Page 10 - Income Tax Department

I-T Dept raids instant loan app company; Rs 500-cr transferred illegally

A fintech company engaged in giving instant loans through a mobile app has been found to have repatriated Rs 500 crore 'non-genuine' funds overseas, the CBDT said

IT department sets up Taxpayers' Lounge at IITF till Nov 27

The Income Tax department on Sunday set up a 'Taxpayers' Lounge' at the India International Trade Fair, seeking to promote trust and fostering awareness. Central Board of Direct Taxes Chairman J B Mohapatra inaugurated the Taxpayers' Lounge to increase awareness about various services provided by the department to taxpayers and to facilitate compliance with the various income-tax rules and procedures. The Lounge will be at the IITF till November 27. ? "The Taxpayers' Lounge seeks to promote an environment of trust between the Department and the taxpayers as also to educate them about the initiatives taken by the Department in recent time," an official statement said. The Taxpayers' Lounge would provide assistance in application for PAN/e-PAN, Aadhaar-PAN linking and PAN related queries. Also assistance would be provided in queries related to e-Filing and Form 26AS. ?The lounge will also be utilised for obtaining feedback about the problems being faced by the taxpayers, the state

Nearly 24 mn income tax returns filed for FY21 so far, says I-T dept

Over 2.38 crore income tax returns have been filed for 2020-21 fiscal so far, the I-T department said on Tuesday

Form 26AS tweaks make paying taxes easier and evasion harder. Here's how

From now on, more information about your income and transactions will be uploaded in Form 26AS by the income-tax department. So, what does that mean for you and your wallet? Let's understand

I-T dept freezes Rs 53-cr deposits of Maharashtra urban cooperative bank

The I-T Dept has frozen deposits worth over Rs 53 crore of an urban credit cooperative bank in Maharashtra in a recent raid

Get info on interest and dividend income, investments made, on I-T portal

Dept rolls out new Annual Information Statement (AIS) to ease filing of returns; experts say it might replace existing Form 26AS

I-T dept to help taxpayers with more info on their transactions, income

The fresh info to be uploaded in form 26AS includes remittances received from overseas, interest on income tax refund, dividend from mutual funds, purchase of MFs, among others

I-T Dept enables tax audit utility form on its portal for FY20 and FY21

The income tax Department has enabled the tax audit utility form on its portal for financial year 2019-20 and 2020-21. Under the I-T Act, taxpayers are required to get their accounts audited if the sales, turnover or gross receipts of business exceed Rs 10 crore, while in case of professionals, the limit was over Rs 50 lakh in 2020-21 (AY 2021-22). The last date for filing the tax audit report for the 2020-21 fiscal is January 15, 2022. For fiscal 2019-20 i.e. AY 2020-21, limit was Rs 5 crore for businesses and Rs 50 lakh for professionals and due date for original tax audit report was January 15, 2021. However, companies can still file the revised tax audit report for that year to rectify errors. Nangia & Co LLP Director, Audit & Assurance, Shalu Kedia said the corporate assessees did not want to wait until due date which is falling in January for tax audit filing for AY 2021-22 can now proceed with their tax audit filings followed by corporate tax returns for Assessment Year

Rickshaw puller approaches cops after receiving Rs 3-crore IT notice

The rickshaw puller approached the police on Sunday after he received the IT department's notice

Wanted, a panel to settle tax disputes

The government should constitute a panel to examine disputes, especially those where the Department has lost in the lower forums and appealed in a higher one

I-T department searches 2 business groups based in several states

The first group is engaged in digital marketing and campaign management while the second group searched is engaged in solid waste management

IT dept detects Rs 184-cr black money after raids on Mumbai realtor, others

The searches were launched on October 7 at 70 premises in Mumbai, Pune, Baramati, Goa and Jaipur

Centre notifies rules to settle Vodafone retrospective tax case

Vodafone Plc is required to give a declaration to the Income-Tax Department, withdrawing all legal proceedings against the government over the levy of retrospective taxes

Govt notifies rules to settle Vodafone retrospective tax case

After the notification of the rules, Vodafone will have 45 days to approach the government for a settlement.

I-T dept detects Rs 550-cr hidden income after raids on Hetero pharma group

The searches have also resulted in seizure of unexplained cash amounting to Rs 142.87 cr

I-T conducts raids against Maharashtra deputy CM Pawar's family, realtors

The Income Tax Department raided some businesses linked to family members of Maharashtra deputy chief minister Ajit Pawar and some real estate developers on charges of alleged tax evasion

Grasim Industries slapped with Rs 8,334-crore income tax demand

The Aditya Birla Group company said it would take "appropriate action" against the order

I-T dept asks tax officials to take applications for settlement till Sep 30

The Income Tax department has issued an order asking taxmen to accept till September 30, applications for settlement of pending tax cases.

I-T department conducts searches on 20 premises of 7 developers in Mumbai

Sources said the exercise was a part of 'search operation, while some were covered under survey action'

Some e-filing glitches remain, working with I-T dept: Infosys

The tech services giant said over 30 mn taxpayers had logged in and have completed transactions