC in talks with six major concerned regulatory agencies with the vast majority of export matters

Trip that includes a foreign leg is not eligible for LTC, say experts

This condition is not satisfied merely by the trip starting and ending in India

I-T dept searches on Jharkhand Congress MLAs over tax evasion charges

The Income Tax Department on Friday conducted searches at properties linked to Jharkhand Congress MLAs Kumar Jaimangal and Pradip Yadav, officials said. Jaimangal alias Anup Singh is a legislator from Bermo, while Yadav who joined Congress after splitting from the JVM-P represents Poriyahat. Congress is a partner of the JMM-led ruling alliance in the state. The searches were conducted at the properties of the legislators in Ranchi, Bermo and Patna, officials said. Some private people, including an iron ore trader in Chaibasa, were also searched by the I-T Department, they said. Jaimangal said he was extending full cooperation to the I-T Department which is conducting the searches as part of an investigation into tax evasion charges. "The searches were carried out under the pressure of the BJP. Such action will have to be faced by those who are against BJP. I am against BJP and so, I am facing it. But, it can't scare me," he told reporters. Jaimangal was the MLA who in August lod

Common ITR form will make tax-filing easier, reduce time taken, say experts

Its success, however, will hinge on the quality of online utilities launched along with it

Sebi bans Mehul Choksi from securities market for 10 years, fines Rs 5 cr

Choksi is already facing Income Tax department and ED action

Three Indian crypto exchanges under lens for Rs 28,000 crore drug trade

Around 200 transactions conducted in Nigeria, the Cayman Islands and the British Virgin Islands, have been zeroed upon by the FIU, these were routed through exchanges located in India

Assets worth Rs 18,400 crore attached under Benami Act till July 31: Report

Till July 31, the I-T Department had issued notices in 3,175 cases amounting to Rs 19,222 crore

I-T department searches multiple branches of RS Brothers in Hyderabad

The Income Tax (I-T) Department was conducting searches at multiple locations in Hyderabad on Friday

Why India needs a central regulatory framework for online gaming?

In September, the I-T department issued show cause notices to seven online gaming firms and about three dozen high-value players for a possible evasion of Rs 28,000 crore

Direct tax collection jumps 24% to Rs 9 trn in FY23 so far, says I-T dept

Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday. The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement. Direct tax collection came at Rs 8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago. Tax on corporate and individual income makes up for direct taxes. After adjusting refunds, direct tax collection stood at Rs 7.45 lakh crore, 16.3 per cent higher than the net collection for the corresponding period a year ago, the statement said. "This collection is 52.46 per cent of the total Budget Estimates of Direct Taxes for FY 2022-23," it added. Tax collection is an indicator of economic activity in any country. But in India, th

No cheat-code for online gaming industry as ministry, I-T turn up the heat

The income tax (I-T) department recently issued show-cause notices to seven online game companies, as part of an investigation into possible tax evasion by such institutions.

CBDT targets resolving about 3,000 taxpayers' grievances by Oct-end

Sources in the tax department attributes it to the difficulties, taxpayers faced due to some glitches in the new portal since its inception in June of last year.

I-T dept extends deadline for filing of tax audit report to Oct 7

The income tax department on Friday extended the due date for filing tax audit reports for fiscal 2021-22 by 7 days till October 30. "On consideration of difficulties faced by the taxpayers and other stakeholders in the filing of various reports of audit for the Assessment Year 2022-23, Central Board of Direct Taxes (CBDT) has decided to extend the due date for filing of various reports of audit for the Assessment Year 2022-23, which was 30th September 2022 to 07th October 2022," an official statement said. Under the income tax act, those taxpayers who need to get their accounts audited by a chartered accountant are required to file the tax audit report with the I-T department by September 30.

Check ITR for discrepancies before responding to notice from tax dept

Respond on time, with expert help if required, to prevent further punitive measures

No coercive action till Nov 17 against Anil Ambani under Black Money Act

The Bombay High Court on Monday directed the Income Tax department not to take any coercive action against Reliance Group Chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities. As per the department's notice, Ambani was liable to be prosecuted under Sections 50 and 51 of the Black Money (undisclosed foreign income and assets) Imposition of Tax Act of 2015, that stipulates a maximum punishment of 10 years imprisonment with a fine. Ambani earlier this month approached the HC challenging the notice, claiming that the Black Money Act wa

Even foreign nationals have right to personal liberty: Huawei chief to HC

Court permits Xiongwei Li to travel abroad after providing a FDR of Rs 5 crore

No restrictions on RRPR Holding for warrant conversion, says I-T dept

In a disclosure to the stock exchanges, VCPL said it had approached the IT department for clarity on the matter and received a reply from the Additional Commissioner of Income Tax

I-T detects Rs 100 cr undisclosed income from 2 Maharashtra groups

CBDT said that so far, the search action on both groups has led to detection of unaccounted income of more than Rs 100 crore, and undisclosed assets of more than Rs 5 crore have been seized

Address cause of tax refund failure, then request reissuance: Experts

Failure to verify return, incorrect bank address are key reasons for not receiving timely refund