Page 6 - Income Tax Department

ITAT nixes additional tax demand on firm for deposits during demonetisation

No reason for tax authorities to disbelieve why cash balance was needed, says tribunal

I-T dept initiates action against gangster Atiq Ahmad's 'benami' assets

The Income-tax department has attached half-a-dozen land parcels in Uttar Pradesh's Prayagraj district, being held by a BPL card holder security guard, as part of its action against slain gangster-politician Atiq Ahmad whose family and gang is considered beneficiary of several "benami" properties worth crores of rupees. This is the first action undertaken by the department's benami prohibition unit (BPU) located in state capital Lucknow against Atiq Ahmad's empire as part of a comprehensive investigation under the anti-benami law against his family and gang members. It was detected by the I-T authorities that a number of such lands and other immovable assets were held by people with "very limited means" and the funds being generated through these sales were purportedly being channelised for the requirement of Ahmad's family even after his death, official sources said. Ahmad (60) and his brother Khalid Azim alias Ashraf were shot dead by three assailants in April when they were being

I-T dept unveils revamped website for enhanced taxpayer experience

The redesigned website offers a user-friendly interface, value-added features, and new modules to provide taxpayers with easier access to information and services

Top headlines: Chandrayaan-3 on moon, vegetable prices to ease, and more

Business Standard brings you the top headlines at this hour

About 55 million might opt for new tax regime, says revenue department

Majority of them have a taxable income of upto 7 lakh- 7.5 lakh

Income Tax dept operationalises board for Advance Rulings in Delhi, Mumbai

According to the CBDT release, these Boards started functioning through e-mail-based procedures and conducting hearing through video conferencing

Beware tax refund fraud: Verify your source before clicking on links

Verify source before clicking on links; enter address of tax dept's official website directly into browser

Direct tax collections rise 16% to Rs 6.53 trillion till Aug 10: I-T dept

Gross direct tax collection grew 15.73 per cent to Rs 6.53 lakh crore till August 10 in the current fiscal, the Income Tax department said on Friday. Net direct tax collection after adjusting refunds stands at Rs 5.84 lakh crore, which is 17.33 per cent higher than the net collections for the corresponding period of last year. "The provisional figures of direct tax collections up to 10th August, 2023 continue to register steady growth," the Central Board of Direct Taxes (CBDT) said in a statement. The collection is 32.03 per cent of the total budget estimates of direct taxes for current fiscal 2023-24. Refunds amounting to Rs 69,000 crore have been issued till August 10, which are 3.73 per cent higher than refunds issued during the same period in the preceding year.

Doing a second job? You may be under I-T department's lens for moonlighting

In the first phase, I-T department has sent notices to people with an average undeclared payment between Rs 5 lakh and Rs 10 lakh

I-T dept to hire 50 young law, accountancy graduates for better litigation

The Income Tax Department has decided to temporarily hire 50 young law and chartered accountancy graduates who will aid and augment departmental officers in preparing legal cases being contested before the Income Tax Appellate Tribunal (ITAT). The candidates, not exceeding 35 years of age, will be hired at a monthly remuneration of Rs 40,000 at various field offices of the department as part of a recently notified 'young professional scheme, 2023'. The scheme is being brought to "augment departmental representation in the ITAT and it envisions engagement of young graduates in law and accountancy who are rich in domain knowledge", according to a policy paper issued by the I-T department. "Such resources would aid the departmental officers in preparation of the cases admitted for hearing in Tribunals (ITAT). In addition, they will also take up research/study work encompassing critical areas of tax litigation for effective litigation management," the paper said. The young professional

I-T dept conducts searches across several premises of Kalpataru group

The search sites include the residences of Group founder Mofatraj P Munot and managing director Parag M Munot

Don't agree with a tax notice? You should respond through I-T portal

Act promptly or else the tax department could confirm the tax due and impose an additional penalty

Tax dept should conduct evasion searches with caution: Parl panel

"The committee are of the view that while stepping up enforcement action against wilful or chronic evaders, honest taxpayers should not be alienated," the report said

Use of multiple PAN cards for weddings, IVF under scrutiny of I-T officials

Transactions need greater scrutiny as the board has noticed rampant circumvention, according to CBDT's plan

Tax officials visit offices of edtech startup upGrad for routine survey

Indian tax officials have visited offices of ed-tech startup upGrad for a routine survey, the company said on Wednesday

Over 30 mn income tax returns filed so far, 91% verified electronically

Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday. "Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 91 per cent ITRs filed have been e-verified! Out of the e-verified ITRs, more than 1.50 crore ITRs have already been processed," the I-T department tweeted. The 3 crore-milestone in income tax return (ITR) filing has been reached 7 days earlier this year.

NRIs asked to approach tax officers with residential status proof for PAN

The Income Tax Department on Tuesday said Non-Resident Indians (NRIs) and foreign citizens whose permanent account numbers have become inoperative due to non-linking with Aadhaar should submit proof of their residential status to the jurisdictional assessing officer for operationalising the PAN. The department said concerns have been raised by certain NRIs/Overseas Citizens of India (OCIs) regarding their PANs (Permanent Account Numbers) becoming inoperative. In a tweet, the department said it has mapped the residential status of NRIs in case they have filed ITR in any of the last three Assessment Years (AYs) or have intimated their residential status to the Jurisdictional Assessing Officer (JAO). The PANs, according to the department, have become inoperative in cases where NRIs have not updated their residential status or have not filed returns in the last three AYs. "The NRIs whose PANs are inoperative are requested to intimate their residential status to their respective JAO alo

Yamuna floods: 33 students evacuated from training institute at ITO

The Delhi Fire Services Saturday evacuated 33 students stranded at an institute at ITO in central Delhi after floodwaters entered its premises, officials said. According to the fire department, they received a call at 11.20 am and rushed to rescue the students at the Indian Institute of Public Administration (IIPA). Using fire tenders, the DFS staff rescued 33 trainees of the Indian Statistical Service who were stuck at IIPA and shifted them to a safer location, the officials said.

Net direct tax mop-up grows 16% to Rs 4.75 trillion: I-T department

Net direct tax kitty swelled 16 per cent to Rs 4.75 lakh crore so far this fiscal, a reflection of economic activity gaining traction. The Income Tax department in a statement said the collection has touched 26.05 per cent of the total budget estimates of direct taxes for full 2023-24 fiscal of Rs 18.23 lakh crore. "Direct Tax collection, net of refunds, stands at Rs 4.75 lakh crore which is 15.87 per cent higher than the net collections for the corresponding period of last year. Refunds amounting to Rs 42,000 crore have been issued during April 1- July 9, 2023, which are 2.55 per cent higher than refunds issued during the same period in the preceding year. On a gross basis, collection from direct taxes, which includes income and corporate taxes, grew 14.65 per cent to Rs 5.17 lakh crore. The 2023-24 budget has pegged direct tax collection at a little over Rs 18.23 lakh crore, a 9.75 per cent higher than Rs 16.61 lakh crore mopped up last fiscal.

I-T dept has taken many initiatives to ensure ease of compliance: Official

Principal Chief Commissioner of Income Tax, Andhra Pradesh and Telangana, Mita Madhusmita was addressing a press conference on the 'Issue of Suspicious Refunds' being claimed by certain Taxpayers'