Page 36 - Income Tax

Parthasarathi Shome: I-T department statistics - II

Taxpayer profiles reveal worrisome characteristics

Implementation of new accounting standards postponed

Breather for companies as norms are deferred by a year

I-T dept probes firm linked to former principal secy

The Income Tax department is probing tax evasion charges against a Kerala-based firm, in which a director is the daughter of former Principal Secretary to PM T K A Nair, for allegedly receiving Rs 45 crore funds from the Gulf. Officials said the company based in Thiruvananthapuram, Agrritho International Private Limited, was searched by tax sleuths last month after the department received "actionable" inputs that some undisclosed funds have been sent through an overseas account to the firm owned by a lawyer, Vinodkumar Kuttappan. Nair's daughter Mini and her husband are the two Directors in the firm which deals in agro-business activities. Kuttappan and his wife are the other two directors in the firm. The department is investigating if the amount of Rs 45 crore was sent in an unauthorised and illegal manner from an overseas location and if those were declared by the firm or its owners/directors in their respective Income Tax Returns (ITRs). The firm was registered in May, 2014 ..

Taxmen to meet UP traders, industry over amnesty scheme

Centre has provided a 4-month amnesty starting June 1 to evaders, giving them a chance to come clean and pay 45% tax

Parthasarathi Shome: I-T Department statistics - I

The department has revived publication of useful statistics

Income Tax dept says media wrong to report that it is arresting wilful tax defaulters

It was reported yesterday that IT department will block PAN, cancel LPG subsidy and ensure loans are not sanctioned to the wilful tax defaulters

Income tax arrears: Blocking of PAN, new bank loans likely

I-T department talks of arresting errant defaulters, retracts later

Do not lose tax benefits

The tax department can withdraw exemptions claimed earlier if certain conditions aren't met

Are you a wilful tax defaulter? IT dept may block your PAN, LPG subsidy

A number of measures have been mooted by the tax department to curb the menace of large-scale tax avoidance and evasion

PM set no target on income tax assessees: Finance ministry

Clarifies that the Prime Minister has asked the Income Tax Department to widen tax base, but no specific target has been set

Double taxpayer base to 100 mn, PM tells taxmen

Officers asked to build 'bridge of confidence' with taxpayers

Four month window to disclose black money opens today

Domestic black money holders can come clean by paying tax and penalty of 45% on undisclosed assets

IT dept has decided to declare the name of tax defaulters

Earlier exercise was restricted to people with huge defaults upto Rs 20-30 cr but the new measure will bring it to Rs 1 Cr

I-T dept asks taxman to place info request to tax havens

The note guides taxman to avoid seeking voluminous details as it might not receive adequate attention by the BVI authorities

CBDT declares Aug 31 deadline for clearing pending ITRs, refunds

It has said that this the final opportunity being provided to the taxpayers to regularise their pending ITRs

I-T refunds worth Rs 1.22 lakh crore issued in FY'16: Govt

In 2015-16, more than 94% of income tax returns were filed online

Income tax department launches tax calculator; e-filing begins this week

The calculator works once a filer correctly feeds his basic details and information, as notified for the current assessment year by the government

I-T department had 5.17 crore assessees in FY'15: Govt

The number of assessees rose from 4.72 crore in 2012-13

Filing tax returns on time has benefits

You can carry forward losses and revise the returns umpteen times in case of mistakes

Have you been served an I-T notice?

Notice can be served between 6 months and 6 years. For concealment of income, it can be longer