Page 3 - I-t Department

I-T dept searches Chinese entities over hawala transactions of Rs 1,000 cr

In their crackdown on these Chinese companies, the tax authorities launched an extensive search operation at 21 premises across Delhi, Ghaziabad and Gurugram

V G Siddhartha suicide case: CCD PE investors, I-T officials get clean chit

His private firm MACEL had Rs 2,693 cr unaccounted dues towards Coffee Day Enterprises, finds probe

Direct tax refunds down 10% amid Covid-19 pandemic, says CBDT

Only withheld refunds where assessee reply is awaited, says CBDT

CBDT to share depreciation, turnover info of small firms with MSME ministry

The Central Board of Direct Taxes has signed a memorandum of understanding in this regard with the Ministry of Micro, Small and Medium Enterprises

I-T dept spots taxpayers with high-value transactions in FY19 with no ITRs

The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant to FY 2018-19) is July 31, 2020

ITAT rules in favour of HSBC Bank over interest income of Rs 1,498 cr

I-T dept had denied benefits under India-Mauritius tax treaty, said it was established for treaty shopping purpose

I-T dept to crack the whip on tax evaders, resume probe in pending cases

The move will help the department shore up revenue, clear backlogs, and resume probe in pending matters.

Taxpayers asked to verify ITRs for AYs 2015-16 to 2019-20 by September 30

A taxpayer filing Income Tax Returns (ITR) electronically without digital signature has to verify it using either Aadhaar one-time password (OTP)

Banks, post offices can now find out TDS on large cash withdrawals

The department has facilitated a new functionality for banks and post offices through which they can ascertain the TDS applicability rates

Direct tax mop-up rises 39% amid sharp decline in disbursement of refunds

Collections may come under pressure once the base effect wears off

I-T tribunal stays tax demand against Tata Education and Development Trust

The Rs 100-crore tax demand on Tata Education and Development Trust was raised last year by the I-T department owing to cancellation of registration on past exempted income.

I-T department issues refunds worth Rs 26,000 cr to around 1.7 mn taxpayers

Expediting refunds of up to Rs 5 lakh was announced as part of the government's policy initiative to tackle the economic impact of Covid.

Covid-19 crisis: CBDT chargesheets 3 IRS officers for leaked report

The IRS Association has forwarded its report to the CBDT.

GST, GAAR reporting delayed till March 2021 amid coronavirus outbreak

The I-T Dept had, in 2018, changed the tax audit form 3CD, seeking details under GST as well as GAAR, which seeks to prevent firms from routing transactions through other countries to avoid taxes

Fine only for frivolous complaints

The State Commission pointed out that costs could be imposed only if the complaint was frivolous and vexatious. But DeSouza did have a genuine grievance

I-T department approaches 5,627 entities to avail Vivad se Vishwas scheme

Of this, a total 1,730 assessees, involving a tax demand of Rs 1, 578 crore, have agreed to come under the scheme

I-T unearths Rs 3,500-cr TDS default by oil, telecom firm in Delhi: CBDT

CBDT, which frames policy for the tax department, did not name the entities involved

'Vivad se Vishwas': Cases in arbitration abroad eligible, says I-T dept

The income tax department said appeals and writs filed on or before January 31 this year will be allowed to be taken up under the scheme

A new kind of harassment: Government notice seeking information

These notices are not included in the ease of doing business calculations

I-T Dept launches searches at premises of Bharat Hotels, Cargo Motors Group

The searches, they said, were launched late Sunday and are related to a tax evasion probe being conducted by the department.