Income Tax Department

Tax evasion: 89 high-value foreign remittances come under I-T scanner

The Central Board of Direct Taxes (CBDT), the top direct tax body, has directed the officers concerned to initiate verification and send notices to those behind these transactions on March 28

I-T dept seized assets worth over Rs 4,800 crore in last 4 fiscals: Govt

Assets worth more than Rs 4,800 crore were seized during searches conducted by the Income Tax department against 2,841 groups in the last four financial years, the government informed Lok Sabha on Monday. Minister of State for Finance Pankaj Chaudhary said these searches are undertaken to find "suspected or identified large-scale tax evasion". He shared the figures in this regard as part of a written reply furnished in the Lok Sabha. The data pertains to financial years 2019-20, 2020-22, 2021-22 and 2022-23 (provisional figures till January 2023) and Chaudhary said a total of 2,841 groups were searched by the I-T department leading to seizure of assets worth Rs 4,863.12 crore. The highest seizure of assets took place during the last fiscal of 2022-23 (data till January 2023) at Rs 1,533.23 crore with searches being conducted against a total of 602 groups, the data stated. Properties worth Rs 1,159.59 crore were seized after searches against 686 groups in 2021-22, assets worth Rs .

HC restrains Income Tax from acting on show cause notice to Kapil Sibal

The Delhi High Court on Thursday restrained the Income Tax Department from proceeding further on the show cause notice issued to Rajya Sabha MP and senior advocate Kapil Sibal in relation to the assessment proceedings pending against him. A bench of Justice Rajiv Shakdher and Justice Tara Vitasta Ganju issued a notice and asked the income tax authorities to file a response on the petition of the former Congress leader. We are of the view that since the impugned notice has been challenged on jurisdiction as well as on the breach of principles of natural justice, it would require some amount of deliberation, the bench said. In the meanwhile, the concerned officer will stay his hands vis--vis the show cause notice of March 11, 2023," it added. The court listed the matter for further hearing on September 14 and asked the officer concerned to first deal with the objections of Sibal. Sibal has challenged the notice issued by the IT department under Section 153C of the Income Tax Act ...

I-T dept launches app for taxpayers to view interest, dividend income info

The Income Tax department on Wednesday said it has launched the 'AIS for Taxpayer' mobile app which will give taxpayers a comprehensive view of their information related to TDS/TCS, interest, dividends and share transactions, and an option to provide feedback. The mobile app will facilitate taxpayers to view their information as available in the Annual Information Statement (AIS)/ Taxpayer Information Summary (TIS). 'AIS for Taxpayer' is a mobile application provided free of cost by the Income Tax Department, and is available on Google Play and App Store. "The app is aimed to provide a comprehensive view of the AIS/TIS to the taxpayer which displays the information collected from various sources pertaining to the taxpayer," the Central Board of Direct Taxes (CBDT) said in a statement. Taxpayers can use the mobile app to view their information related to TDS/TCS, interest, dividends, share transactions, tax payments, Income Tax refunds, other information (GST Data, Foreign ...

Tax demands of Rs 13,566 cr raised in 4 fiscals under black money law: Govt

The income tax department raised tax demands amounting to Rs 13,566 crore during the last four financial years under the black money law to deal with undisclosed foreign income and assets, the government told Parliament on Monday. In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary informed that 183 assessment orders were passed in 2021-22 and a demand of Rs 5,350 crore was raised under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In the four fiscals starting 2018-19, a total of 349 assessment orders were passed and a demand totalling Rs 13,566 was raised. The minister also informed that 648 disclosures involving undisclosed foreign assets worth Rs 4,164 crore were made during three months of a one-time compliance window, which closed on September 30, 2015, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The amount collected by way of tax and pena

PAN-Aadhaar Link: A step by step guide to link two cards before deadline

PAN and Aadhaar card link last date: The Income Tax Department has fixed the last date to link the two cards as March 31, 2023, but the users will have to pay a penalty of Rs 1,000

IT Department launches AIS app for taxpayers, full details here

The income Tax Department launches an AIS application for taxpayers aiming to provide each transaction information taxpayers and accept their feedback

PAN-Aadhar link to ITR filing: Complete these 5 financial tasks by March 31

From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses

I-T department selects 68,000 'high-value' cases for e-verification

The transactions were allegedly not reported correctly in tax returns for FY20

UK Foreign Secy raises issue of IT searches at BBC offices with Jaishankar

UK Foreign Secretary James Cleverly on Wednesday raised the issue of tax searches at BBC offices in India with his Indian counterpart S Jaishankar

Income-Tax Dept conducts searches at real estate firms in Hyderabad

About 20 teams of I-T officials were conducting the simultaneous searches at the offices of Wonder City, Royal City and other companies

Income Tax dept concludes raids at premises of Uflex after 6 days

Tonnes of documents, 120 hard disks and 50 diaries containing information related to bogus transactions have been recovered during the raids

I-T department detects Rs 2,500 crore default at MP mining centres

The Income Tax (I-T) Department on Friday conducted surprise inspections at mining offices in four districts of Madhya Pradesh and detected defaults aggregating to over Rs 2,500 crore, sources said

I-T raids over 70 locations of Uflex company, Rs 1.50 cr in cash recovered

The officials found 20 bank accounts belonging to people from the economically weaker section of the society with transactions ranging from Rs 5-50 crore

We stand up for BBC: UK govt in Parliament after India's I-T survey

The British government has strongly defended the BBC and its editorial freedom in Parliament after the Income-Tax department's survey operations on the UK-headquartered media corporation's New Delhi and Mumbai offices over three days last week. A Foreign, Commonwealth and Development Office (FCDO) junior minister responded to an urgent question raised in the House of Commons on Tuesday to say that the government cannot comment on the allegations made by the I-T department over an ongoing investigation but stressed that media freedom and freedom of speech are essential elements of robust democracies. David Rutley, Parliamentary Under-Secretary of the FCDO, pointed to a broad and deep relationship with India which meant the UK was able to discuss a wide range of issues in a "constructive manner". We stand up for the BBC. We fund the BBC. We think the BBC World Service is vital. We want the BBC to have that editorial freedom, said Rutley. It criticises us (government), it criticises t

BBC survey: Income, profits not commensurate with India ops, says CBDT

The income and profits shown by various BBC group entities are not commensurate with the scale of their operations in India, according to an official statement on Friday, a day after the Income Tax authorities ended a three-day-long survey against the British media organisation. The Central Board of Direct Taxes (CBDT) issued a statement without naming the media organisation and said that I-T teams unearthed crucial evidences by way of statement of employees, digital proof and documents. Officials said the statement pertains to the British Broadcasting Corporation (BBC). According to the statement, several discrepancies and inconsistencies with regard to transfer pricing documentation were found during the survey. The survey was launched on February 14 at BBC offices in Delhi and Mumbai and it ended after about 60 hours on Thursday night.

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Income tax 'raids': What is the difference between surveys and searches?

Not every income tax department operation is a 'raid'. Here is what the I-T Act says about 'surveys' and 'searches'

I-T Dept's survey operation at BBC offices and memories of another 'raid'

Such incidents reinforce the impression that the government is hiding something

Income Tax department's survey on BBC India continues for second day

The Income Tax department survey operation against the BBC India continued for the second day with the sleuths understood to be making copies of electronic and paper-based financial data of the organisation, officials said Wednesday. The tax department had launched the action on Tuesday at the BBC's Delhi and Mumbai offices along with at least two linked premises as part of an investigation into alleged tax evasion against the British broadcaster in India. Sleuths knocked at the doors of the BBC around 11:30 AM on Tuesday and they are still present, sources aware of the development told PTI. The tax officials are speaking to staffers of the BBC in the finance and some other departments even as other staffers and journalists were allowed to leave Tuesday night. Some computer peripherals and mobile phones were cloned as part of the operation, officials had said. The action, which sparked a sharp political debate with the ruling BJP accusing the BBC of "venomous reporting" and the ..