Page 2 - Income Tax Department

Aware of I-T searches at BBC office; cannot offer any judgement: US

The United States on Tuesday said it is aware of the survey operation conducted by the Indian tax authorities at the BBC office in Delhi but is not in a position to offer its judgement. The Income Tax officials said the operation was part of a tax evasion investigation. "We are aware of the search of the BBC offices in Delhi by Indian tax authorities. I would need to refer you to Indian authorities for the details of this search. Beyond this discrete action, what I'll say more broadly is the general point that I've consistently made in this context, but in a universal context as well," State Department Spokesperson Ned Price told reporters here. "We support the importance of free press around the world. We continue to highlight the importance of freedom of expression and freedom of religion or belief as human rights that contribute to strengthening democracies around the world. It has strengthened this democracy here in this country. It has strengthened India's democracy," Price ...

I-T teams at BBC's Delhi, Mumbai offices for survey operation: Officials

The Income Tax Department on Tuesday conducted a survey operation at the BBC's offices in Delhi and Mumbai as part of a tax evasion investigation, officials said. The surprise action comes weeks after the broadcaster aired a two-part documentary on the 2002 Gujarat riots and India. The department is looking at documents related to the business operations of the company and those related to its Indian arm, they said. As part of a survey, the Income Tax Department only covers the business premises of a company and does not raid residences and other locations of its promoters or directors.

UK government 'closely monitoring' tax surveys at BBC offices in India

The UK is "closely monitoring" the situation following the Income Tax surveys at the BBC offices in India, British government sources here said on Tuesday. The Income Tax department conducted survey operations at the BBC's offices in Delhi and Mumbai on Tuesday with the officials describing the action as part of an investigation into alleged tax evasion. Reacting to the Indian IT department's action, the UK-based British public broadcaster said that it was "fully cooperating" with the authorities and hoped that the situation will be resolved "as soon as possible". While there has been no official statement from the UK government related to the action, British sources said they are closely monitoring" reports of tax surveys conducted at the offices of the BBC in India. In New Delhi, officials said the survey was being carried out to investigate issues related to international taxation and transfer pricing of BBC subsidiary companies, and alleged that the BBC had been served with ...

Press Club of India condemns I-T department's surveys at BBC offices

The Press Club of India (PCI) on Tuesday condemned the Income Tax Department's surveys at the offices of the BBC in New Delhi and Mumbai. The department conducted the surveys at the British broadcaster's offices as part of an investigation into alleged tax evasion, officials said. "The recent raids are part of a series of attacks on the media by government agencies in recent times, especially against those sections of the media that the government perceives as hostile to it," the PCI said in a statement. It appealed to the government to restrain its agencies from "misusing their powers in order to intimidate the media". The department's action comes weeks after the British broadcaster aired a two-part documentary, "India: The Modi Question". "If the government has any issue with the report, it should take it up with the concerned office rather than shoot the messenger," the PCI said.

Editors Guild deeply concerned about I-T survey at BBC offices

The Editors Guild of India on Tuesday said it was "deeply concerned" about the Income Tax surveys at the offices of BBC India and termed it as a continuation of a "trend" of using government agencies to "intimidate and harass" media outlets critical of the ruling establishment. In a statement, the Guild also demanded that great care and sensitivity be shown in all such investigations so as to not undermine the rights of journalists and media organisations. The statement came after Income Tax authorities conducted a survey operation at the BBC's offices in Delhi and Mumbai as part of an investigation into alleged tax evasion. The action, it is learnt, is being carried out to investigate some international taxation and transfer pricing issues. The broadcaster said it was "fully cooperating" with the tax authorities. "The survey by the I-T department is in continuation of a trend of using government agencies to intimidate and harass press organisations that are critical of government

Left hits out at Centre over Income Tax survey operation at BBC offices

The CPI(M) on Tuesday hit out at the Centre over IT "raids" on the British Broadcasting Corporation's (BBC) offices in Delhi and Mumbai, questioning if India remains the "mother of democracy". CPI(M) General Secretary Sitaram Yechury also slammed the government for not accepting the opposition demand for a Joint Parliamentary Committee probe into the Adani Group issue. "First ban BBC documentaries. No JPC/enquiry into Adani exposures. Now IT raids on BBC offices! India: 'Mother of democracy'?," Yechury said in a tweet. CPI MP Binoy Viswam, on the other hand, said the "IT survey" was the attempt of a "frightened government" to "strangle" the voice of truth. He also alleged that the action was a "raid" and not a "survey". "Raid on BBC! They call it survey! This survey is killing spree of a frightened govt. To strangle the voice of truth. World is witnessing it. When Modi preside over G-20, they will ask about India's record on freedom of press. Can he reply truth fully?" Viswam sai

Income Tax Department sleuths survey BBC's Mumbai studios, Delhi office

The sources also said that the team reached there to verify documents and some of the employees were also asked to leave the office and go home

Fully cooperating with Indian income tax authorities, tweets BBC

The BBC on Tuesday said the Indian income tax authorities were at its offices in New Delhi and Mumbai and the British public broadcaster was fully cooperating with them. The Income Tax Department on Tuesday conducted a survey operation at the BBC's offices in Delhi and Mumbai as part of an investigation into alleged tax evasion, officials said in New Delhi. The surprise action comes weeks after the broadcaster aired a two-part documentary, "India: The Modi Question". "The Income Tax Authorities are currently at the BBC offices in New Delhi and Mumbai and we are fully cooperating. We hope to have this situation resolved as soon as possible," the press office of the BBC tweeted.

Congress attacks govt over Income Tax survey operation at BBC offices

The Congress on Tuesday took a swipe at the government over the Income Tax survey operation at the BBC offices, saying while they are demanding a JPC on the Adani issue it is after the BBC. The Income Tax Department on Tuesday conducted a survey operation at the British Broadcasting Corporation's (BBC) offices in Delhi and Mumbai as part of a tax evasion investigation, officials said. Congress general secretary Jairam Ramesh also used a Hindi idiom to attack the government, saying "Vinash Kale, Vipreet Buddhi" (When doom approaches, a person's intellect works against his interest). "Here we are demanding JPC on the Adani issue but the government is after the BBC. Vinash Kale Viprit Buddhi," Ramesh said. As part of a survey, the Income Tax Department only covers the business premises of a company and does not raid residences and other locations of its promoters or directors.

Income-Tax Department notifies ITR forms for filing returns for FY23

The Income-Tax Department has notified forms for filing I-T returns by individuals as well as businesses for 2022-23 fiscal year. The Central Board of Direct Taxes (CBDT), through a notification dated February 10, has notified ITR forms 1-6, ITR-V (verification form) and ITR acknowledgement form. AMRG & Associates Senior Partner Rajat Mohan said CBDT has notified the income tax return forms for Assessment Year 2023-24 (for income earned in 2022-23) quite early, which would help taxpayers prepare their income returns early this year. Last year, such forms were notified in the first week of April. "Early notification of ITR forms would give ample time to all the stakeholders, including the e-filing portal, third-party software companies, taxpayers, and tax professionals. This year, software vendors can use this extra time for an early implementation of excel utility and third-party software for filing ITRs," Mohan added. ITR-1 and ITR-4 are simpler forms that cater to a large number

10 best tax-saving mutual funds in 2023

Mutual funds like ELSS are an easy way to save on income tax under Section 80c while reaping handsome potential returns on investment

I-T dept spends 57 paise for every Rs 100 of tax collection: Govt official

Income-tax collection cost that the I-T Department incurs in the country is one of the lowest in the world at Rs 0.57 for every Rs 100 collected as tax, Shishir Agarwal, Chief Commissioner of Income Tax, Hyderabad, said on Thursday. He was speaking at a seminar on 'Post-Union Budget 2023-24-Implication for Trade and Industries' organised by the Federation of Telangana Chambers of Commerce and Industry (FTCCI). We spend just 57 paise to collect every Rs 100 income-tax. We are one of the lowest in the world. The UK spends 73 paise, Japan 174 paise, Germany 135 paise, Canada 150 paise, France 111 paise. The USA is the only country that spends less than us, a press release quoted him as saying. According to him 65 per cent of I-T returns filed were processed and refunds made within 24 hours of filing. Speaking about the Union Budget which was presented in Parliament on Wednesday, the official said it is progressive' and was presented in line with government of India policies ...

New tax regime to benefit maximum number of taxpayers: CBDT Chairman

The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT Chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met." Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class. "This new regime for individuals was laid down two years ago (Budget of 2020-21) but probably the benefits were not percolating and now the government has re-tweaked th

Budget 2023: Income tax slabs changed under new tax regime. Details here

Income Tax Rates and Slabs: Under the new tax regime, the highest tax rate of 30% will be levied on income above Rs 15 lakh

Income tax department conducts survey action against drug major Cipla

The Income Tax Department has carried out a survey action against drug major Cipla, sources said on Tuesday. The department is conducting the surprise action to check the balance sheets and other business documents of the Mumbai headquartered company as part of an alleged tax evasion investigation, they said. As part of a survey, the Income Tax Department only covers the business premises of a company and does not raid the residences and other locations of its promoters or directors. The company had last week reported, in a regulatory filing, a seven per cent increase in its consolidated net profit at Rs 808 crore in the third quarter ending December 2022, aided by robust sales in the US market.

I-T dept steps up efforts to recover tax arrears of over Rs 7.7 trillion

CBDT in Dec 21 meeting discuss measures to clear backlog; asks to focus on cash collection of Rs 2.05 trillion

An NRI without a PAN? File Form 10F manually till next March for lower TDS

You should check tax residency certificates too: If it has the required details, submit it instead

PAN not linked with Aadhaar by end of March 2023 to be rendered inoperative

The Income Tax department Saturday issued an advisory that those permanent account numbers (PAN) which are not linked with Aadhaar by the end of March next year will be rendered "inoperative". "What is mandatory, is necessary. Don't delay, link it today!" the department said in a public advisory. "As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative," it said. The 'exempt category', according to a notification issued by the Union Finance Ministry in May 2017, are those individuals residing in the states of Assam, Jammu and Kashmir and Meghalaya; a non-resident as per the Income-tax Act, 1961; of the age of 80 years or more at any time during the previous year and a person not a citizen of India. A circular issued by the Central Board of Direct Taxes (CBDT) on March 30 said once a PAN becomes inoperative, an individual sha

File revised income-tax return to correct errors in original ITR by Dec 31

Any refund you are eligible for won't be processed unless you correct the mistakes in your return

Karnataka HC sets aside I-T seizure order of Rs 3,700 crore against Xiaomi

In a major relief to Xiaomi Technology India Pvt Ltd, the Karnataka High Court has set aside Income Tax's seizure order of Rs 3,700 crore of the company's fixed deposits. Justice S R Krishna Kumar in his judgment on December 16 imposed three conditions for setting aside the August 11, 2022, order of seizure of the Deputy Commissioner of Income Tax. The first condition was that Xiaomi "shall not be entitled to make payments from the subject fixed deposits accounts in the form of royalty or in any other form to any companies / entities located outside India." Secondly, Xiaomi is "at liberty to take overdrafts from the subject fixed deposits accounts and make payments from such overdrafts to such companies / entities located outside India." And thirdly, the Income Tax Department was "directed to complete the draft assessment proceedings of the petitioner for the Assessment Years 2019-20, 2020-21 and 2021-22 on or before March 31, 2023." The IT Department had passed the order on groun