Page 4 - Income Tax Department

Higher cash seizures being recorded by I-T dept every assembly polls: CBDT

Cash seizures made by the Income-tax department during successive assembly elections have shown a substantial increase, CBDT Chairman Nitin Gupta has said. He said the tax department is investigating these cases apart from other such instances where huge unaccounted currency and jewellery was unearthed during raids and other enforcement action by tax personnel. "In relation to cash seizures if we speak about the assembly elections, then it has been found that cash seizures have been quite substantial vis-a-vis cash seizure in the similar point of time five years back for the same time period of assembly elections. "We have seen that cash seizures have been quite large and high (every assembly election). These seizures are quite significant," the chief of the Central Board of Direct Taxes (CBDT) told PTI. The Election Commission has also spoken about the surge in the seizure of cash and illegal inducements during various state polls. The poll panel, in an official statement issued

CBDT notifies income tax return forms for assessment year 2024-25

The ITR-1, which is filed by individuals having a total income of up to Rs 50 lakh, and ITR-6 for companies were notified earlier in December 2023, and January 2024, respectively

I-T dept will erase petty tax demands on its own, says CBDT chairman

The income tax department will "erase" petty tax demands pending against about 80 lakh taxpayers on its own and issue a "speaking order" explaining the process to be followed, CBDT chairman Nitin Gupta said Friday, a day after the measure was proposed in the interim Budget. Union Finance Minister Nirmala Sitharaman had on Thursday declared the government's proposal to withdraw outstanding direct tax demands up to Rs 25,000 till 2009-10 fiscal and up to Rs 10,000 for financial years 2010-11 to 2014-15. This was being done, she said, as part of an effort to improve ease of living and ease of doing business for citizens. The finance minister added that there were "a large number" of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest taxpayers and hindering refunds of subsequent years. "We will erase these demands, we will extinguish such a demand from the

I-T dept searches premises linked to ex-Cong minister in Chhattisgarh

The Income Tax Department on Wednesday conducted searches at the locations linked to former Chhattisgarh minister Amarjeet Bhagat and others, including businessmen in the state, officials said. The reason behind the I-T department's action was not immediately known. The state's Economic Offences Wing/Anti-Corruption Bureau recently lodged an FIR in an alleged coal levy scam based on a complaint of the Enforcement Directorate which had launched a probe into the scam during the previous Congress government. Amarjeet Bhagat, who was a minister in the previous Bhupesh Baghel-led Congress government, is among the 35 accused named in the FIR. According to officials, the searches were underway since early Wednesday morning in different districts including Surguja, Raipur, Durg and Rajnandgaon. A team of a dozen I-T personnel reached the residence of Bhagat in Ambikapur city, the headquarters of Surguja district, early this morning, an official said. Police personnel were seen deployed .

Delhi HC stays I-T dept order cancelling tax exemption for Oxfam India

The bench also said the interim order passed in favour CPR on August 25, 2023, will continue till February 27, which is the next date of hearing

Form 12BB: Things to know about investment declaration tool for tax saving

Form 12BB, a key investment declaration document, can be used by the employees who fall under the taxable income bracket to claim deductions

SC to see if nuns, priests working as teachers entitled for I-T exemption

The Supreme Court has agreed to examine an important legal question whether nuns and priests, working as teachers in government-aided Christian missionary schools, are entitled to income tax exemption. A bench comprising Chief Justice D Y Chandrachud and Justices JB Pardiwala and Manoj Misra on Thursday took note of the submissions of senior advocate Arvind Datar that the plea of several dioceses and congregations from Tamil Nadu and Kerala on the issue needed an urgent hearing. The bench agreed to consider listing the plea, which raised the issue whether the income of nuns and priests, working as teachers, can be subjected to income tax. In December, 2014, the Income Tax department asked the educational authorities to effect TDS (tax deducted at source) from persons working as teachers. The appeals have been filed in the top court after the high courts did not agree to the challenge raised by nearly 100 dioceses and congregations from Tamil Nadu and Kerala. The plea said the inco

As interim Budget nears, check differences between old and new tax regime

Interim budget 2024: In a bid to improve the direct tax system, the finance ministry had introduced a simplified optional new income tax regime in 2020-2021

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

Supreme Court to hear stayed ruling on tax residency certificates in March

The Delhi High Court had in January 2023 said that TRC is sufficient for a foreign investor's claim to pay zero or lower tax under treaties between India and foreign jurisdictions

I-T dept found unaccounted sales of Rs 1,000 cr during raid against Polycab

The Income Tax department has detected "unaccounted cash sales" of about Rs 1,000 crore after it recently raided the Polycab group, a prominent wires, cables and electrical items manufacturer, the CBDT and official sources said on Wednesday. Unaccounted cash of more than Rs 4 crore was seized and more than 25 bank lockers were put on restraint after the searches were launched against the group on December 22 last year, the Central Board of Direct Taxes (CBDT) said in a statement. It said a total of 50 premises in Mumbai, Pune, Aurangabad and Nashik in Maharashtra, Daman, Halol in Gujarat and Delhi were covered. Some of the authorised distributors of the group were also covered in the searches, the CBDT, which is the administrative body for the Income Tax department, said. The CBDT statement did not name the group but official sources confirmed it to be Polycab India Limited. Polycab India issued a clarification to stock exchanges earlier in the day terming reports of "tax evasion

In a first, over 80 million ITRs filed for AY 2023-24: Income Tax dept

The income tax department on Friday said over 8 crore ITRs have been filed for assessment year 2023-24 till date. "Unique landmark for the Income-tax Department! Over 8 crore ITRs filed for the AY 2023-24 till date," the income tax department said in a post on X. The total filing for AY 2022-23 was 7,51,60,817.

Income Tax Recruitment 2023: Registration opens for 291 MTS, TA posts

Interested applicants can apply online for Income Tax recruitment 2023 for different positions under sports quota through the official website at incometaxmumbai.gov.in

I-T officials search 50 offices, facilities of Polycab India; shares fall

BSE said that it has sought clarification from Polycab India on the reports of tax raids

I-T dept recovers Rs 70 lakh in cash from TMC MLA's home in 19-hour search

The Income Tax department has recovered around Rs 70 lakh in cash from the residence of Trinamool Congress MLA Bayron Biswas during a search there in connection with alleged evasion of taxes, a senior official said on Thursday. The search, which started at the legislator's residence at Samserganj in Murshidabad district of West Bengal on Wednesday morning, got over late in the night after around 19 hours, he added. "We have recovered cash amounting to Rs 70 lakh during the raid in Bayron Biswas' residence. There was no clarity on why such a huge amount of money was kept there," the official said. The MLA declined to comment on this matter when PTI contacted him. Biswas won a by-election from the Sagardighi constituency on a Congress ticket but later joined the Trinamool Congress.

Journalist bodies deplore freezing of NewsClick's bank accounts by I-T dept

Prominent journalist bodies on Wednesday deplored the freezing of the bank accounts of news portal "NewsClick" by the income-tax department and said the move that violated laws has in one stroke deprived close to 100 mediapersons and their families of a steady source of income. "NewsClick" said on Tuesday that its bank accounts were frozen by the IT department and it will undertake legal measures against the "unjust and cruel" action. "We, the undersigned journalist organisations, deplore in the strongest terms the freezing of the accounts of the web news portal NewsClick. This move by the IT department without any warning whatsoever has in one stroke deprived close to a hundred mediapersons and their families of a steady source of income," the journalist bodies said in a joint statement. With the seizure of the bank accounts, they noted, the salaries of all the employees, including the support staff, of the portal cannot be disbursed, "including for the 19 days of work in ...

Income Tax officers raid residences of ex-TMC MLA, others in Bengal

Income Tax officers on Wednesday morning raided the residences of several businessmen including a former MLA of the ruling Trinamool Congress at various places in West Bengal, an officer said. The raids were conducted in Asansol, Durgapur and Raniganj areas, as the businessmen did not pay taxes for several years, the officer alleged. "Our officers had reached Durgapur yesterday and started searching the residences of these businessmen from early Wednesday morning. They are looking for various documents including bank statements and other property details," he told PTI over the phone. I-T department officers are also holding talks with former TMC MLA Sohrab Ali and the other businessmen whose houses are being raided, the officer said. A large number of central force personnel are on guard outside the premises where the search was on.

Cash seizure in Odisha I-T raids goes past Rs 300 crore, counting still on

The cash seizure in the income-tax department's searches against an Odisha-based distillery company has become the "highest-ever" such haul in a single action conducted by any probe agency in the country and gone past Rs 300 crore, official sources said on Sunday. The marathon raids against Boudh Distillery Private Limited, its promoters and others entered the fifth day on Sunday. The raids were launched on December 6 by the taxman on charges of tax evasion and "off-the-book" transactions. The sources told PTI that cash to the tune of more than Rs 300 crore has been counted till now and the counting is still on. The department believes that the entire cache of currency is "unaccounted" money earned from cash sales of country liquor by the business group, distributors and others. This is the highest-ever cash seizure made by an agency in the country as part of an action against a single group and entities linked to it, the sources had said. Some of the high-value seizures in the pa

I-T Department conducts survey at some entities of Hinduja Global Solutions

The Income Tax department on Wednesday conducted a survey operation at some entities of the Hinduja Group in Mumbai and some other cities, official sources said. The survey operation is being undertaken as part of a tax evasion investigation and offices in Mumbai and some other cities are being covered, they said. As per the I-T law for survey operations, only office premises are being covered. An email sent by PTI to the Hinduja Group did not elicit an immediate response. Sources said the tax department action is also linked to provisions of the General Anti-Avoidance Rules (GAAR). The Hinduja Group, which owns IndusInd Bank, Hinduja Leyland Finance and Hinduja Bank (Switzerland), is diversifying and has plans to get into the new tech, digital and fintech as part of its new phase of growth and fill gaps through acquisitions to have complete offerings in the BFSI sector.

I-T department discovers Rs 10,000 crore tax evasion by online retailers

Several companies have received I-T notices for either not paying their taxes properly or for underreporting their revenue