Page 5 - Income Tax Department

Ahead of Telangana polls, IT raids at BRS MLA Nallamothu Rao's premises

Nallamothu Bhaskar Rao represents Miryalaguda constituency, Telangana. He is a native of Shakapuram village, Nidamanoor Mandal of Nalgonda District.

HC orders tax refund of Rs 1,128 cr to Vodafone Idea; pulls up I-T dept

The Bombay High Court has directed the Income Tax department to refund Rs 1,128 crore to Vodafone Idea Limited paid by the telecom operator in taxes for the assessment year 2016-2017. The assessment order passed by the department in August this year was time barred and hence cannot be sustained," the HC noted in its judgement on Wednesday. A division bench of Justices K R Shriram and Neela Gokhale also took a strong view against the assessing officer for showing laxity and lethargy in not passing the final order within the mandated 30-day time and thus causing a huge loss to the exchequer and public. The court passed its judgment on a petition filed by the Vodafone Idea Limited claiming the I-T department failed to refund the amount paid by it for the assessment year 2016-2017 which, it said, was in excess of the legitimate tax due on its income. The bench in its order noted the case of Vodafone was quite elementary and that it was constrained to observe the complete apathy and ...

I-T raids at residences, offices of T'gana Cong candidate Srinivas Reddy

Ahead of November 30 assembly polls, the Income Tax department officials on Thursday carried out searches at the residences and offices of Congress candidate P Srinivas Reddy here and in Khammam, sources said. Reddy is contesting from Palair assembly segment in Khammam District. Media reports suggested that Reddy was scheduled to file his nomination papers today. Followers of the Congress leader raised slogans protesting the searches in Khammam. Reddy, at a press conference, on Wednesday indicated that the Central agencies such as Income Tax Department and Enforcement Directorate may conduct raids aiming at him. Reddy alleged that during the past several days, the Central agencies were focusing their 'searches' on Congress leaders. The ruling BRS government in Telangana and BJP colluded in the "attacks" on Congress party leaders, he further alleged. "I request all my followers not to resort to any activity as they (Central agencies) may trouble me and my companies also," Reddy

ITR filing by individuals grows 90% in 8 years to 63.7 mn in AY 2021-22

The income tax department on Thursday said I-T returns filed by individual taxpayers have risen 90 per cent in 8 years to 6.37 crore in AY 2021-22, indicating a widening of the taxpayer base. The returns filed by individual taxpayers have increased from 3.36 crore in Assessment Year (AY) 2013-14 to 6.37 crore in AY 2021-22, registering an overall increase of 90 per cent. During the current fiscal too, 7.41 crore returns have been filed for AY 2023-24 till date, including 53 lakh first-time filers, the Central Board of Direct Taxes (CBDT) said in a statement. Giving a breakup of the returns filed by individual taxpayers across various ranges of gross total income, the CBDT said the ITRs filed by individual taxpayers earning between Rs 5 lakh and Rs 10 lakh have increased 295 per cent during the period from AY 2013-14 to AY 2021-22. There has been a 291 per cent increase in ITRs filed by individuals with gross total income between Rs 10 lakh and Rs 25 lakh. "This indicates that ...

Illicit goods worth over Rs 1,000 cr seized ahead of Rajasthan elections

In the last 15 days, agencies seized Rs 244 crore in cash and various illegal items along with freebies and other items worth Rs 84.22 crore

Over Rs 50 cr cash recovered in I-T raids on contractor in K'taka: Official

Income Tax sleuths have recovered more than Rs 50 crore cash during raids on several people including a contractor, his son, a gymnasium instructor and an architect in Karnataka, a highly-placed department official said on Sunday. The raids that started from Thursday at 25 places belonging to two major infrastructure companies expanded to 45 by Saturday evening, the official told PTI, requesting anonymity. Charging them with tax evasion, the I-T Department officials raided their offices at various places including Sahakarnagar and Sanjaynagar. Several documents were confiscated. Followed by the lead obtained from these two firms, I-T officials searched the houses and other places of contractors and various other people. "A total of 45 locations were searched till Friday while ten more places were raided and searched on Saturday. "On Saturday, the third day of the operation, an architect and a gymnasium owner's house was raided from where Rs eight crore in cash was seized. With thi

Income Tax searches premises linked to RJD Rajya Sabha MP in Bihar

Income Tax sleuths on Wednesday raided premises linked to Rashtriya Janata Dal (RJD) Rajya Sabha MP Ahmad Ashfaque Karim at multiple locations in Bihar on Wednesday. The MP is the main trustee and the founder chancellor of Katihar-based Al Karim University, Bihar. Officials were tightlipped about the raids. It may be recalled that the probe agency had earlier raided the premises of Karim in connection with the land for job scam involving RJD supremo Lalu Prasad and his family members. A statement by the department said, "Patna directorate started the search action at Al Karim Educational Trust, which runs and manages Al Karim University and Katihar Medical College. Main office of the trust is in Patna. The trust also runs a school of paramedical and allied health sciences, school of information technology and management. Main trustee is Ahmad Ashfaque Karim, who is the founder chancellor of Al Karim University and also a sitting MP of Rajya Sabha". "Teams are searching their offic

Tax officials conduct searches on premises linked to DMK MP Jagathrakshakan

Income Tax officials on Thursday held searches at multiple locations here linked to DMK MP S Jagathrakshakan, which Chief Minister M K Stalin dubbed vindictive politics. While police sources said the searches were held at many places, including some educational institutions, Stalin, also president of the ruling DMK, said it is misuse of power. The Chief Minister said on X: "The Union BJP Government's vindictive politics knows no bounds! Arresting AAP MP Sanjay Singh and raiding DMK MP Jagathrakshakan's home are clear examples of their misuse of independent investigating agencies for political ends against INDIA bloc leaders. This deliberate persecution of opposition leaders is an assault on democracy. The BJP conveniently forgets that the Supreme Court has just warned the ED to be transparent and fair. But it seems they are hell-bent on disregarding the rule of law and democracy. The BJP is clearly afraid of the growing unity among opposition parties. It's time they stop their ..

Under BJP, whoever goes to jail will not get bail: Chhattisgarh CM Baghel

Chhattisgarh Chief Minister Bhupesh Baghel said that more than (stray) dogs and cats, the Enforcement Directorate and Income Tax are moving around

I-T dept attaches 2nd property in benami assets case against Mukhtar Ansari

The Income Tax department has attached a second land property worth about Rs 10 crore in Lucknow as part of its ongoing alleged benami assets possession probe against gangster-politician Mukhtar Ansari and his family. The department's Benami Assets Investigation wing, headquartered here, has codenamed the comprehensive probe Operation Panther. It has found that the 'benamidar (in whose name a benami property is standing)' of the 3,234-square feet plot at 13-C/3 in Lucknow's Dalibagh area is a Ghazipur-based woman named Tanveer Sahar. Official records accessed by PTI show that the department attached the plot under Section 24(3) read with Rule-5 of the Prohibition of Benami Properties Transaction Act on September 29 as it found that the linked people are "very influential" and that the property is located in a prime location and can be disposed of clandestinely. While the plot's stamp valuation is just over Rs 76 lakh, official sources pegged its market value at about Rs 10 crore.

I-T dept notifies 'Angel Tax' rules for valuing investments in startups

The income tax department has notified rules for valuation of equity and compulsorily convertible preferable shares issued by startups to resident and non-resident investors. As per the changes in Rule 11UA of I-T rules, which comes into effect from September 25, the Central Board of Direct Taxes (CBDT) provides that the valuation of compulsorily convertible preference shares (CCPS) can also be based on the fair market value of unquoted equity shares. The amended rules also retain the five new valuation methods proposed in the draft rules for consideration received from the non-residents viz., (i) Comparable Company Multiple Method, (ii) Probability Weighted Expected Return Method, (iii) Option Pricing Method, (iv) Milestone Analysis Method, and (v) Replacement Cost Method. Nangia & Co LLP Partner Amit Agarwal said the amendments to Rule 11UA of the Indian Income Tax Act bring positive changes by offering taxpayers flexibility through multiple valuation methods, simplifying the ...

I-T dept extends ITR filing deadline for charitable trusts till Nov 30

The Income Tax Department has extended the income tax return filing deadline for charitable trusts, religious institutions and professional bodies by one month till November 30. Also, the due date for furnishing audit reports for 2022-23 by a fund, trust, institution or any university or educational institution or medical institution in Form 10B/10BB has been extended by a month till October 31, 2023. "The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is extended to 30.11.2023," the department said in a statement. ITR-7 is filed by institutions involved in charitable and religious activities; research; and professional bodies, besides political parties and electoral trust.

I-T dept conducts raids in offices of several builders in NCR, Haryana

Income Tax department on Friday launched raids in offices and other premises of several builders in Gurugram and other cities, a department official said. The I-T department is conducting searches at 28 places belonging to builders accused of tax evasion, the official said. Apart from Gurugram, the raids were conducted in Chandigarh, Karnal, Delhi, Ludhiana and Rewari, the official said. The searches began at 6 am and continued till late Friday evening in which the I-T department confiscated some documents, the official said. In Gurugram, CRPF personnel were deployed outside the locations where raids were being carried out.

Definition to deadline: What to know about advanced tax payment

Some salaried individuals, NRIs, professionals and senior citizens have to pay this tax

I-T officials can seek details of ITRs filed by investors in startups

Income tax officials can seek details about ITRs filed by startup investors to ascertain if the amount invested is commensurate with the income shown in their personal ITRs, the I-T department has said. Replying to a post of former BharatPe co-founder Ashneer Grover on X on Friday, where he flagged that a number of startups have received tax notices in the last one month asking to furnish information about their shareholders, the I-T department said the Finance Act 2012 mandates that the source of funds from a resident shareholder in startup has to be also explained by an investor. "In the present case, it appears that the AO has sought to examine the genuineness of the transaction and source of investment by the shareholder-investor, to verify if the amount invested is commensurate with the income shown in the ITRs of the investors. "Alternatively, if the PANs of the investors are shared with the AO by the company, he can verify the ITRs of the investors," the I-T department ...

Average time taken for issuing I-T refunds reduced to 10 days in FY24: CBDT

CBDT stated that the tax department's efforts to deliver seamless and expedited taxpayer services are being continuously strengthened

Tax filing will have to double every nine years to meet FY47 target

Growth rate to achieve target would be over 8% per annum

Around 500,000 taxpayers get I-T department alert for low advance tax

'Intimation' comes ahead of tax payment due date

Rajasthan elections: Corruption is rampant in the judiciary says CM Gehlot

The chief minister alleged that agencies such as the Central Bureau of Investigation (CBI), Enforcement Directorate (ED) and Income Tax department conduct raids without making prior assessments

FirstCry founder Maheshwari probed for alleged $50 million tax evasion

At least six investors in FirstCry, including private equity firm ChrysCapital Management Co and Sunil Bharti Mittal's family office, have also received enquiries related to the matter