CBDT grants officials authority to waive or reduce interest payments
Nov 06, 2024, at 06:18 am
New Delhi: The income tax department has granted tax officials the authority to waive or reduce the interest payable by taxpayers, provided certain conditions are met, media reports said.
TCS India employees receive tax demand notices from IT dept, company asks them to wait
Sep 13, 2024, at 09:47 pm
Mumbai/IBNS: Employees of Indian multinational information technology (IT) company, Tata Consultancy Services (TCS), have recently received income-tax demands ranging from Rs 50,000 to Rs 1.45 lakh, The Economic Times reported, citing its sources familiar with the matter.
UK-based insurer Aviva found guilty in $26 million fake invoice scandal in India: Report
Aug 30, 2024, at 09:08 pm
New Delhi/IBNS: The Income Tax (IT) department has found that British multinational insurance company Aviva breached local regulations in India, capping commissions to sales agents with a system of fake invoices and clandestine cash payments, Reuters reported, citing an IT notice to the company dated August 3.
Record 7.28 crore ITRs filed till July 31 for AY 2024-25, 72 percent opt for New Tax Regime
Aug 02, 2024, at 11:31 pm
The Income Tax department on Friday said a record Rs. 7.28 crore has been filed till July 31 which is 7.5% more than the total ITRs for AY 2023-24 (6.77 crore) filed till 31st July, 2023.
Union Budget: Standard reduction increased from Rs. 50,000 to Rs. 75,000
Jul 23, 2024, at 07:54 pm
Several benefits to provide tax relief to salaried individuals and pensioners opting for the new tax regime were announced by the Union Finance and Corporate Affairs Minister Nirmala Sitharaman while presenting the Union Budget 2024-25 in the Parliament on Tuesday.
Bandhan Bank starts online collection of direct taxes
Jun 29, 2024, at 04:55 am
Kolkata: Bandhan Bank today announced that it has launched the facility to collect direct taxes online from its customers and non-customers across India.
CBDT enables taxpayers to file returns from Apr 1
Apr 05, 2024, at 05:01 am
New Delhi: The Central Board of Direct Taxes (CBDT) on Thursday said it has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024–25 (relevant to Financial Year 2023–24) from April 1, 2024, and onwards.
Income Tax Commissioner confirms tax demand of Rs 1,666 cr on IndiGo
Nov 23, 2023, at 07:08 am
New Delhi: The Commissioner of Income Tax-Appeals has affirmed a tax demand of nearly Rs 1,666 crore on Interglobe Aviation, the parent company of IndiGo airlines, as disclosed in a notice to stock exchanges on Wednesday, Moneycontrol reported.
Over 7.65 crore ITRs filed for AY 2023-24 till Oct 31, 11.7% higher Y-o-Y
Nov 02, 2023, at 04:42 am
New Delhi: The Income Tax Department registered a record number of filing of Income Tax Returns (ITRs) till 31st October, which was the due date for filing of ITRs for taxpayers not having any international or specified domestic transaction, Ministry of Finance said on Wednesday.
Over 7.65 crore ITRs filed for AY 2023-24 till Oct 31, 11.7% higher Y-o-Y
Nov 02, 2023, at 04:42 am
New Delhi: The Income Tax Department registered a record number of filing of Income Tax Returns (ITRs) till 31st October, which was the due date for filing of ITRs for taxpayers not having any international or specified domestic transaction, Ministry of Finance said on Wednesday.
88% of verified income tax returns for AY 2023-24 processed: IT Dept
Sep 06, 2023, at 02:48 am
New Delhi: The Income Tax (IT) Department has processed over 6 crore Income Tax Returns (ITR) for Assessment Year (AY) 2023-24, the Ministry of Finance said on Tuesday.
Govt increases the limit for tax exemption on leave encashment for non-government salaried employees
May 26, 2023, at 03:43 am
New Delhi/IBNS: The government has increased the tax exemption limit on leave encashment of non-government salaried employees from Rs 3 lakh to Rs 25 lakh.
IT sleuths conduct raids on shopping malls in Hyderabad
May 03, 2023, at 05:45 am
Hyderabad: Income Tax (IT) officials on Tuesday raided several shopping malls here to investigate potential tax evasion.
ITR Forms for FY 2023-24 include schedule for declaring virtual digital assets
Feb 16, 2023, at 06:59 am
New Delhi: The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2023-24 and will come into effect from 1st April 2023, the Ministry of Finance said.
Feb 01, 2023, at 07:31 pm
New Delhi/IBNS: Ahead of the 2024 general elections in India and polls in key states this year itself, Union Finance Minister Nirmala Sitharaman on Wednesday presented the annual budget offering a big relief to the taxpayers while emphasizing on job creations and ramping up capital spending.
Direct Tax collections grow 24.58 pc y-o-y to Rs 14.71 lakh crore
Jan 12, 2023, at 04:37 am
New Delhi/IBNS: Direct Tax collections up to January 10, 2023, stood at Rs. 14.71 lakh crore, up 24.58% compared to gross collections for the corresponding period of last year, the Ministry of Finance said on Wednesday.
New TDS rules to apply on doctors, social media influencers from July
Jun 21, 2022, at 02:09 am
New Delhi: According to the new tax rules, freebies received from businesses for sales promotion by doctors and social media influencers will attract a 10 percent tax deducted at source (TDS) from July
Over 6.2 cr ITRs, 21 lakh major Tax Audit Reports filed on new e-filing portal
Feb 12, 2022, at 05:55 am
New Delhi/IBNS: More than 6.2 crore Income Tax Returns (ITRs) and about 21 lakh major Tax Audit Reports (TARs) have been filed on the new e-Filing portal of the Income Tax Department till Thursday (February 10), the Ministry of Finance said on Friday.
Budget provided maximum relief to taxpayers: CBDT Chairman
Feb 03, 2022, at 04:00 am
New Delhi/UNI: The focus of the Budget has been to provide maximum relief to the taxpayers by making significant changes in the income tax processes, Central Board of Direct Taxes (CBDT) Chairman JB Mohapatra said here on Wednesday
CBDT issues Rs 1.54 lakh cr in refunds to income taxpayers
Jan 14, 2022, at 02:12 am
New Delhi/IBNS: The income tax department on Thursday said it has issued refunds of over Rs 1.54 lakh crore to more than 1.59 crore taxpayers so far this fiscal.
5.89 crore Income Tax Returns filed on new e-filing portal: Government
Jan 01, 2022, at 11:17 pm
New Delhi: Nearly 5.89 crore Income Tax Returns (ITRs) have been filed on the new e-filing portal of the Income Tax Department as on Dec 31, the extended due date, as per government data released on Saturday.
No extension of ITR filing deadline: Revenue Secretary Tarun Bajaj
Jan 01, 2022, at 04:29 am
New Delhi/IBNS: The government has no plan to extend the deadline for ITR filing and the filing process is going on smoothly, Revenue Secretary, Revenue Secretary Tarun Bajaj said Friday in a press conference.
Over 4.67 crore Income Tax Returns filed till Dec 27, 15.49 lakh ITRs on Dec 27 alone
Dec 28, 2021, at 11:06 pm
New Delhi/IBNS: Over 4.67 crore Income Tax Returns have been filed, including 15.49 lakh ITRs were filed on December 27 alone, the Income Tax Department said Tuesday.
Income Tax Department conducts searches in West Bengal
Dec 21, 2021, at 08:45 pm
Kolkata: The Income Tax Department carried out search and seizure operation on 16.12.2021 on two prominent Asansol based groups, engaged in business of iron and steel products, infrastructure, cement, poly fabs, agro-tech & food processing, among others.
IT Dept raids company engaged in dairy sector in Pune, detects unaccounted income of Rs 400 cr
Dec 03, 2021, at 07:40 am
Pune/IBNS: The Income Tax Department initiated search and seizure operations on a leading group of Pune, engaged in dairy farming and milk products add seized unaccounted cash and unexplained jewellery of about Rs 2.50 crore.
IT Dept raids real estate group in Mumbai, seizes Rs 100 cr in cash
Dec 03, 2021, at 06:54 am
Mumbai/IBNS: The Income Tax Department initiated search and seizure operations on a real estate group, engaged in the construction of residential and commercial projects, in Mumbai and Navi Mumbai Region.
IT raids on Gujarat Gutkha distributor detect Rs 100 cr unaccounted income
Nov 24, 2021, at 06:42 am
New Delhi/IBNS: The Income Tax department has detected unaccounted income of more than Rs 100 crore during a series of raids at the properties of a leading Gutkha distributor in Ahmedabad, the Finance Ministry said in a statement.
Centre extends deadline for filing income tax returns to Dec 31
Sep 10, 2021, at 01:39 am
New Delhi/IBNS: The deadline for filing the returns of income tax has been extended till December 31, the Centre informed on Thursday.
Income tax portal glitches impacting taxpayers adversely: Nirmala Sitharaman to Infosys
Jun 23, 2021, at 03:58 am
New Delhi/IBNS: Finance Minister Nirmala Sitharaman has expressed her disappointment over the glitches in the new Income-Tax portal at a meeting with Infosys officials.
Amid Covid pandemic, deadline for filing income tax returns extended till Sept 30
May 21, 2021, at 02:50 am
New Delhi/IBNS: As the country is raving under the heat of the second wave of Coronavirus, the Centre on Thursday extended the due date of filing income tax returns (ITR) for the financial year 2020-21 by two months till Sept 30 to give relief to taxpayers.