-
This extension will provide more time due to significant revisions in ITR forms, system development needs, and TDS credit reflections, says CBDT
-
Several brokers were served IT notices suspected of misusing trading terminals and masking third-party trades as loan entries
-
The Indian units of MNCs typically pay their foreign parents 1-2% of outstanding debt as a fee for such guarantees. The foreign parent companies have been considering this payment as interest and arguing that it should be taxed at a lower rate.
-
The government has brought the new Bill in order to change the decades-old I-T Act of 1961 with an aim to make the bulky direct tax law simpler and easier for the taxpayers.
-
'Sense of fear should not be there in assessees, so notices sent should be simple and straightforward,' Sitharaman urges CBDT
-
Minister of State for Finance Pankaj Chaudhary said BCCI, which is the apex body for the promotion of cricket in India, is an autonomous body registered under the Tamil Nadu Societies Registration Act, 1975
-
He takes over from Nitin Gupta, a 1986-batch Indian Revenue Service officer, whose extended tenure as the chairman ends on June 30
-
It is popularly used to calculate 'indexed cost of acquisition', while calculating capital gains at the time of sale of any capital asset
-
The Income Tax Department has now rolled out a new functionality in AIS to display the status of the information confirmation process.
-
Amid opposition concerns about their impact on fair elections, former Election Commission officials are of the view that the poll body is empowered to intervene if the actions of ED and income tax department substantially disrupt the level playing field.
-
BOI has stated that it is currently in the process of lodging an appeal with the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC) against the order.
-
The court reserved its order on the pleas filed by the Congress party and is likely to pronounce it in the next couple of days.
-
During the course of the hearing, the bench led by Justice Yashwant Varma observed that the court is inclined to send the case back to ITAT to reconsider whether a stay could be granted subject to deposit of 20 percent of the disputed amount.
-
On March 8, the court dismissed Congress' plea seeking a stay on IT lien on its bank accounts. The party had sought an urgent hearing of the appeal against ITAT order at the Delhi High Court on March 11
-
The cement-maker said it received a notice from the taxation body last month, asking it to "sum-up and summarise its response on the inquiry being made" by the I-T department.
-
In December 2023, a division bench of the Madras High Court granted an interim stay against the Income Tax department's demand from Cognizant. In lieu of the stay, the court had asked the company to deposit of Rs. 1,500 crore in addition to giving property security for the balance tax liability with interest and penalty.
-
The total number of audit reports and other forms filed during AY2023-24 stood at 1.60 crore against 1.43 crore in the preceding assessment year
-
Besides these, more vehicles have also been requisitioned by the department to transport the seized cash to government banks in the state.
-
The Income Tax department recovered over Rs 225 crore cash during a series of raids on an Odisha-based distillery group on charges of tax evasion.
-
The income-tax department was directed to refund Rs 1,128 crore paid by Vodafone Idea in taxes during 2016-2017
-
To recover the dues, the I-T department is in the process of issuing tax demand notices to these entities. Additionally, the total amount owed may escalate with the imposition of interest and penalties in due course.
-
The company added that this action has has no impact on the operations of the company.
-
The APA programme of CBDT is one of its foremost initiatives for promoting an investor-friendly and non-adversarial tax regime in India.
-
On a gross basis, direct tax collection grew 15.73 per cent to Rs 6.53 lakh crore till August 10 in the current fiscal.
-
The inoperative PANs, however, will lead to higher deduction of TDS and higher levy of TCS, the taxation body said, adding that pending refunds and interest on ITRs will not be issued.
