Page 2 - It Dept

Pay penalty for failing to keep books of accounts, say analysts

Experts say it has now become a standard practice to pay a fine instead of maintaining books of accounts and other documents.

I-T dept issues refunds of over Rs 1.93 trillion so far in FY22

This includes 1.85 crore refunds of 2020-21, AY2021-22, amounting to Rs 38,447.27 crore

I-T dept offices to open on all Saturdays in March after FM's rap

Currently, Saturdays and Sundays are off days for I-T department employees

'Allowing ITR updation for 2 yrs by paying extra tax not an amnesty scheme'

The two-year window provided to taxpayers to disclose omitted income and correct mistakes made in income tax returns, is not an amnesty scheme, Revenue Secretary Tarun Bajaj said on Wednesday

What are direct and indirect taxes?

There are two types of taxes which the government collects -- direct and indirect taxes. Get clarity on them ahead of the Union Budget for 2022-23, which may keep modest targets for tax collections

Over 46.7 mn ITRs filed for FY21 so far, 1.54 mn alone in single day

The last date for filing ITRs for 2020-21 fiscal ended March 31, 2021, by individual taxpayers is December 31

Over 40 mn income tax returns e-filed for FY21 so far, says I-T dept

More than 4 crore ITRs for the last fiscal have been efiled, with around 8.7 lakh returns being filed on December 21 alone, the I-T department said on Wednesday. With December 31 being the last date for filing FY'21 income tax returns (ITRs) for individual taxpayers, there has been surge in e-filing and 46.77 lakh returns were filed in the last seven days. "Over 4 crore Income Tax Returns filed! 46.77 lakh #ITRs filed in last 7 days & over 8.7 lakh #ITRs filed on 21st December, 2021," the I-T department tweeted. The department has been reminding taxpayers to file their returns for fiscal year 2020-21 (ended March 31,2021) by sending SMS and emails to those who have not filed yet. The last date of filing ITR has been extended till December 31, from July 31.

I-T dept finds bogus spends of crores after raids linked to Samajwadi Party

In the case of one company, it said, undisclosed income of over Rs 86 crore of its directors was detected

IT dept finds Rs 500 cr black income after raids on Jaipur jewellery group

Around fifty premises were searched by the department during the raids launched on November 23

IT dept claims multi-crore tax evasion after raids on Gujarat diamond group

The CBDT Saturday said the Income Tax Department has detected tax evasion worth crores of rupees in raids on a leading diamond manufacturer and exporter of Gujarat.

I-T department conducts searches on 20 premises of 7 developers in Mumbai

Sources said the exercise was a part of 'search operation, while some were covered under survey action'

IT dept alleges Sonu Sood, associates evaded Rs 20 cr tax, violated FCRA

It also accused Sood of violating the Foreign Contribution Regulation Act (FCRA) while raising donations from abroad.

IT dept officials at premises linked to actor Sonu Sood in Mumbai

Income Tax Department officials descended on the premises linked to actor Sonu Sood in Mumbai and some other places on Wednesday in connection with an alleged tax evasion probe, official sources.

I-T dept 'surveys' online news portals in tax case, say officials

The Income Tax department on Friday conducted separate "survey operations" at the premises of online news portals Newsclick and Newslaundry here, officials said.

I-T Dept to refund late fee paid while filing FY21 ITR due to s/w error

The last date for filing ITR for last financial year has been extended till September 30, 2021, from July 31 to give taxpayers compliance relief during the pandemic.

I-T dept issues Rs 37,050 cr refunds to 1.7 mn taxpayers from Apr 1-Jul 5

The income tax department has issued refunds worth Rs 37,050 crore to more than 17.92 lakh taxpayers between April 1 to July 5. Of this, personal income tax refund stood at Rs 10,408 crore, while that of corporates was Rs 26,642 crore. "CBDT issues refunds of over Rs 37,050 crore to more than 17.92 lakh taxpayers between 1st April 2021 to 05th July 2021. Income tax refunds of Rs 10,408 crore have been issued in 16,89,063 cases & corporate tax refunds of Rs 26,642 crore have been issued in 1,03,088 cases," the I-T department tweeted.

I-T Dept allows manual filing of tax forms for foreign remittance

The I-T department also advised authorised dealers to accept such forms till June 30, 2021 for the purpose of foreign remittances.

Govt examining industry demands; breather on tax compliance deadline likely

Proposals for a 3-month extension of compliance timeline being considered

I-T refunds worth over Rs 1.95 trillion issued so far this fiscal

Refunds have been issued to over 19.3 million taxpayers so far this fiscal

IT detects Rs 1,400 cr undisclosed transaction after raids in Jaipur

The search and survey operation was carried out on January 21 at a total of 31 premises of these entities