Page 5 - Income Tax Department

Income tax dept collects Rs 28 cr in taxes from new ITR-U filing

The Income-tax department has collected around Rs 28 crore in taxes after about 1 lakh returns were filed by taxpayers under the newly introduced return filing form called ITR-U, that was notified this year as part of the Budget 2022-23. CBDT Chairman Nitin Gupta said the scheme was brought by the Union government for the benefit of taxpayers so that they can comply with their tax responsibilities without getting into hassles of the law. The abbreviation ITR-U stands for 'income tax return-updated' and is available to taxpayers for filing updated returns for 2019-20 and 2020-21 financial years or assessment years 2020-21 and 2021-22. Taxpayers filing this form, which can be filed within 2 years of the end of the relevant assessment year, will have to give reasons for updating the income -- return previously not filed or income not reported correctly or wrong heads of income chosen or reduction of carried forward loss. "We have got around 1 lakh returns... (under the ITR-U). The ...

Wherever BJP is not in power, it sends CBI, ED and I-T, says Tejashwi

Stung by raids on a number of RJD leaders, Bihar Deputy Chief Minister Tejashwi Prasad Yadav on Wednesday called the Enforcement Directorate (ED), the Central Bureau of Investigation (CBI) and the Income Tax (IT) department three jamaai" (sons in-law), which the BJP sent to states where it was not in power. Taking part in a debate on the motion of confidence moved by the new 'Mahagathbandhan' government, Yadav accused the BJP of having tried to "break" Chief Minister Nitish Kumar's party in a bid to "wipe out socialist ideology". "My father Lalu Prasad, mother Rabri Devi, my sisters and I are all paying the price for our commitment to socialism. The CM and I have the same ideology. You (BJP) cannot reap what we socialists have sown," said Yadav. The RJD heir apparent also expressed dismay over a section of the media saying that a mall being raided by CBI in Gurugram belonged to him. "These media outlets should do some research. It belongs to someone based in Haryana, and was ...

Income tax dept seeks to prosecute Anil Ambani under the Black Money Act

The income tax department has sought to prosecute Reliance Group Chairman Anil Ambani under the Black Money Act 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. A show cause notice in this context was issued to Ambani early this month. The department said he 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. It has sought his response to the charges by August 31. Ambani's office had not responded to a query sent on the matter till the time of this story being filed. The businessman has been charged with evading tax, by way of holding undisclosed assets ab

Bihar daily wager gets I-T notice of Rs 37.5 lakh, police lodges case

A daily wage earner in Bihar was stunned when he was recently slapped with a notice from the Income Tax department which ordered him to pay "dues" of Rs 37.5 lakh. Girish Yadav, a resident of Maghauna village in Khagaria district, who earns about Rs 500 a day, has approached the police station concerned. "We have lodged a case and started investigations based on the information shared by Girish. Prima facie it seems a case of fraud", said Purendra Kumar, the Station House Officer of Alauli police station. The SHO said the complainant has received the notice against a PAN number issued in his name. "Girish says he performs menial jobs in Delhi where he had once tried to get a PAN card made through a tout. He never heard from the tout again", said the SHO. Moreover, in the notice, Girish has been said to be associated with a company based in Rajasthan. But he insists that he has never been to that state", added the SHO.

Most companies floated in Bengal after demonetisation vanished: Report

A number of companies floated in West Bengal immediately after demonetisation period have been wound up in the past five years, as per Income Tax department sources.

I-T dept allows taxpayers more time to claim credit for taxes paid abroad

The income tax department on Friday said taxpayers can claim credit for taxes paid outside India before the end of the assessment year if the I-T return is filed within the stipulated deadline. So far, Foreign Tax Credit (FTC) could have been claimed only if Form- 67 along with necessary documents were filed within the due date for filing the original return, thereby restricting the ability to claim credit for taxes paid outside India. The Central Board of Direct Taxes (CBDT) has amended tax Rules providing relief to taxpayers in claiming Foreign Tax Credit (FTC). In a tweet, the income tax department said "the Statement in Form No. 67 can now be furnished on or before the end of the relevant Asstt Year". The amendment operates retrospectively, so this benefit is available to all FTC claims filed during the current financial year, it added. Nangia Andersen LLP Partner- Direct Taxation, Sachin Garg said the amendment has provided much-needed relief to taxpayers who can now claim F

I-T Dept freezes FDs of Viresh Joshi in Axis MF front-running case

In a latest development in the alleged front-running case involving Axis Mutual Fund, the Income Tax Department has freezed fix deposits worth Rs 57 crore belonging to its former chief trader

'I am a Chinese, not a terrorist': Huawei India CEO tells Delhi court

The remark was made by Li Xiongwei's lawyer Vijay Aggarwal in the court where the I-T department had asked to rejected his bail plea

I-T dept detects over Rs 150 cr black income after raids on Rajasthan group

The CBDT frames policy for the tax department

CAG flags data non-sharing between IT dept, MHA on foreign contributions

The CAG has slammed the income tax department for not formulating a data sharing mechanism with the Home Ministry to keep track of foreign contributions received and their utilisation for the declared purpose by charitable trusts and institutions. The Comptroller & Auditor General's (CAG) Performance Audit report on 'Exemptions to Charitable Trusts and Institutions' noticed 35 assessment cases where the trusts/institutions received foreign contributions without having registration under FCRA, mismatch of figures of foreign contribution shown in ITR and that disclosed with the MHA, donation of foreign contribution by recipient trust to other trusts that were not registered under the FCRA 2010 or investment in foreign contribution in speculative mode. In all the cases, the department had allowed exemption on such foreign contributions involving tax effect of Rs 182.10 crore, said the report tabled in Parliament on Monday. Non-government organisations (NGOs)/ trusts are allowed to ...

Can PMLA really be the go-to legislation to probe financial crimes?

Several older legislations like the Black Money Act and the Benami Transactions Act have become subservient to the Prevention of Money Laundering Act now

Delhi: I-T raids on hospitals reveals unaccounted income of Rs 150 cr

The Income Tax Department on Wednesday said it recently carried out search and seizure operations on several groups engaged in healthcare services by running hospitals.

India's tally of crorepatis at 131,000 as 6,000 new ones added in FY22

There was also a significant rise in number of people who declared their income between Rs 10 lakh and Rs 1 crore, data from the Finance Ministry showed

I-T dept finds unaccounted transactions of over Rs 1K cr during searches

Income Tax Department said it had carried out a search and seizure operation on July 20 on the premises of a prominent business conglomerate engaged in diversified fields

I-T dept finds unaccounted transactions of over Rs 1K cr during searches

Income Tax Department said it had carried out a search and seizure operation on July 20 on the premises of a prominent business conglomerate engaged in diversified fields

I-T dept likely to make PAN mandatory for cryptocurrency investors

I-T dept plans to seek statement of transactions from crypto exchanges

7.24 million income tax returns filed in one day, a record: CBDT

On July 31, 7.24 million ITRs had been filed, shattering all previous single-day records (the maximum being 4.9 million in 2019)

Verification of ITR timeline reduced to 30 days from 120: I-T Dept order

The I-T department has reduced the time limit for e-verification or hard copy submission of the ITR-V, post filing of returns by taxpayers, from the current 120 days to 30 days, beginning August 1.

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ITR Filing AY 2022-23: What if you missed the ITR?

Missed ITR 2022-23 deadline? Under section 234F of the IT Act, a late filing will be imposed on taxpayers after the due date, July 31, 2022. How many penalties should you pay?