Page 6 - Income Tax

Income Tax department levies Rs 564 crore penalty on Bank of India

The Income Tax department has levied a penalty of Rs 564.44 crore on Bank of India, the public sector lender said on Thursday. The bank is in the process of filing an appeal before the Commissioner of Income Tax, National Faceless Appeal Centre (NFAC) against the order, it said. "The bank has received the order under Section 270A of the Income Tax Act, 1961 from the Income Tax Department, Assessment Unit pertaining to AY2018-19, wherein the penalty of Rs 564.44 crore has been imposed on various disallowances made," it said in a regulatory filing. Looking to the precedence/orders of appellate authorities, the bank believes that it has adequate factual and legal grounds to reasonably substantiate its position in the matter, it added. "Accordingly, the bank expects the entire demand to subside. As such, there is no impact on financial, operations or other activities of the bank," Bank of India said. Shares of Bank of India closed at Rs 137, up 3.79 per cent over previous close on the

PAN card: Here's how to make corrections online in this vital document

PAN card is required to file income tax returns, and it is important that all the details on the card are updated and correct

I-T dept searches premises linked to AAP's Delhi MLA Gulab Yadav, others

The Income Tax department on Saturday conducted searches against AAP MLA Gulab Singh Yadav and some others in Delhi as part of a tax evasion investigation, official sources said. Yadav (45) is a two-time legislator and represents the Matiala seat in the Delhi Assembly. The premises of the AAP MLA in Delhi's Ghummanheda village and some others are being raided as part of a tax evasion investigation. The tax officials are being escorted by the Delhi Police, the sources said. Some documents have been recovered and certain persons have been questioned, they said.

Income Tax dept imposes Rs 103.63 crore penalty on Tata Chemicals

Income Tax Department has imposed a penalty of Rs 103.63 crore on Tata Chemicals for violation related to disallowance of interest. In a regulatory filing on Thursday, Tata Chemicals said it has received an order from National Faceless Assessment Centre, Income Tax Department, levying a penalty of Rs 103.63 crore under Section 270A of the Income Tax Act for disallowance of interest under section 36(1)(iii) of the Act. Based on the merits of the matter, prevailing law and the advice of the counsel, Tata Chemicals said it is planning to appeal against this order before the National Faceless Appeal Centre (appellate authorities). The company said it reasonably expects favourable orders from the appellant authorities. Tata Chemicals is a Tata group company. Shares of Tata Chemicals settled 0.31 per cent higher at Rs 1,035.10 per cent on the BSE.

I-T dept expands scope for officers filing appeals, includes TDS disputes

The CBDT has permitted income tax authorities to file appeals irrespective of monetary threshold in cases relating to TDS/TCS, undisclosed foreign income, or information received from investigating agencies like ED and GST Intelligence. Currently, tax authorities can file appeals before the ITAT, High Court and Supreme Court, if the disputed tax demand exceeds Rs 50 lakh, Rs 1 crore and Rs 2 crore respectively -- a threshold fixed in 2019. The Central Board of Direct Taxes (CBDT) in a circular dated March 15 said that the said monetary limits will not be applicable for filing appeals in cases where prosecution has been filed by the department in the relevant case, and trial is pending and conviction order has been passed and the same has not been compounded. Cases where the assessment is based on information with regard to an offence alleged to have been committed under any other law and information received from law enforcement or intelligence agencies like CBI, ED, DRI, SFIO, NIA,

Income Tax department recovers Rs 73,500 cr in pending dues for FY24

Corporate tax made up Rs 56,000 crore, personal income tax constituted Rs 16,500 crore, and undisclosed income from foreign assets accounted for Rs 50 crore

Pay advance tax now: A guide on calculating, filing, and its importance

Have you paid the fourth installment of advance tax? If not, do it now. Here's why

Last-minute tax planning? Take a look at the best income tax saving schemes

Tax planning is your weapon to dodge tax bullets and boost your bank balance. The Income Tax Act offers numerous opportunities for your investments, savings, and expenses. Take a look at the schemes

Tax dept finds inconsistencies in transaction report of market entity

The income tax department on Monday said it has identified "certain inconsistencies" in the data of the securities market provided by one of the reporting entities in the statement of financial transactions (SFT). In a post on X, the I-T department said based on feedback from taxpayers on the e-campaign for advance tax, the inconsistencies have come to light and the reporting entity has been asked to submit a revised statement to the department. "Hence, the data on AIS (Annual Information Statement) will be updated. Taxpayers are advised to wait for further updates on AIS based on the revised statement," the I-T department said. As per income tax rules, specified institutions are required to furnish SFT to the I-T department with the details of certain financial transactions or any reportable account registered/recorded/maintained by them during the year. The data submitted in SFT then gets reflected in the Annual Information Statement (AIS) of the taxpayer. "The Department has ..

File updated ITR before Mar 31 to reduce risk of scrutiny, penalties

ITR-U can be filed under specific conditions; can't be used to reduce tax liability

I-T dept gives institutions time till Mar 31 to file correct audit reports

The income tax department on Tuesday allowed trusts and institutions, which filed audit reports for the assessment year 2023-24 in incorrect forms, to file documents in correct forms by March 31. Income of any fund or institution or trust or any university or other educational institution or any hospital is exempt from income tax subject to fulfilment of certain conditions. One of the conditions required to be fulfilled by the trust or institution in order to be eligible to claim exemption, is, that it is required to get its accounts audited and furnish the audit report in the prescribed Form No. 10B / 10BB before the specified date. In a circular, the Central Board of Direct Taxes (CBDT) said that in a number of cases trusts or institutions have furnished audit reports in Form No. 1OB, where Form No. 10BB was required to be furnished and vice versa for the A.Y. 2023-24. As per I-T rules, the report of audit of the accounts of a trust or institution, shall be furnished in Form No.

Metropolis Healthcare gets Rs 24 cr income tax demand from Mumbai officials

Metropolis Healthcare Ltd on Monday said it has received a Rs 24.46 crore income tax demand from the income tax authority. An income tax demand of Rs 24.46 crore (tax plus interest) has been raised by the Assistant Commissioner of Income Tax, Mumbai, Income Tax Department (ACIT) for assessment year (AY) 2023-24, Metropolis Healthcare said in a regulatory filing. The actual demand for AY 2023-24 will come to Rs 24.19 crore after adjusting rectification of Rs 27 lakh pertaining to AY 2023-24, it added. For the Rs 27 lakh demand, tax plus interest, for AY 2023-24, the company has brought to the notice of ACIT that an error has occurred during the computation of tax and ACIT has not granted credit for certain taxes already paid by the company. Metropolis Healthcare further said it has filed an application for rectification and issuance of the rectification order on account of TDS credit, advance tax, and self-assessment tax credits not allowed. ACIT has accepted the application and is

I-T dept asks taxpayers to file updated ITRs for AY 2021-22 by March 31

The income tax department on Monday asked taxpayers whose cases have been flagged under e-verification scheme to file updated income tax returns for 2021-22 assessment year by March 31. The Central Board of Direct Taxes (CBDT) said in some ITRs filed for A.Y. 2021-22 (F.Y. 2020-21), a 'mismatch' has been identified, between the information filed in the ITR vis--vis information of specified financial transactions, as available with the department. In cases where ITRs for A.Y. 2021-22 have not been filed and the department is in possession of information of specified high value financial transactions, the same also needs to be examined. Accordingly, as part of the e-Verification Scheme-2021, the department is in the process of sending communication(s) to the taxpayers for the mismatch in information pertaining to A.Y. 2021-22 (F.Y. 2020-21). This information is being communicated to the taxpayers through their e-mail accounts as registered with the Income Tax Department. The "Depart

CBDT identifies mismatches in ITRs, dividend income info from third party

The Income Tax department on Monday said it has identified mismatches in ITRs filed by some taxpayers and information on dividend and interest income received from third parties. In a statement, the Central Board of Direct Taxes (CBDT) said an on-screen functionality has been made available in the compliance portal of the e-filing website https://eportal.incometax.gov.in for taxpayers to provide their response. The Income Tax Department has identified certain mismatches between the information received from third parties on interest and dividend income, and the Income Tax Return (ITR) filed by taxpayers. In many cases, taxpayers have not even filed their ITRs, it said. At present, the information mismatches relating to 2021-22 and 2022-23 have been displayed on the e-filing compliance portal. In order to rectify the mismatch, an on-screen functionality has been made available in the compliance portal of the e-filing website https://eportal.incometax.gov.in for taxpayers to provid

I-T dept has withdrawn Rs 65 cr from banks 'undemocratically', alleges Cong

The Congress on Wednesday alleged that the Income Tax department has "withdrawn" a sum of Rs 65 crore from its accounts in different banks "undemocratically" even when the case pertaining to their return for previous years is sub judice. Party treasurer Ajay Maken has claimed that "democracy will be over if the action of probe agencies goes unchecked" and said the Congress has full faith in the judiciary. "The Income Tax department had written to various banks to withdraw a sum of Rs 65 crore from different bank accounts of the Congress and Indian Youth Congress in view of the demand raised by the Income Tax authorities earlier, despite the appellate authorities hearing the case," Maken told PTI. He said even when the Income Tax Appellate Tribunal, which the Congress had moved against the Income Tax department's claim of Rs 210 crore as recovery for "discrepancies" in previous tax returns has been stayed and a lien has been marked, the tax authorities have resorted to "undemocratic

CBDT sets Rs 1 lakh limit for withdrawal of pending tax demands till AY16

The Income Tax department has prescribed a ceiling of Rs 1 lakh per assessee for withdrawal of small tax demands till Assessment Year 2015-16, in accordance with a scheme announced in Budget. The Central Board of Direct Taxes (CBDT) has issued an order giving effect to the 2024-25 Budget announcement by Finance Minister Nirmala Sitharaman. The Budget had announced that tax demands for AY 2010-11 of up to Rs 25,000 and for AY 2011-12 to 2015-16 of up to Rs 10,000 will be withdrawn. Tax demands totalling about Rs 3,500 crore will be withdrawn following the announcement. The CBDT order said that such outstanding tax demands pertaining to income tax, wealth tax and gift tax as on January 31, 2024, shall be remitted and extinguished "subject to the maximum ceiling of Rs 1 lakh for any specific taxpayer/assessee". The limit of Rs 1 lakh would include principal component of tax demand, interest, penalty or fee, cess, surcharge. However, the remission shall not be applicable on the demand

Bihar Congress stages protest over freezing of party's bank accounts

Congress workers in Bihar on Monday staged a protest here against freezing of the party's bank accounts by the Income Tax Department, a move they blamed on the ruling BJP at the Centre. Congress activists led by legislature party leader Shakil Ahmed Khan held the demonstration at the Income Tax roundabout in the city, carrying placards and raising slogans against the Narendra Modi government at the Centre. Talking to reporters on the occasion, Khan alleged that the BJP is "trying to squeeze the finances of opponents while ensuring that its own coffers overflowed, thanks to opaque things like electoral bonds". Notably, electoral bonds, through which a lion's share of funds is said to have gone to the BJP, were struck down by the Supreme Court last week. Khan also asked, "Why is it that only our accounts are being examined and no questions are being posed to the BJP, which has spent crores in the last five years on setting up offices in districts across the country? Its new headquart

Supreme Court allows NewsClick to withdraw plea, approach ITAT for relief

A bench of Justices BV Nagarathna and Augustine George Masih said the ITAT is to hear the matter, including applications for early hearing and interim relief

On the cards: Automated reconciliation system to plug I-T mismatches

No documents needed; dept won't send notice

People reporting annual income over Rs 1 cr increase to 216,000 in AY24

The number of people earning above Rs 1 crore annually has risen to over 2.16 lakh as on December 31, 2023, for Assessment Year 2023-24, Parliament was informed on Tuesday. Minister of State for Finance Pankaj Chaudhary gave assessment year-wise details of the number of individuals submitting ITR with income of more than Rs 1 crore. The number has increased from over 1.09 lakh in AY 2019-20 to about 1.87 lakh in AY 2022-23. The number of ITRs filed till December 31, 2023, with income over Rs 1 crore for AY 2023-24 has risen to 2.16 lakh. Chaudhary further said the total number of individuals who reported income from 'Profession' in AY 2023-24 is 12,218, up from 10,528 reported in AY 2022-23. In 2019-20, the number of people reporting income from 'profession' was 6,555. In reply to a separate question, Finance Minister Nirmala Sitharaman said direct tax collection (for the financial year 2023-24 up to January 31, 2024), personal income tax has grown at a rate of 27.6 per cent ...