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  • IT Dept detects Rs 200-crore black income after raids on Kolkata group Nov 19, 2021 04:05 PM IST

    IT Dept detects Rs 200-crore black income after raids on Kolkata group

    The searches were carried out at twenty-four premises in Kolkata, Assam, Meghalaya and Delhi on November 16, CBDT said.

  • Taxpayers can now access new I-T annual info statement on e-filing portal Nov 14, 2021 03:35 PM IST

    Taxpayers can now access new I-T annual info statement on e-filing portal

    The I-T department had last month expanded the list of high-value financial transactions, which would be available to taxpayers in their Form 26AS by including details of mutual fund (MF) purchases, foreign remittances, as well as information in ITRs of other taxpayers.

  • IT department freezes Rs 53-crore deposits of Maharashtra-based urban cooperative bank Nov 06, 2021 12:34 PM IST

    IT department freezes Rs 53-crore deposits of Maharashtra-based urban cooperative bank

    The department raided the headquarters of the bank and the residence of its chairman and a director on October 27, CBDT said.

  • Tax refunds worth Rs 1.02 lakh crore issued to 77.92 lakh taxpayers by CBDT Oct 27, 2021 07:33 PM IST

    Tax refunds worth Rs 1.02 lakh crore issued to 77.92 lakh taxpayers by CBDT

    The amount includes a tax refund of Rs 6657.40 crore to over 46 lakh taxpayers, pertaining to assessment year 2021-22, the Income Tax department said.

  • Rickshaw puller approaches cops after receiving IT notice asking him to pay over Rs 3 crore Oct 25, 2021 05:37 PM IST

    Rickshaw puller approaches cops after receiving IT notice asking him to pay over Rs 3 crore

    Pratap Singh, a resident of Amar Colony in the Bakalpur area, submitted a complaint at the Highway police station, claiming fraud, after he received the notice from the IT department.

  • Income Tax Department raids on digital marketing, waste management biz groups across states Oct 17, 2021 03:53 PM IST

    Income Tax Department raids on digital marketing, waste management biz groups across states

    The IT dept's first group -- engaged in digital marketing and campaign management -- carried search operations at 7 premises located in Bengaluru, Surat, Chandigarh, and Mohali. While the second group was engaged in solid waste management which looked into comprising solid waste collection, transportation, processing and disposal services, primarily catering to Indian municipalities.

  • Over 2 crore ITRs filed on new portal, CBDT urges taxpayers to file FY21 returns quickly Oct 14, 2021 06:19 PM IST

    Over 2 crore ITRs filed on new portal, CBDT urges taxpayers to file FY21 returns quickly

    Asking taxpayers to file their income tax returns (ITRs) for fiscal 2020-21 (April 2020-March 2021) at the earliest, the Central Board of Direct Taxes (CBDT) said all ITRs have been made available for e-filing.

  • I-T Department detects Rs 750-crore undisclosed income after raids on Bengaluru contractors Oct 12, 2021 06:34 PM IST

    I-T Department detects Rs 750-crore undisclosed income after raids on Bengaluru contractors

    'Investigation found that one of the groups has booked bogus sub-contract expenses in the name of about 40 individuals of no means and unconnected to the construction business,' the Central Board of Direct Taxes, the policy-making body for the tax department, said in a statement.

  • I-T department detects Rs 250 crore black money after raiding 2 business groups in Tamil Nadu Oct 10, 2021 01:15 PM IST

    I-T department detects Rs 250 crore black money after raiding 2 business groups in Tamil Nadu

    The CBDT said the group engaged in the business of chit fund was running an unauthorised business and all the investments and payouts of more than Rs 400 crore in the last few years were done entirely in cash.

  • Evidence of Rs 1,000 crore money laundering in Maharashtra, says Devendra Fadnavis citing IT press note Oct 09, 2021 09:53 PM IST

    Evidence of Rs 1,000 crore money laundering in Maharashtra, says Devendra Fadnavis citing IT press note

    Queried on the IT raids on firms linked to the kin of Maharashtra Deputy Chief Minister Ajit Pawar and some real estate companies in Pune on Thursday, Fadnavis said the action was not against any one family but against directors of sugar factories.

  • I-T Department unearthed huge no of black assets, overseas accounts after recent raids: CBDT Oct 04, 2021 07:14 PM IST

    I-T Department unearthed huge no of black assets, overseas accounts after recent raids: CBDT

    Several incriminating documents, loose sheets, diaries, emails and other digital evidence have been unearthed which indicates ownership of a large number of foreign bank accounts and immovable properties, unreported to the department, it said in a statement.

  • IT dept detects Rs 500-crore unaccounted transactions after raids on Gujarat realty group Oct 02, 2021 02:31 PM IST

    IT dept detects Rs 500-crore unaccounted transactions after raids on Gujarat realty group

    "Documents reveal unaccounted income of more than Rs 200 crore in the hands of the real estate group and also unaccounted income of more than Rs 200 crore in the hands of the parties recorded in the documents found from the possession of the brokers."

  • Grasim Industries gets Rs 8,334 crore income tax demand Oct 01, 2021 10:58 PM IST

    Grasim Industries gets Rs 8,334 crore income tax demand

    Deputy Commissioner of Income Tax (DCIT) has raised a demand for the assessment year 2018-19, Grasim Industries said in a regulatory filing.

  • I-T department notifies FY21 'safe harbour' rates for foreign companies Sep 25, 2021 06:27 PM IST

    I-T department notifies FY21 'safe harbour' rates for foreign companies

    Transfer pricing implies the prices at which various overseas divisions of a company transact with each other.

  • Sonu Sood's house in Mumbai 'surveyed' by Income Tax Department Sep 15, 2021 04:41 PM IST

    Sonu Sood's house in Mumbai 'surveyed' by Income Tax Department

    The IT department officials were conducting the survey at his residence since the morning.

  • I-T refunds worth Rs 70,120 crore issued until September 6: CBDT Sep 12, 2021 03:51 PM IST

    I-T refunds worth Rs 70,120 crore issued until September 6: CBDT

    Personal income tax refunds of Rs 16,753 crore have been issued in over 24.70 lakh cases and corporate tax refund of Rs 53,367 crore have been issued in 1.38 lakh cases.

  • Income tax refunds worth over Rs 67,400 crore issued in 5 months of this fiscal Sep 04, 2021 05:30 PM IST

    Income tax refunds worth over Rs 67,400 crore issued in 5 months of this fiscal

    'CBDT issues refunds of over Rs 67,401 crore to more than 23.99 lakh taxpayers between 1st April, 2021 to 30th August, 2021,' the I-T department tweeted.

  • I-T Department conducts searches in Maharashtra, Goa Aug 28, 2021 04:03 PM IST

    I-T Department conducts searches in Maharashtra, Goa

    The group is a prominent steel manufacturer and trader of Pune, Nashik, Ahmednagar and Goa, the ministry statement said.

  • Income Tax dept issues I-T refund worth Rs 47,318 crore: CBDT Aug 14, 2021 03:17 PM IST

    Income Tax dept issues I-T refund worth Rs 47,318 crore: CBDT

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

  • Simply Save | Filing income tax returns ahead of September 30 deadline? Wait for glitches to be resolved Aug 03, 2021 07:40 PM IST

    Simply Save | Filing income tax returns ahead of September 30 deadline? Wait for glitches to be resolved

    Tax-payers filing returns in August complain of erroneous late-filing penalty demand on the newly-minted, glitch-ridden income tax portal

  • Income Tax Department detects Rs 880-crore hidden income after survey of Bengaluru company Jul 13, 2021 09:30 PM IST

    Income Tax Department detects Rs 880-crore hidden income after survey of Bengaluru company

    'Overall, the survey has resulted in detection of concealment of income to the tune of Rs 880 crore spread over various assessment years,' the CBDT said in a statement issued here.

  • Income Tax  department issues refunds worth Rs 37,050 crore until July 5 Jul 08, 2021 02:56 PM IST

    Income Tax department issues refunds worth Rs 37,050 crore until July 5

    Of this, personal income tax refund stood at Rs 10,408 crore, while that of corporates was Rs 26,642 crore.

  • Businesses need not deduct TDS on share/commodity purchases via exchanges: CBDT Jul 04, 2021 02:36 PM IST

    Businesses need not deduct TDS on share/commodity purchases via exchanges: CBDT

    The I-T department has introduced a provision relating to Tax Deducted at Source (TDS) from July 1, 2021, which would be applicable to businesses with turnover of over Rs 10 crore.

  • Income Tax department revokes charitable organisation tax exemption of PFI Jun 15, 2021 10:05 PM IST

    Income Tax department revokes charitable organisation tax exemption of PFI

    The department has taken away the tag of the PFI being a charitable institution as defined under section 12A read with section 12AA of the Income Tax Act and also under section 80G under the same law.

  • How to close HUF with Income Tax department Jun 08, 2021 04:16 PM IST

    How to close HUF with Income Tax department

    The income-tax department treats HUF as a separate assessee.

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