Page 8 - Income Tax Department

I-T dept detects Rs 40 cr 'unaccounted' money after raids on business group

The income tax department has detected alleged black income of more than Rs 40 crore after it recently raided a West Bengal-based group "controlled" by a person with an active political background, the CBDT said Tuesday. The sleuths also seized cash and jewellery worth Rs 2.73 crore during the searches on the business group which has not been identified. The taxmen alleged that the group was "suppressing" its yield and making unaccounted cash sales of edible oils and DORB (de-oiled rice bran). "Several instances of cash transactions not recorded in regular books of account have been detected during the search operation," the Central Board of Direct Taxes (CBDT) said in a statement without specifying when the searches were conducted. The CBDT frames policy for the I-T department. It said the group is engaged in a variety of businesses ranging from production and sale of edible rice bran oil, mustard oil, DORB, different types of chemicals and real estate, etc. A total of 23 premis

I-T dept impounds Mukhtar Ansari's 'benami' land parcel in Ghazipur

The income tax department on Thursday issued a proclamation for impounding a Rs 12-crore land piece, alleged to be a benami asset of gangster-politician Mukhtar Ansari, in this district, official sources said. A team of officials from the department's Lucknow investigation unit accompanied by district authorities and local police erected an iron-made notice board at 'Mauja Kapurpur NZA' under Sadar Tehsil in the district, the sources told PTI. The I-T department is impounding this property temporarily under the benami assets law and any sale/purchase or transfer of this asset is prohibited, the board embossed with the department's logo and message said. A senior official also read out the proclamation to the public present around. As per the process, once the Adjudicating Authority of the Benami assets law approves the I-T department order, the property can be confiscated permanently. The department's Lucknow headquartered benami assets investigation unit attached this property la

I-T dept to release draft rules for foreign investment in unlisted firms

The Income Tax department will come out with draft rules within the next 8-10 days to specify the class of investors and norms of valuation of foreign investment in unlisted companies, an official said on Tuesday. The Finance Act, 2023, has amended Section 56(2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held companies, except DPIIT-recognised startups, under the tax net. The I-T department will notify the final rules on the so-called angel tax after seeking stakeholder comments on the draft rules, the official said. "The draft rules are expected in the next 8-10 days. Preliminary stakeholder consultation on the subject has been done," the official said. The draft valuation rules would provide for ascertaining the fair market value (FMV) of shares of unlisted companies to levy tax on non-resident investments, an official said. The modification in valuation rules is needed as I-T Act and FEMA provide different methodologies for calculating the FM

I-T dept to notify investor for taxing foreign investments in unlisted firm

The Income Tax Department will soon notify rules specifying the class of investors and norm of valuation for implementation of the Budget provision of taxing foreign investment in unlisted companies. The modified valuation rules would provide for ascertaining the fair market value (FMV) of shares of unlisted companies to levy tax on non-resident investments, an official said. The Finance Act, 2023, has amended Section 56 (2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held companies, except DPIIT-recognised startups, under the tax net. The amendments are needed as I-T Act and FEMA provide different methodologies for calculating the FMV of shares of unlisted companies. "Rule 11UA of I-T Rules will be re-prescribed taking into account the concerns expressed by stakeholders to harmonise it with the FEMA regulations," another official said. Rule 11UA deals with the determination of FMV of assets, other than immovable property. Under the existing nor

I-T dept releases offline forms for ITR 1, 4 for fiscal year 2022-2023

June 15 has been set as the due date by the I-T department for employers to share Form 16

Angel investment at high premium under Income-Tax department scanner

Notices seeking explanation served to start-ups

I-T Dept sends 8,000 notices to taxpayers who claimed exemption for charity

The people who have been served notices include salaried employees, self-employed individuals, and companies

I-T dept challenges NCLT order approving Suraksha's Jaypee Infratech bid

The Income Tax Department has filed an appeal against the National Company Law Tribunal approving Suraksha Group's bid to buy Jaypee Infratech Ltd (JIL) under the insolvency resolution process. Sources said the I-T Department has filed the petition before the National Company Law Appellate Tribunal (NCLAT) against the NCLT order regarding certain claims. The department did not make any plea when the case was being heard by the NCLT's Delhi bench and the latest move is surprising, the sources added. According to the sources, the plea is expected to come up for hearing before the appellate tribunal next week. The department's petition is the fourth plea filed by an entity against the NCLT order passed on March 7. Last month, Jaiprakash Associates Ltd and its promoter Manoj Gaur approached NCLAT against the NCLT order relating to the distribution of Rs 750 crore in the Jaypee Infratech matter. The amount was deposited with the Supreme Court registry by Jaiprakash Associates Ltd (JA

Tax evasion: 89 high-value foreign remittances come under I-T scanner

The Central Board of Direct Taxes (CBDT), the top direct tax body, has directed the officers concerned to initiate verification and send notices to those behind these transactions on March 28

I-T dept seized assets worth over Rs 4,800 crore in last 4 fiscals: Govt

Assets worth more than Rs 4,800 crore were seized during searches conducted by the Income Tax department against 2,841 groups in the last four financial years, the government informed Lok Sabha on Monday. Minister of State for Finance Pankaj Chaudhary said these searches are undertaken to find "suspected or identified large-scale tax evasion". He shared the figures in this regard as part of a written reply furnished in the Lok Sabha. The data pertains to financial years 2019-20, 2020-22, 2021-22 and 2022-23 (provisional figures till January 2023) and Chaudhary said a total of 2,841 groups were searched by the I-T department leading to seizure of assets worth Rs 4,863.12 crore. The highest seizure of assets took place during the last fiscal of 2022-23 (data till January 2023) at Rs 1,533.23 crore with searches being conducted against a total of 602 groups, the data stated. Properties worth Rs 1,159.59 crore were seized after searches against 686 groups in 2021-22, assets worth Rs .

HC restrains Income Tax from acting on show cause notice to Kapil Sibal

The Delhi High Court on Thursday restrained the Income Tax Department from proceeding further on the show cause notice issued to Rajya Sabha MP and senior advocate Kapil Sibal in relation to the assessment proceedings pending against him. A bench of Justice Rajiv Shakdher and Justice Tara Vitasta Ganju issued a notice and asked the income tax authorities to file a response on the petition of the former Congress leader. We are of the view that since the impugned notice has been challenged on jurisdiction as well as on the breach of principles of natural justice, it would require some amount of deliberation, the bench said. In the meanwhile, the concerned officer will stay his hands vis--vis the show cause notice of March 11, 2023," it added. The court listed the matter for further hearing on September 14 and asked the officer concerned to first deal with the objections of Sibal. Sibal has challenged the notice issued by the IT department under Section 153C of the Income Tax Act ...

I-T dept launches app for taxpayers to view interest, dividend income info

The Income Tax department on Wednesday said it has launched the 'AIS for Taxpayer' mobile app which will give taxpayers a comprehensive view of their information related to TDS/TCS, interest, dividends and share transactions, and an option to provide feedback. The mobile app will facilitate taxpayers to view their information as available in the Annual Information Statement (AIS)/ Taxpayer Information Summary (TIS). 'AIS for Taxpayer' is a mobile application provided free of cost by the Income Tax Department, and is available on Google Play and App Store. "The app is aimed to provide a comprehensive view of the AIS/TIS to the taxpayer which displays the information collected from various sources pertaining to the taxpayer," the Central Board of Direct Taxes (CBDT) said in a statement. Taxpayers can use the mobile app to view their information related to TDS/TCS, interest, dividends, share transactions, tax payments, Income Tax refunds, other information (GST Data, Foreign ...

Tax demands of Rs 13,566 cr raised in 4 fiscals under black money law: Govt

The income tax department raised tax demands amounting to Rs 13,566 crore during the last four financial years under the black money law to deal with undisclosed foreign income and assets, the government told Parliament on Monday. In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary informed that 183 assessment orders were passed in 2021-22 and a demand of Rs 5,350 crore was raised under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In the four fiscals starting 2018-19, a total of 349 assessment orders were passed and a demand totalling Rs 13,566 was raised. The minister also informed that 648 disclosures involving undisclosed foreign assets worth Rs 4,164 crore were made during three months of a one-time compliance window, which closed on September 30, 2015, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The amount collected by way of tax and pena

PAN-Aadhaar Link: A step by step guide to link two cards before deadline

PAN and Aadhaar card link last date: The Income Tax Department has fixed the last date to link the two cards as March 31, 2023, but the users will have to pay a penalty of Rs 1,000

IT Department launches AIS app for taxpayers, full details here

The income Tax Department launches an AIS application for taxpayers aiming to provide each transaction information taxpayers and accept their feedback

PAN-Aadhar link to ITR filing: Complete these 5 financial tasks by March 31

From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses

I-T department selects 68,000 'high-value' cases for e-verification

The transactions were allegedly not reported correctly in tax returns for FY20

UK Foreign Secy raises issue of IT searches at BBC offices with Jaishankar

UK Foreign Secretary James Cleverly on Wednesday raised the issue of tax searches at BBC offices in India with his Indian counterpart S Jaishankar

Income-Tax Dept conducts searches at real estate firms in Hyderabad

About 20 teams of I-T officials were conducting the simultaneous searches at the offices of Wonder City, Royal City and other companies

Income Tax dept concludes raids at premises of Uflex after 6 days

Tonnes of documents, 120 hard disks and 50 diaries containing information related to bogus transactions have been recovered during the raids