Page 3 - Income Tax Department

CBDT to hold high-level meeting to review revenue collection of FY23

Move seen as part of department's revenue maximisation exercise

Court lifts I-T department's block on Xiaomi's Rs 3.7K-crore funds

A court is yet to pronounce a decision on the case following Xiaomi's challenge

Over 60% of returns filed for amount less than Rs 5 lakh, shows data

Higher tax exemption slabs may exclude significant numbers from existing pool

Those selling products at market rate can't claim charitable status: ITAT

Hospital's appeal against income tax department rejected; it is a private company that turned into a non-profit

Income Tax dept reduces time for taxmen to decide on refund adjustment

The income tax department has reduced the time for tax officers to decide on adjustment of refunds against outstanding tax dues to 21 days, a move which will help avoid litigation. The time limit of 30 days made available to the assessing officers stands reduced to 21 days, the Directorate of Income Tax (Systems) said. "If the assessee either does not agree or partially agrees for adjustment, the matter shall be referred by CPC immediately to the assessing officer, who shall, within 21 days from the date of such reference, shall provide feedback to CPC as to whether the adjustment should be made or not," it added AMRG & Associates Senior Partner Rajat Mohan said in many cases involving the adjustment of refunds, the Centralised Processing Centre (CPC) noticed that wrong categorisation of demand or lack of feedback from the AO (Assessing Officer) on the assessee's response led to incorrect adjustment of refunds, resulting in needless complaints and litigations. Another concern was .

BJP uses central agencies to weaken opposition parties: Telangana Minister

Telangana Health and Finance Minister Harish Rao alleged that BJP uses agencies like Enforcement Directorate and Income Tax to weaken opposition parties when the elections are around the corner

Delhi HC directs I-T Dept to identify posts to be reserved for PwD

The Delhi High Court has directed the Income Tax Department to identify posts which can be reserved for persons with disabilities and consequential orders granting promotion to two differently-abled Income Tax Inspectors. The high court passed the judgment while setting aside a 2011 verdict of the Central Administrative Tribunal (CAT) in view of a Supreme Court decision. The high court said that in a 2020 verdict, a bench of three judges of the Supreme Court held that people with disabilities, who are entitled to benefit under the PwD Act, would be entitled to reservation even in matters of reservation by promotion. In view of the above, the judgment impugned herein, which has been passed prior to the judgment of the apex court in Siddaraju (in 2020), cannot be sustained and has necessarily to be set aside. The respondent is directed to consider the case of the petitioners and identify the posts which can be reserved for the persons with disabilities and pass consequential orders ..

Budget 2023-24 should clear confusion over options for personal income tax

From 2020-21 onwards, the Budget gave an option of a lower personal income tax regime to those earning up to Rs 15 lakh, provided they forgo some exemptions

I-T dept sends notices to firms to enquire about their foreign assets

The Income Tax department's intelligence unit has sent notices to at least eight firms in Mumbai and has also asked for information on their directors

Telangana minister accuses CRPF personnel of beating up son during raid

Telangana Labour Minister Ch Malla Reddy on Wednesday accused CRPF personnel, who accompanied the Income Tax department officials during the searches carried out at his residence and educational institutions here, of 'beating up' his son. Mahender Reddy, son of Malla Reddy, was admitted to the hospital after he complained of chest pain this morning. Speaking to reporters at the hospital, Malla Reddy claimed that their family doctor was not allowed to visit his son. I-T officials were not immediately available for comments. The CRPF police have beaten my elder son the entire night and he has been admitted to hospital. They are not allowing my son's doctor to visit him. They are not even allowing me to see him. Even if they get some (unaccounted) money, what's wrong in it? They will have to do their job, he said. Calling the searches 'political vendetta,' Reddy said he and the TRS government were being targeted by the BJP. Replying to a query, the Minister asserted that there wer

Supreme Court to set up separate special Bench to hear tax matters

Abhishek Rastogi said the Bench would be useful to expedite the matters and would also ensure that a lot of matters on the same issue were clubbed and placed in one single Bench

Common ITR form for all proposed by govt, here's what you need to know

It is expected that the proposed ITR form will be applicable from FY 2022-23 onwards

Top Bollywood celebrities under CBIC scanner over alleged GST evasion

Face charge of incorrect declaration to dodge tax

Single-window exports clearance system roll-out likely next year, in phases

First phase is expected early next fiscal year; CBIC in talks with six major concerned regulatory agencies with the vast majority of export matters

Trip that includes a foreign leg is not eligible for LTC, say experts

This condition is not satisfied merely by the trip starting and ending in India

I-T dept searches on Jharkhand Congress MLAs over tax evasion charges

The Income Tax Department on Friday conducted searches at properties linked to Jharkhand Congress MLAs Kumar Jaimangal and Pradip Yadav, officials said. Jaimangal alias Anup Singh is a legislator from Bermo, while Yadav who joined Congress after splitting from the JVM-P represents Poriyahat. Congress is a partner of the JMM-led ruling alliance in the state. The searches were conducted at the properties of the legislators in Ranchi, Bermo and Patna, officials said. Some private people, including an iron ore trader in Chaibasa, were also searched by the I-T Department, they said. Jaimangal said he was extending full cooperation to the I-T Department which is conducting the searches as part of an investigation into tax evasion charges. "The searches were carried out under the pressure of the BJP. Such action will have to be faced by those who are against BJP. I am against BJP and so, I am facing it. But, it can't scare me," he told reporters. Jaimangal was the MLA who in August lod

Common ITR form will make tax-filing easier, reduce time taken, say experts

Its success, however, will hinge on the quality of online utilities launched along with it

Sebi bans Mehul Choksi from securities market for 10 years, fines Rs 5 cr

Choksi is already facing Income Tax department and ED action

Three Indian crypto exchanges under lens for Rs 28,000 crore drug trade

Around 200 transactions conducted in Nigeria, the Cayman Islands and the British Virgin Islands, have been zeroed upon by the FIU, these were routed through exchanges located in India

Assets worth Rs 18,400 crore attached under Benami Act till July 31: Report

Till July 31, the I-T Department had issued notices in 3,175 cases amounting to Rs 19,222 crore