I T Department

I-T Department issues final notice to Shree Cement after tax liability probe of Rs 4,000 crore

The income tax department has claimed a demand of Rs 4,000 crore against cement manufacturer Shree Cement for tax evasion.

I-T dept attaches assets worth Rs 150 crore after raids in 'benami' case against SP leader Abu Azmi

The Lucknow-based benami assets investigation unit of the department had launched searches in Varanasi and some parts of Maharashtra early this week as part of this investigation.

Over 30.75 lakh audit reports filed for AY24 till September 30

This includes about 29.5 lakh tax audit reports filed for AY24, besides other audit reports in Forms 29B, 29C, 10CCB, etc, ensuring timely compliance.

I-T raids against SP leader Azam Khan, aides enter 3rd day, Rs 800 crore tax evasion suspected

The scope of investigation by the I-T department intensified with sleuths reaching the Public Works Department and district panchayat office besides Muhammad Ali Jauhar University headed by Khan, the officials said.

CBDT notifies rules for valuing rent-free accommodation perquisite provided by employers

The Central Board of Direct Taxes (CBDT) on August 18 notified amendments to the Income Tax Rules for valuing perquisites of rent-free or concessional accommodation by employers to employees. The rules will come into effect from September 1.

I-T department to hire 50 young law, accountancy graduates for better litigation at ITATs

The candidates, not exceeding 35 years of age, will be hired at a monthly remuneration of Rs 40,000 at various field offices of the department as part of a recently notified 'young professional scheme, 2023'.

Functionality for filing SFT returns for FY'23 to remain open for 'couple of days more': I-T department

The last date for filing statement of financial transactions (SFT) for 2022-23 fiscal was May 31.

I-T department notifies Cost Inflation Index for current fiscal

The Cost Inflation Index (CII) is used by taxpayers to compute gains arising out of sale of capital assets after adjusting inflation.

I-T department survey on BBC India continues for second day

The tax department had launched the action on Tuesday at the BBC's Delhi and Mumbai offices along with at least two linked premises as part of an investigation into alleged tax evasion against the British broadcaster in India.

I-T dept to come out with modified valuation norms for taxing foreign investments in unlisted companies

The Finance Bill, 2023 has proposed amending Section 56(2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held companies, excepting DPIIT-recognised startups, under the tax net.

PAN not linked with Aadhaar by end of March 2023 to be rendered inoperative: I-T Department

"What is mandatory, is necessary. Don't delay, link it today!" the department said in a public advisory.

I-T department conducts pan-India raids against unrecognised political parties, linked funding

The searches are being conducted in Gujarat, Delhi, Uttar Pradesh, Maharashtra, Haryana and some other states, they said.

I-T department going into new areas to check tax evasion: CBDT chairman

The Central Board of Direct Taxes, the administrative body for the tax department, undertakes search and seizure operations to check instances of tax evasion apart from performing its regular task of collecting revenue for the government under the direct taxes category.

I-T department issues FAQs on ITR filing

I-T Department said that a taxpayer should check his book of records and provide information in the I-T return as per the information available to him.

I-T department raid of Hero MotoCorp part of routine inquiry, says company

Officials from the Income Tax Department visited two of our offices in Delhi and Gurugram and the residence of Hero MotoCorp Chairman & CEO Dr Pawan Munjal on Wednesday

I-T department conducts searches at Hiranandani group

"The group has already clarified that the offshore trust/assets held by the family abroad is fully bonafide and compliant with all laws," a Hiranandani Group spokesperson said.

I-T sleuths seize Rs 2.5 crore in cash, Rs 1-crore jewellery from real estate group

The search covered more than 20 premises in Gujarat, Silvassa and Mumbai, and the group’s unaccounted income is likely to be more than Rs 100 crore

I-T department asks taxmen to accept applications till September 30 for settlement before Interim Board

The 2021-22 Budget, through the Finance Act, amended the provisions of the Income-Tax Act, 1961 to provide that the Income-tax Settlement Commission (ITSC) shall cease to operate from February 1, 2021.

I-T department conducts raids against ex-Maharashtra minister Anil Deshmukh

The raids are being carried out in Mumbai and Nagpur (Maharashtra) as well as Jaipur in Rajasthan, they said.

I-T department surveying L&T, Zee Group

The Income Tax Department initiated the survey of Larsen & Toubro and Zee Group after receiving information from the GST department.

I-T Appellate Tribunal to hear Tata Trust tax demand case on July 6: Report

The I-T Department is asking for a 20 percent payment of the Rs 100 crore tax demand from Tata Trust, even if ITAT grants a stay

I-T dept amends tax challan to include non-resident e-commerce suppliers for equalisation levy

Over two dozen non-resident tech companies would come under the purview of the equalisation levy which was introduced in Budget 2020-21 and has come into effect from April 1, 2020. Its first installment is due on July 7.

I-T dept sends e-mails to 1.72 lakh assessees over outstanding tax dues

Since April 8, the Central Board of Direct Taxes (CBDT) has been fast-tracking refund payments to help taxpayers in the COVID-19 pandemic situation and has till date issued nearly 14 lakh refunds involving an amount of over Rs 9,000 crore to various taxpayers including individuals, Hindu Undivided Families (HUFs), proprietors, firms, corporate, start-ups, and micro, small and medium enterprises (MSMEs).

Income tax dept conducts search ops on stock brokers, traders across country

Over 39 locations spread across Mumbai, Kolkata, Kanpur, Delhi, Noida, Gurugram, Hyderabad and Ghaziabad were covered under the operation, the department said in a statement on December 7.