Page 4 - Income Tax Department

I-T department searches multiple branches of RS Brothers in Hyderabad

The Income Tax (I-T) Department was conducting searches at multiple locations in Hyderabad on Friday

Why India needs a central regulatory framework for online gaming?

In September, the I-T department issued show cause notices to seven online gaming firms and about three dozen high-value players for a possible evasion of Rs 28,000 crore

Direct tax collection jumps 24% to Rs 9 trn in FY23 so far, says I-T dept

Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday. The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement. Direct tax collection came at Rs 8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago. Tax on corporate and individual income makes up for direct taxes. After adjusting refunds, direct tax collection stood at Rs 7.45 lakh crore, 16.3 per cent higher than the net collection for the corresponding period a year ago, the statement said. "This collection is 52.46 per cent of the total Budget Estimates of Direct Taxes for FY 2022-23," it added. Tax collection is an indicator of economic activity in any country. But in India, th

No cheat-code for online gaming industry as ministry, I-T turn up the heat

The income tax (I-T) department recently issued show-cause notices to seven online game companies, as part of an investigation into possible tax evasion by such institutions.

CBDT targets resolving about 3,000 taxpayers' grievances by Oct-end

Sources in the tax department attributes it to the difficulties, taxpayers faced due to some glitches in the new portal since its inception in June of last year.

I-T dept extends deadline for filing of tax audit report to Oct 7

The income tax department on Friday extended the due date for filing tax audit reports for fiscal 2021-22 by 7 days till October 30. "On consideration of difficulties faced by the taxpayers and other stakeholders in the filing of various reports of audit for the Assessment Year 2022-23, Central Board of Direct Taxes (CBDT) has decided to extend the due date for filing of various reports of audit for the Assessment Year 2022-23, which was 30th September 2022 to 07th October 2022," an official statement said. Under the income tax act, those taxpayers who need to get their accounts audited by a chartered accountant are required to file the tax audit report with the I-T department by September 30.

Check ITR for discrepancies before responding to notice from tax dept

Respond on time, with expert help if required, to prevent further punitive measures

No coercive action till Nov 17 against Anil Ambani under Black Money Act

The Bombay High Court on Monday directed the Income Tax department not to take any coercive action against Reliance Group Chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities. As per the department's notice, Ambani was liable to be prosecuted under Sections 50 and 51 of the Black Money (undisclosed foreign income and assets) Imposition of Tax Act of 2015, that stipulates a maximum punishment of 10 years imprisonment with a fine. Ambani earlier this month approached the HC challenging the notice, claiming that the Black Money Act wa

Even foreign nationals have right to personal liberty: Huawei chief to HC

Court permits Xiongwei Li to travel abroad after providing a FDR of Rs 5 crore

No restrictions on RRPR Holding for warrant conversion, says I-T dept

In a disclosure to the stock exchanges, VCPL said it had approached the IT department for clarity on the matter and received a reply from the Additional Commissioner of Income Tax

I-T detects Rs 100 cr undisclosed income from 2 Maharashtra groups

CBDT said that so far, the search action on both groups has led to detection of unaccounted income of more than Rs 100 crore, and undisclosed assets of more than Rs 5 crore have been seized

Address cause of tax refund failure, then request reissuance: Experts

Failure to verify return, incorrect bank address are key reasons for not receiving timely refund

I-T dept conducts pan-India raids against unrecognised political parties

The income tax department on Wednesday launched raids in multiple states as part of a tax evasion probe against registered unrecognised political parties (RUPP) and their alleged dubious funding, official sources said. The searches are being conducted in Gujarat, Delhi, Uttar Pradesh, Maharashtra, Haryana and some other states, they said. A coordinated action has been launched by the tax department against the RUPPs, their linked entities, operators and others, the sources said. The surprise action is understood to have been taken by the department on the recommendation of the Election Commission (EC) which recently struck off 87 entities from its list of RUPP after they were found non-existent during physical verification. The poll panel had announced that it was taking action against more than 2,100 registered unrecognised political parties for flouting rules and election laws, including those related to filing of monetary contributions, failing to update their address and names

Top Headlines: Unrealistic deadlines for EVs, Mistry's demise, and more

Cyrus Mistry, former chairman of Tata Sons and scion of the Shapoorji Pallonji group, died in a car accident near Mumbai on Sunday.

I-T department nod not needed for Adani to acquire NDTV shares: Report

The Adani group believes that there is no restriction by tax authorities on it acquiring a stake in NDTV, a statement that has also been backed by tax experts. The Adani group has acquired a little-known firm, VCPL, that lent over Rs 403 crore to NDTV's founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 29.18 per cent in the news group at any time. Adani has since exercised those rights but NDTV says such conversion is barred by income-tax authorities. The Adani group in a statement said Vishvapradhan Commercial Pvt Ltd (VCPL) has informed that the income tax department orders only apply to share of NDTV held by RRRP Holding Pvt Ltd (a promoter of NDTV) and in no manner restrict RRPR from completing the formalities in relation to allotment of equity shares to VCPL. "The IT orders have been issued against RRPR only and for the purpose of securing RRPR's continued ownership over the said NDTV shares. The IT orders have not been iss

Adani rejects NDTV contention that stake sale needs I-T Dept approval

Adani Enterprises said that the RRPR disclosure lacked bonafides and had no merit or basis either in law or in fact and was misconceived

I-T dept detects Rs 250 cr 'black' income after Kolkata business group raid

The Income-tax department has detected "unaccounted" income of more than Rs 250 crore after it recently raided a Kolkata-based group engaged in manufacturing of power transmission and distribution equipments apart from few other businesses, the CBDT said Thursday. The searches were launched on August 24 and 28 on the premises of the group, which is also involved in manufacturing of steel pipes and polymer products, in West Bengal and Jharkhand. "Evidence of use of unaccounted cash for acquisition of immovable property and unaccounted cash loan, etc. has also been found and a preliminary analysis of seized evidence reveals that several shell (bogus) companies have been utilised by the group to provide accommodation (hawala) entries to its flagship concerns," the Board said in a statement. The Central Board of Direct Taxes (CBDT) frames policy for the tax department. The shell entities have been found to have routed back the unaccounted money in the guise of share capital or unsecure

Promoter entity needs Income Tax dept nod for warrant conversion: NDTV

News network's founders Radhika and Prannoy Roy may individually require independent approval, it says

Local court in India sets aside lookout notice against Huawei India CEO

A condition has been imposed, that in case of resignation, retirement or cessation of employment, Huawei cannot release the severance package and other benefits without the court's prior approval

I-T dept going into new areas to check tax evasion: CBDT chairman

The Income-Tax department is going into "new areas" of the economy to check tax evasion even as its investigation units are using analytics to sift through voluminous data on Indians holding assets abroad, CBDT Chairman Nitin Gupta has said. The Central Board of Direct Taxes, the administrative body for the tax department, undertakes search and seizure operations to check instances of tax evasion apart from performing its regular task of collecting revenue for the government under the direct taxes category. "We are covering a variety of sectors of the economy (while undertaking searches and raids). We are not limiting ourselves to real estate or developers only...our action is spread across sections of economy right from healthcare to pharma to developers to industries, manufacturers, service providers etc. "We are touching new areas and various sectors of the economy which were never touched like asset reconstruction companies, gaming, betting etc.," Gupta said during an ...