I-T Department

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A day after the Budget announcement of a revamped personal income tax regime, Revenue Secretary Sanjay Malhotra on Thursday said the government would eventually like to move to a simple and exemption-free tax structure with lower rates. According to an analysis by the Revenue Department, an individual earning Rs 15 lakh in a year will have to claim deductions of at least Rs 3.75 lakh under the old tax regime, otherwise the new revamped tax regime with lower rates proposed in 2023-24 will be more beneficial. In an interview to PTI, Malhotra said the government does not have any specific timeline to make the new regime mandatory for taxpayers. "We would like to move towards a lower tax rate, which is simple and without tax exemptions," Malhotra said. The Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on people with annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 under the new .

The Bombay High Court on Monday questioned the Income Tax department's move seeking to prosecute Reliance ADAG chairman Anil Ambani under the Black Money Act for alleged tax evasion, and asked how Acts criminalising certain action can have a retrospective effect. A division bench of Justices Gautam Patel and S G Dige, while hearing a petition by Ambani challenging a show cause notice issued to him by the I-T department, asked how a person conducting himself or herself in a certain manner will know what the government is going to do in future. The high court posted the matter for hearing on February 20 and extended its September 2022 order directing the I-T department to not take any coercive action against Ambani till then. The I-T department had issued a notice to Ambani on August 8, 2022, for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. As per the department's notice, Ambani was liable to be prosecuted

The Income Tax (I-T) Department was conducting searches at multiple locations in Hyderabad on Friday

NDTV promoter group firm RRPR Holding has told VCPL, which along with two other Adani group firms has launched a hostile takeover bid for the media firm, that its stakeholding in NDTV has been provisionally attached by the I-T authorities and require their approval for the transfer. The contention has been rejected by the Adani group, which termed it as "misconceived and misleading" statements while asking RRPR Holding to convert the warrants into equity shares. In a regulatory filing, NDTV said that its founders Radhika and Prannoy Roy have informed that RRPR Holding has intimated Adani group firm Vishvapradhan Commercial Pvt Ltd (VCPL) that the attachment of the shareholding, notified in 2018, shall remain in place until the completion of reassessment proceedings. The group has asked RRPR Holding (RRPRH) to withdraw the letter and alleged it was written with the intent to further inordinately delay the warrant conversion and to perform its obligations without any further ...

Once the ITR 2021-22 is filed, the taxpayer needs to verify their return within 120 days, or it is deemed invalid

The official said that a total of 18 premises across Delhi, Mumbai and Daman were covered during the search action

Assessment order passed under section 10(3) of Black Money Act

The Income Tax department conducted searches at multiple premises linked to real estate group Omaxe in the national capital region and few other cities on charges of tax evasion

FinMin seeks answers on governance; worried it may hit investor confidence

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I-T dept to dispose of 35K cases by mth-end; Rs 10K-crore demand may be raised

Do this only if there are no remarks or reasons given by I-T division for withholding it

As former finance secretary Sumit Bose pointed out, govt often does not set clear milestones. The penalties, too, are often most difficult to invoke owing to a 1987 SC ruling

The Income Tax Department has urged taxpayers to "quickly" send an online response so that their pending refunds for assessment year 2020-21 can be processed expeditiously. In an official statement issued on Sunday, it said that till date, 93 per cent of the refund claims in ITRs (Income Tax Returns) filed for assessment year (AY) 20-21 have "already" been processed. "In the past week, refunds of over Rs 15,269 crore have been issued which will be credited to taxpayers shortly," it said. The statement said that in order to "resolve" pending refunds of assessment year 2020-21, the department is in the process of communicating with taxpayers, where response from taxpayers would be required in cases involving notices "for prima facie adjustments, defects, adjustment under section 245 and refund failure due to bank account mismatch." "The department requests taxpayers to respond online quickly, so that ITRs in such cases of AY 20-21 can be processed expeditiously," it said. The statem

'There is always a time and context when an amendment is brought in', said J B Mohapatra

Worries about vacant positions and their impact on tax collection may be misplaced in a world of technological disruptions

Tax department should not issue notices indiscriminately

Manpower outsourcing company Quess Corp has denied concealing any income after the IT department claimed that it has revealed undisclosed income of around Rs 880 crore

Seventy-three of the 91 chief commissioner positions are lying vacant, with some of them for more than a year