Page 3 - It Dept

IT Dept finds Rs 450 cr undisclosed income during search across four cities

IT SEZ developer, ex-director of the company and a stainless-steel supplier are on the radar

IT dept unearths undisclosed transactions worth Rs 105 cr of Srinagar group

The searches were conducted at 15 residential and business premises, out of which 14 were in Srinagar and one in Delhi

I-T survey to be conducted only after approval of senior officers: CBDT

The income tax department on Friday issued new guidelines to restrict intrusive or coercive action for recovery of tax demand by Assessing Officer (AO)/Tax Recovery Officer

IT Dept issues guidelines for applicability of TCS provision from Oct 1

The CBDT said the new introduced TCS provisions would not apply to transactions in securities and commodities which are traded through recognized stock exchanges

Faceless income tax assessment starts today: Here is all you need to know

Faceless assessment enables an assessing officer, who is physically located in a particular jurisdiction, to assess a Bill of Entry pertaining to imports made at a different Customs station

Govt extends deadline for filing income tax returns for FY19 till Sept 30

This is the third extension given by the government for taxpayers to file both original and revised tax returns for 2018-19 financial year

Top 1.5% account for 19% of total earnings: Tax returns data show disparity

This is a rise from 17 per cent in 2015-16 and highlights an increase in inequality

I-T dept unearths Rs 3,300-crore hawala racket involving infra firms

The Board, the policy-making body for the I-T department, however, did not identify the entities raided

I-T department seeks Rs 1-trillion cut in direct tax mop-up target

The reduced growth is largely because of consumption slowdown and tax rate cuts

How recent snooping incident may affect the launch of WhatsApp Pay

An Israeli spyware was used to snoop of some 1,400 people globally, including 121 Indian citizens. Listen to the podcast to know how this incident might affect the launch of WhatsApp's payment service

I-T attaches Rs 150-cr worth 'benami' hotel of Kuldeep Bishnoi, brother

They said the Delhi benami prohibition unit of the department has issued an order for attachment of the hotel property

SC seeks response from Chidambaram's wife, son Karti on I-T dept plea

A bench headed by the Chief Justice, while issuing notices to the two, made clear it will not stay the Madras High Court's 2018 order quashing criminal prosecution against the Chidambarams.

IT dept withdraws circular on share transfer for 'inadequate consideration'

CBDT had on December 31 issued a circular clarifying applicability of section 56(2)(viia) of the Income-Tax Act for "issue of shares by a company in which public are not substantially interested

IT dept 'writes off' huge arrears of corporate defaulters: RTI data

Despite the fact that the ITD is sitting on a pile of Rs 500 billion of tax arrears all over India, according to the available figures

Caution, TDS deductors! Missing May 31 statement deadline can invite a fine

TDS is to be deducted by the deductor (employer) from the salary of the employee and has to be filed every quarter or in three months time with the tax department

IT dept to share vital data with MCA to nail down shell companies

MCA cancelled registrations of over 1.62 lakh firms for non-filing of financial statements

Rs 1,000 cr of hawala entry unearthed in Haryana: IT dept

Over Rs 1,000 cr were allegedly found to be laundered through banking channel