Page 7 - Income Tax Department

HC quashes order on taxing Flipkart payment to Walmart for deputed staff

Court says assessing officer's stand on employer-employee relationship based on a wrong premise

I-T raids at multiple locations linked to educational institutes in B'luru

The Income Tax department was conducting raids at the offices and buildings of some reputed private educational institutes in Bengaluru on Thursday

TN: I-T dept detects Rs 400-cr tax evasion after raids on hospitality group

The Income Tax department has detected a "large-scale tax evasion" of over Rs 400 crore after recently raiding a Tamil Nadu-based group engaged in liquor manufacturing and hospitality, the CBDT said

Net direct tax mop-up rises 45% to over Rs 3.39 trillion till mid-Jun

According to the IT Dept, reports, net direct tax was reported to have crossed 45% till mid-Jun. The CBDT has claimed that this is signficant increase compared to the preceding year.

Centre moots ruling authority to fix direct tax liability, settle disputes

Revenue dept to take up measures to boost tax-to-GDP ratio to 15-20%

When every Indian pays tax, I-T officers may not be needed: Minister

The number of taxpayers in the country has increased in the last eight years, says Jitendra Singh

I-T portal faces fresh glitches; CBDT chief assures no breach of data

This comes after the Income-Tax (I-T) Department got complaints about search functionality on the portal and also that it had been hacked and might pose risks to security

I-T portal develops snag on first anniversary, Infy directed to fix issue

The Income Tax Department on Tuesday said software services provider Infosys has been directed to look into the issue relating to malfunction of search option on the e-filing portal. After many users complained of issues while accessing the I-T portal and reported that it was hacked on Tuesday, which also happens to be the first launch anniversary of the portal, the department said Infosys is resolving the issue on priority. Issue relating to the search functionality of the e-filing website has come to our notice. The Income Tax Department is seized of the matter. @Infosys has been directed to look into it & @Infosys has confirmed that they are resolving the issue on priority, the I-T department tweeted. The finance ministry officials also assured that there has been no data breach on the portal. Incidentally, Tuesday is the first anniversary of the launch of new Income Tax portal. In the past year, the portal functioning was marred on several occasions which prompted the ...

I-T dept raids at 400 locations of liquor barons, others across nation

The Income Tax department on Wednesday started search operations at about 400 locations belonging to various groups, including liquor barons, across the country, sources said

Income Tax Dept starts investigation against UP businessman Piyush Jain

The Income Tax Department has started the investigation against Kanpur-based perfume businessman Piyush Jain.Notably, the Directorate General of GST Intelligence (DGGI) had recovered over Rs 194.45 crore cash, 23 kg gold and 600 kg sandalwood from the factory premises of Piyush Jain in December last.A joint team of DGGI and local Central GST had taken Jain to his factory and residence in Kannauj which resulted in a cash recovery of cash and gold.The investigation has been taken up by Income Tax Department, Kanpur division. DGGI last week officially shared the information with the Income Tax department.Out of Rs 194.45 crore, DGGI raised a tax liability of Rs 52 crore on Piyush Jain. The rest amount of the cash will now be seized or requisitioned by Income Tax under section 132B of Income Tax.An official told ANI that the seized money has been kept in the State Bank of India. Now a warrant will be issued against Jain by the department. Department will also match his income tax returns .

CBDT lays out guidelines for manual scrutiny of income tax returns

Income-Tax department selects cases manually for comprehensive scrutiny

India tax authorities froze $478 million of Xiaomi funds in Feb: Report

The fund freeze by tax authorities comes on top of another legal tussle Chinese smartphone giant Xiaomi faces.

Collect Form 10BE before May 31 for availing tax deduction under Sec 80G

Check the information therein carefully and get any error corrected before this deadline

Reassessment dispute case: SC rules in favour of Revenue Department

The new reassessment law had capped the period for issuing notices with respect to reopening past cases at three years, down from from six years earlier

Govt notifies new form for filing updated ITRs for 2019-20 and 2020-21

Taxpayers filing ITR-U, which can be filed within 2 years of the end of the relevant assessment year, will have to give reasons for updating the income

Global funds likely to contest I-T dept's order on tax treaty misuse

The I-T department observes irregularities in tax filings of 2013-14, 2014-15, and 2015-16

New tax regime: Big unexplained expenditure may lead to I-T review

Assessees seek clarity from tax consultants on the new regime, fearing reopening notices

IT dept attaches 41 properties linked to Shiv Sena leader Yashwant Jadhav

The attached properties include 31 flats in Bilkhadi Chamber Building in Byculla, a flat worth Rs 5 crore in Bandra and Hotel Crown Imperial in Byculla.

Demand of over Rs 500 crore additional tax slapped on PE/VC funds

The tax authorities gave assessment orders to at least 12 such houses last week, and initiated penalty proceedings against them

Top headlines: Income in US on I-T radar, Sri Lanka cabinet resigns

Union Minister Piyush Goyal says people are looking at India as an emerging global superpower. More on this in our top stories.