Tax Department

Past attempts to widen Pakistan’s tax net have largely fizzled. But officials argue that the new focus on social media gives them stronger leads and a faster way to flag undeclared wealth.

Exxaro Tiles cracks 1% as taxman comes knocking to check GST violation

There was no seizure of any articles or documents during the search operation, the company said.

Tax department reduces time for taxmen to decide on refund adjustment

The time limit of 30 days made available to the assessing officers stands reduced to 21 days, the Directorate of Income Tax (Systems) said.

Government may seek more disclosures from taxpayers starting new financial year

Sources privy to the developments told CNBC-TV18 that the tax department could make it mandatory to "share details of foreign remittance received by NRI from India and its bifurcation into taxable and non-taxable income."

CBDT warns officers against political intervention in transfer postings

The Central Board of Direct Taxes (CBDT) has warned Indian Revenue Service (IRS) officers not to use political or other outside influence for transfer postings

Faceless tax assessment: A good step towards transparency, but implementation holds the key

Artificial Intelligence and data analytics based systems will be used to identify the tax-payers for sending assessment notices

Tax department asks officers working from home to chase large taxpayers for dues

Rakesh Gupta, Commissioner of Income Tax (Coordination & Systems), Central Board of Direct Tax (CBDT), last week asked field formations to submit a daily report on follow-ups on pending tax collections from large taxpayers.

Govt gains over Rs 30,000cr under Sabka Vishwas, extends scheme to recover Rs 2.9 lakh crore pending dues

The disputed amount for 1.83 lakh cases was Rs 3.6 lakh crore in September 2019, thus the amount involved in still-unresolved disputes is a staggering Rs 2.9 lakh crore.

Received a tax notice related to capital gains? Here is how you should respond

Taxpayers must respond online to the notice received and check the status constantly

Tax department seeks 18% GST levy on CEO, CXO salaries: Report

As per the CGST Act, any supply of goods or services or both between different GST registrations having the same PAN (distinct persons) shall be treated as "supply" and shall attract GST.

Working with tax department, regulators to ease rules for startups: DIPP Secy

The secretary also said that to increase availability of funds for startups, the department has asked Small Industries Development Bank of India (SIDBI) to commit Rs 3,300 crore by March next year.

Flipkart deal: Tax department will act once Walmart obtains regulatory nod

The department is currently studying the details received from the company, the official said, adding that they can issue notices seeking details of taxes withheld once the transactions are completed.

Aadhaar, PAN mandatory for customs broker licence: Tax department

According to the Customs Brokers Licensing Regulations, 2018, notified by the Central Board of Excise and Customs (CBEC) recently, an applicant seeking to get a licence for customs broker should hold Aadhaar as well as PAN card.

Reach out to non-filers of GST returns: CBEC to fields offices

The Central Board of Excise and Customs (CBEC) has shared the zone-wise data of businesses under the Goods and Services Tax (GST) with regional commissioners to handhold them in case they are facing difficulty while filing returns under the new indirect tax regime.

Banks get time till June 30 to obtain PAN from a/c holders

Though the deadline for getting the PAN or Form 60 (if PAN is not available) by banks ended on February 28, the tax department on April 5 notified the extension of the time till June 30.

Did an online fund transfer of over Rs 2.5 lakh? You may face tax enquiry

Online fund transfers worth over Rs 2.5 lakh will now be under the tax department’s scanner.

9.29L didn't respond to I-T queries, action will be taken: FM

Action will "definitely" be taken against 9.29 lakh entities who have not responded to the I-T department's queries over cash deposited by them which did not match their income profile, the government asserted today.

I-T to go easy on up to Rs 5 lakh deposits by 70-plus people

The official also said that these verifications are being sought to be done online and any person of up to 70 years of age, who has deposited more than Rs 2.5 lakh in cash, has to go to I-T department website and explain the source of deposit.

Domestic, multinational firms owe Rs 6.9-lakh crore to I-T dept

News from the north block, the latest data from the finance ministry shows that domestic and multinational companies owe a staggering Rs 6 lakh 89 thousand crore to the tax department in outstanding arrears. The tax department has already sent a missive to the companies asking them to pay up.

Bought expensive things, but not filed tax returns? Watch out

If you have refurbished your home with expensive furnishings or bought a high-end television set but not bothered to file income tax returns, then you could be under the taxmen‘s radar as part of a new move to detect “non-filers” who may have concealed assets and evaded taxes.

Tax dept signs 4 advance pricing pacts with taxpayers

The four APAs signed yesterday pertain to the manufacturing, financial and information technology sectors of the economy. The international transactions covered in these agreements include contract manufacturing, IT-enabled services and software development services, an official statement said.

Tax dept scans 1-cr accounts under 'Operation Clean Money'

In a bid to clamp down on unaccounted money funnelled into bank accounts post demonetisation, the tax department has scrutinised and matched as many as 1-crore accounts and asked 18 lakh people to explain the source of fund.

Tax dept signs 3 advance pricing pacts with taxpayers

The tax department today signed three advance pricing agreements (APAs) with taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.

I-T dept digs up Rs 2.6k cr concealed income in raids post Nov 8

The taxman has conducted hundreds of raids since November 8 and has seized concealed income of nearly Rs 2,600 crore in cash and jewellery. CNBC-TV18 first broke the story on Thursday and the tax department confirmed the details today.

CBDT warns of penal action for any drastic revision in ITR

In a bid to prevent laundering of black money, the tax department today warned of penal action against those filing "drastically" revised income tax returns by including bank deposits made post-demonetisation.