It Dept

I-T dept accuses Hinduja Global Solutions of Rs 2,500 crore tax evasion

Tax officials claim that Hinduja Global Solutions (HGS) merged with a loss-making company after selling its profitable healthcare division to avoid paying taxes

Infosys to receive Rs 6,329 crore tax refund from I-T department

Infosys expects a refund of Rs 6,329 crore from the Income Tax Department, the country's second largest IT services company said. It also informed the stock exchanges about tax demand to the tune of Rs 2,763 crore, citing various assessment orders. Infosys Ltd said it has received orders from the Income Tax Department for assessment years 07-08 to 15-16, 17-18, and 18-19 during the quarter. "As per the orders, the company expects a refund of Rs 6,329 crore (including interest). The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024," Infosys said in a BSE filing. Infosys, which competes with TCS and Wipro and others in the market for IT services contracts, is scheduled to declare its financial results for the fourth quarter of the current fiscal year as well as the full FY24 on April 18. The Bengaluru-headquartered IT company also said it has received an order for assessment year 22-23

I-T dept sets up control room in Delhi to check use of black money in polls

In order to check the use of black money in the upcoming general elections, the income tax department on Wednesday said it has set up a control room in the national capital and a dedicated toll-free number on which people can share information on suspicious movement of cash and valuables within the NCT region. Directorate of Income Tax (Investigation), Delhi, has set up a 24X7 control room at Civic Centre, New Delhi, and toll-free Mobile Number 9868168682 in connection with the General Elections to Lok Sabha, 2024, a finance ministry statement said. The identity of the informant shall be kept a secret, it said. "The vigil through the Control Room will help to check suspicious movement/distribution of cash, bullion and other valuables within the NCT of Delhi," it said, adding the control room will be functional during the entire period of Model Code of Conduct in Delhi. The Model Code of Conduct is already in place with the announcement of the dates for the general elections last we

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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.

I-T moves HC against tribunal for favouring LIC in Rs 5K cr tax cases

The litigation has been filed by the Principal Commissioner of Income Tax, Mumbai, for two claims: Rs 1,838.87 crore and Rs 3,153.97 crore from AY 2014

Respond to intimation of past tax demands for faster refund: I-T dept

The income tax department on Saturday asked taxpayers to respond to intimation from the I-T department regarding outstanding demands of previous years to facilitate faster clearance of refunds for 2022-23 fiscal. With some taxpayers taking to social media about receiving intimation from the I-T department regarding past unsettled tax demands, the department in a post on 'X' said, this is a taxpayer-friendly measure where an opportunity is being provided to assessees in line with "principles of natural justice". As many as 7.09 crore returns have been filed for income earned in 2022-23 fiscal. Of these, 6.96 crore ITRs have been verified, of which 6.46 crore returns have been processed as on date, including 2.75 crore refund returns. "However, there are a few cases in which refunds are due to the taxpayer, but previous demands are outstanding, the department said," the I-T department said. The Section 245(1) of Income-tax Act, 1961, mandates providing an opportunity to taxpayers to

Received intimation notice from I-T dept? Rectify or clarify discrepancies

If you agree with the notice, file updated return and pay tax dues; if you disagree, send explanation

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

'Intimation' comes ahead of tax payment due date

ITR Deadline Missed? Know late fees, rules, and penalty for late filing

The last date to file the income tax return for the FY 2022-23 has lapsed. Individuals can still file an ITR even after the ITR deadline, which is known as a belated ITR

ITR filing last date today: Step-by-step guide to filing your returns here

Today is the last day to file your ITR for FY23 or AY24. Check how to file it here and what happens if you fail to meet the deadline

CBDT to keep close tabs on IVF clinics, hotels, others to add new filers

According to the I-T department, there is inadequate matching of transactions with the returns filed by individuals

I-T dept issues notices to 15 social media influencers over low tax payment

The social media influencers came under the radar of the I-T department after posting their travel to exotic locations and luxury shopping on social media platforms

IT wing conducts 'spot verification' at head office of Tamilnad Mercantile

The Intelligence and Criminal Investigation of the Income Tax department has undertaken a 'spot verification' at the head office of over century-old private sector Tamilnad Mercantile Bank, the bank said on Tuesday. The business operations of the bank continued, as usual, today and were not impacted due to the verification, Tamilnad Mercantile Bank said. "We hereby notify that the Intelligence and Criminal Investigation Directorate of Income Tax, Chennai, is conducting a spot verification of statutory compliances under section 285BA of the Income Tax Act, 1961 at our head office," the Thoothukudi-based bank said in a BSE filing. The bank is fully cooperating with officials during the ongoing proceedings and responding to the clarifications and details sought by them, the bank said in its response. "We will comply with our legal obligation for disclosure from time to time," it said. Tamilnad Mercantile Bank posted an 11.45 per cent rise in its net profit for the fourth quarter end

I-T dept to keep open SFT returns filing portal for FY'23 for 'couple days'

Banks, foreign exchange dealers and other reporting entities have 'couple of days more' to report high-value transactions done by their clients in 2022-23 by filing SFT returns, the I-T department has said. The last date for filing statement of financial transactions (SFT) for 2022-23 fiscal was May 31. In a tweet, the I-T department said due to heavy traffic on the reporting portal, some SFT filers may have encountered difficulties in filing SFT returns. " the functionality for filing of SFT returns will remain open for a couple of days more to enable smooth filing of SFT returns," the tax department tweeted late Wednesday night. Under SFT, specified institutions are required to furnish the details of certain financial transactions or any reportable account registered/recorded/maintained by them during the year. Delay in filing of SFT returns may attract a penalty of up to Rs 1,000 for each day of default. Non-filing or filing inaccurate statements may also lead to levy of ...

Congress alleges 2 offshore Adani-linked funds appeared on IT dept radar

The Congress on Tuesday alleged that two offshore Adani-linked funds appear to have been on the radar of Indian tax authorities since at least 2014 with no action evident other than one or two routine notices, as it reiterated that only a JPC can unearth the truth in the whole matter. The Congress cited a media report which claimed that at least two Mauritius companies which invested in the Adani Group and found mention in the Hindenburg Group's Adani report were on the radar of Indian tax authorities for over a decade. Tagging the media report, Congress general secretary Jairam Ramesh said, "This is now a familiar pattern: two offshore Adani-linked funds appear to have been on the radar of Indian tax authorities since at least 2014, with no action evident other than one or two routine notices for information." "Like SEBI, was the otherwise hyperactive Income Tax department also forced to sleep on the job during Mitr Kaal?" Ramesh said on Twitter. "That's why we have been repeatedl

I-T dept cracks down on Bajaj Allianz, ICICI Prudential amid wider probe

The Irdai has, effective April 1, removed separate limits for commissions and has imposed an overall ceiling on operating expenses and commissions

I-T Dept notifies Cost Inflation Index for current FY for computing LTCG

The Income Tax Department has notified the Cost Inflation Index for the current fiscal beginning April 2023, for calculating long-term capital gains arising from sale of immovable property, securities and jewellery. The Cost Inflation Index (CII) is used by taxpayers to compute gains arising out of sale of capital assets after adjusting inflation. The Cost Inflation Index for FY 2023-24 relevant to AY 2024-25 stood at 348, as per a notification of the Central Board of Direct Taxes (CBDT). Usually, the income tax department notifies CII in the month of June. The CII number for last fiscal was 331 and for 2021-22 financial year it was 317. AMRG & Associates Senior Partner Rajat Mohan said the CII would help taxpayers to compute long-term capital gains tax enabling them to remit advance tax on time. "This year's cost of inflation index is notified 3 months earlier by the tax department as compared to last fiscal year. Taxpayers can now precisely and accurately compute tax on ...

Amazon Web Services served Rs 549 crore income tax demand notice: Report

AWS: The income tax department has reportedly raised the demand for Rs 190.85 crore tax for 2014-15 and Rs 358.27 crore for 2016-17 by invoking Section 147 of the Income-tax Act

I-T depatment searches packaging major Uflex premises across country

The Income Tax Department on Tuesday conducted searches at multiple premises linked to packaging major Uflex as part of an alleged tax evasion investigation against the company, officials said. Around 60-70 premises, including the company offices and linked premises in Delhi, Noida (Uttar Pradesh), Jammu and Kashmir, Gujarat, West Bengal, Tamil Nadu, Karnataka, are being covered, they said. No immediate reaction from the company on PTI's queries was available. According to the company's information available on its e-portal, it is "India's largest flexible packaging materials and solutions company and a leading global polymer sciences corporation.