Page 8 - Income Tax

Over 74 mn ITRs filed in FY23, 50 mn people showed zero tax liability: Govt

Over 7.40 crore persons filed income tax returns in the 2022-23 fiscal, of which 5.16 crore showed zero tax liability, the Finance Ministry said on Monday. Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha there has been an increase in the number of returns filed in the last five years. The number of persons filing ITRs increased from 6.28 crore in fiscal 2018-19, to 6.47 crore in 2019-20, to 6.72 crore in 2020-21. The number of ITRs filed in the 2021-22 fiscal rose to over 6.94 crore and further to over 7.40 crore in the 2022-23 fiscal. The number of persons whose I-T returns amount to zero tax liability during the last four years increased from 2.90 crore in fiscal 2019-20 to 5.16 crore in 2022-23. "There may not be proportionate increase in direct tax collection and number of income tax returns filed because the direct tax collection is dependent upon multiple factors which include tax rate applicable for relevant assessment year, admissible deductions/ ...

I-T raid on Dhiraj Sahu: Take a look at India's biggest raids in history

Newsclick Row: HC dismisses news portal plea challenging income tax orders

The petitioner had further prayed for a stay of demand during the pendency of the petitioner's appeal before the Commissioner of Income Tax (Appeals)

I-T dept raids ex-IFA secretary's premises over financial irregularities

The Income Tax Department on Monday conducted raids at premises associated with former Indian Football Association (IFA) secretary Utpal Ganguly in connection with its ongoing probe into financial irregularities in the foreign liquor trade, an official said. I-T officials were checking relevant documents and speaking with Ganguly at his Dhakuria residence, around which a cordon was laid by jawans of central forces since morning. "Our officers are speaking with Ganguly and scrutinising documents related to the trade of IMFL (Indian-made Foreign Liquor) with which he was associated," the official said. Searches were also underway at a couple of offices associated with Ganguly in Ballygunge and Cossipur areas of Kolkata, he said. Ganguly, who held the post of IFA secretary for three terms spanning 12 years, could not be reached for reaction. He had stepped down from the post in 2019.

Odisha I-T raid: Officials to deposit all cash at Balangir SBI branch

Income Tax officials however continue to conduct the survey at properties linked to Dheeraj Sahu with documentation process still on

Rs 351 crore cash haul in I-T raids against biz group linked to Cong MP

The cash seizure in the income-tax department's searches against an Odisha-based distillery company, owned by a Congress MP's family, has been calculated at Rs 351 crore after five days of counting and is the "highest-ever" haul in a single action by any probe agency in the country, official sources said on Sunday. The premises of the Congress Rajya Sabha MP from Jharkhand, Dhiraj Prasad Sahu, in Ranchi and other places, were also covered during the searches by the department. The company and the member of Parliament did not respond to PTI's queries regarding the action being carried out against them. 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 Rs 351 crore cash has been counted and the process has ended. The counting involved nine teams of about 80 people from the tax ...

Shah targets Oppn over massive cash seizure from premises of Congress MP

Home Minister Amit Shah on Sunday hit out at the opposition over the seizure of a large amount of cash from premises linked to a Congress MP, saying it is now clear that their "propaganda" about probe agencies being misused was driven by the fear that their corruption will be exposed. In a statement, the senior BJP leader questioned the "silence" of INDIA bloc leaders, saying he can understand why the Congress is keeping mum but wondered why parties like the TMC, DMK, JD(U) and the RJD were doing the same. The Income Tax has seized over Rs 300 crore in cash from several premises of a business group linked to Congress MP from Jharkhand Dhiraj Prasad Sahu. The Congress has distanced itself from him, claiming that the party has nothing to do with his business, even as the BJP has latched onto the issue to press ahead with its charge of corruption against opposition parties. Shah said this must be the highest amount of money seized from a parliamentarian since independence. "It can be

Clarification sought from Dheeraj Sahu: Jharkhand Congress in-charge

Jharkhand Congress in-charge Avinash Pandey on Sunday said that a clarification has been sought from party MP Dheeraj Sahu in connection with the recovery of huge cash from premises linked to him. Pandey, however, clarified that is it a private matter of Dheeraj Sahu and the party has nothing to do with it. "Since he is Congress MP, he should make an official statement about how such a big amount of money came to him," Pandey said while speaking to media persons at Ranchi's Birsa Munda airport. He also said, "The party has a clear-cut stand that it is a private matter of Dheeraj Sahu, which has nothing to do with the Congress party. A huge pile of cash has been recovered so far in the searches conducted by the Income Tax department against Odisha-based Boudh Distillery Private Limited and entities linked to it. Premises linked to Sahu were also covered as part of the searches, according to officials. The seizure amount is expected to reach Rs 290 crore, making it the "highest-ever

Odisha cash haul set to be 'highest-ever' with Rs 290 crore seizure

The seizure of "unaccounted" cash after Income Tax department raids against an Odisha-based distillery group and its linked entities is expected to reach Rs 290 crore, making it the "highest-ever" black money haul by any agency in a single operation, official sources said Saturday. The tax department has deployed about 40 large and small machines to count currency notes and brought in more department and bank staffers to finish the counting process, which began on December 6 following raids against Boudh Distillery Pvt Ltd and others, they said. Besides these, more vehicles have also been requisitioned by the department to transport the seized cash to government banks in the state. A premises linked to Congress' Rajya Sabha MP from Jharkhand, Dhiraj Prasad Sahu, were also covered as part of the searches, the sources said. Efforts to seek a response from the MP and an e-mail sent by PTI to the distillery group did not fructify. Tax sleuths are now recording the statements of variou

I-T dept intensifies crackdown on a liquor distillery group in Odisha

A day after Prime Minister Narendra Modi assured people that "money looted from the public will be returned", the Income Tax (I-T) Department on Saturday intensified its crackdown on a liquor distillery group in Odisha. After recovering around Rs 225 crore till Friday, the I-T sleuths seized another 20 bagloads of cash from the house of a countrymade liquor manufacturer in Sudapara area of Bolangir district on Saturday. The amount of money recovered from Sudapara is being counted, an official said, adding it is expected to be over Rs 50 crore. I-T sleuths had on Friday taken 156 cash-loaded bags to the SBI main branch at Bolangir for counting. I-T DG Sanjay Bahadur, who has been camping in Bhubaneswar for the last three days, however, refused to divulge details on the ongoing raids. "Our people are working on it," he told reporters on Saturday. Sources said that while 150 officials were taking part in raids on the liquor distillery group, the I-T department has also engaged anoth

10-yr reopening of I-T assessment applies to serious cases: Delhi HC

Only in cases where there is evidence of concealing income above Rs 50 lakh, says court

ITAT dismisses I-T dept's appeal in BBC India case of AY 2004-05

The Income Tax Appellate Tribunal (ITAT) has dismissed the revenue department's appeal in a transfer pricing case related to BBC World (India) Pvt Ltd for AY 2004-05. The Delhi bench of ITAT upheld the CIT(A)'s ruling that advertisement expenses between group entities should be treated as pass-through costs for AY 2004-05. "The expenses relating to advertisement were on buying of advertisement space in the newspapers; that in such activities, the cost involved is too high and the effort required to buy such space is not much. On these reasonings, ld. CIT (A) held that they should be treated as a pass-through cost," the ITAT said in its order while dismissing the revenue department's appeal. Nangia Andersen India Partner - Transfer Pricing - Nitin Narang said the Delhi Tribunal, in a recent ruling in the case of BBC World (India) Pvt Ltd for AY 2004-05, agreed to consider expenses relating to the advertisement as pass-through cost and not to be considered as part of the cost base for

India's gross direct tax collection up 17.6% at Rs 12.3 trillion till Nov

The government has projected 10.5 per cent growth in revenues from corporate and individual income tax to Rs 18.23 trillion this financial year

India's direct tax collection up 17.6% to Rs 12.3 trillion till Nov 9: CBDT

Currently, the tax collection stands at 58.15% of the total Budget Estimates for FY24

Kishida plans an income tax cut for households and corporate tax breaks

Japan's Prime Minister Fumio Kishida said Monday he is preparing to take bold economic measures, including an income tax cut for households hit by inflation and tax breaks for companies to promote investment, in what's seen as a move to lift his dwindling public support. In his speech to start a new Parliamentary session, Kishida said it was time to shift from an economy of low cost, low wages and cost-cutting to one backed by growth led by sustainable wage hikes and active investment. I'm determined to take unprecedentedly bold measures, Kishida said, pledging an intensive effort to achieve stronger supply capability in about three years. He said he is determined to help people ride out the impact of soaring prices for food, utilities and other costs that have exceeded their salary increases, by implementing income tax cuts. He also pledged to introduce corporate tax incentives to promote wage increases, investment and optimisation. Previously, Kishida had been considered relucta

ED files charge sheet against man named in Panama Papers for foreign assets

The Enforcement Directorate on Saturday said it has filed a charge sheet under the anti-money laundering law against a man, whose name figured in the Panama Paper leaks, for alleged possession of undisclosed assets abroad. The prosecution complaint against Sanjay Vijay Shinde, his wife Aparna and a company named Venus Bay Offshore Ltd. was filed before a special Prevention of Money Laundering Act (PMLA) court in Bhopal on October 18 and the court took cognisance of the charge sheet on Friday, the federal agency said. The money laundering case against Shinde stems from an Income Tax Department charge sheet that was filed earlier under the anti-black money law. The I-T department acted against the man as part of its probe into the Panama Papers leak. Dubbed 'Panama Papers', an investigation of a stockpile of records from Panamanian legal firm Mossack Fonseca by the Washington-based International Consortium of Investigative Journalists (ICIJ) in 2016 had named several world leaders an

I-T dept may raise tax demand retrospectively from telcos: Analysts

The Supreme Court has set aside a Delhi High Court order of December 2013 and ruled that the licence fees paid by telecom operators should be treated as a capital expense

Rising economic activities lead to surge in personal income tax in H1FY24

Corporation tax grows moderately, growth in GST collections decelerates but the new normal is above Rs 1.55 trillion a month now

Karnataka raids: Rs 94 cr cash seized after I-T searches govt contractors

The Income Tax department has seized Rs 94 crore in cash as well as gold and diamond jewellery worth Rs 8 crore and 30 luxury watches following raids on government contractors and real estate developers in Karnataka and some other states, the CBDT said on Monday. The searches were launched on October 12 and 55 premises were covered by the department in Bengaluru and some cities in neighbouring Telangana and Andhra Pradesh as well as in Delhi. "The search has resulted in seizure of unaccounted cash of approximately Rs 94 crore and gold and diamond jewellery of over Rs 8 crore, aggregating to more than Rs 102 crore," the Central Board of Direct Taxes said in a statement. "Further, a cache of about 30 luxury wristwatches of foreign make were unearthed from the premises of a private salaried employee, not engaged in the business of wristwatches," it said without identifying the accused entities. A war of words on the matter has broken out between Karnataka's ruling Congress and the ..

I-T dept raids on Kashmir biz led to detection of undisclosed income: CBDT

The income-tax department has detected undisclosed income worth crores of rupees after it conducted searches against a Jammu and Kashmir-based business group engaged in various sectors, such as cement, steel, glass, plywood, tourism and healthcare, among others. The Central Board of Direct Taxes (CBDT) issued a statement on Wednesday, saying it covered 40 premises in the Srinagar, Sopore, Budgam, Sonmarg and Pulwama areas of the Kashmir valley, apart from Delhi, after the raids were launched on Monday. Incriminating documents, hand-written diaries and digital devices were seized during the searches, it said. "Variation in stock has also been noticed in the various factories and retail outlets. Evidence of undisclosed investments in immovable properties located in Kashmir Valley of more than Rs 50 crore has also been found from various premises," the CBDT said, without identifying the business group. The CBDT is the administrative body for the I-T department. It further claimed tha