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Tag: Income Tax Department

Income Tax Dept Urges Taxpayers To File ITR Today As Deadline Nears
Income Tax Dept Urges Taxpayers To File ITR Today As Deadline Nears

The Centre had extended the deadline for ITR filing till December 31, after finding taxpayers facing several difficulties due to the Covid-19 pandemic.

Income Tax Department Issues Guidelines For Filing Tax Returns

New Delhi: The Income Tax Department has issued a lengthy instruction manual running into hundreds of pages for filling up the tax returns for the assessment year 2020-21. The Income Tax Department has issued a detailed step by step reckoner for filing tax returns to be submitted under different heads. These instructions are guidelines to […]

Rs 1,000-Crore Money Laundering Case: IT Dept Raids Chinese Individuals, Local Contacts

New Delhi: The Income Tax Department has conducted raids against some Chinese individuals and their local associates for allegedly indulging in a money laundering racket involving Rs 1,000 crore using shell or dubious firms, the CBDT said on Tuesday. It said the “subsidiary of Chinese company and its related concerns have taken over Rs 100 […]

ITAT Allows Rs 220 Cr Exemption To Tata Education Trust

New Delhi: In a major relief for the Tata Education and Development Trust, the Income Tax Appellate Tribunal (ITAT) has ruled in its favour against the Commissioner Income Tax (CIT) appeal order wherein a demand of more than Rs 220 crore was levied by the tax department. A bench of ITA President Justice P.P. Bhatt, […]

New Form 26AS For Easier IT Return Filing, Obtaining Transaction Details

New Delhi: In a bid to prevent suppression of information by taxpayers, the income tax department will provide full details of their financial transactions such as sale and purchase of stocks, real estate transactions, payment details of credit card bills in the form of a statement in the new Form 26AS. #BREAKING New form 26AS […]

Taxpayers Asked To Verify ITRs For AYs 2015-16 To 2019-20 By September 30

New Delhi: The I-T Department on Monday gave a one-time relaxation to taxpayers who have not yet verified their e-filed tax returns for assessment years 2015-16 to 2019-20, and asked them to complete the verification process by September 30, 2020. A taxpayer filing Income Tax Returns (ITR) electronically without digital signature has to verify it […]

Over 17cr PAN cards to become inoperative if not linked with Aadhar by March 31

New Delhi: More than 17 crore PAN cards will become inoperative if not linked with the Aadhar by end of March. In a move with large scale disruption potential, the Income Tax Department has said that Permanent Account Number (PAN) will become inoperative if not linked with Aadhaar by March 31, 2020. It may be […]

Mandatory To Link PAN-Aadhaar By Dec 31: Income Tax Department

New Delhi: It is mandatory to link your permanent account number (PAN) with Aadhaar by the end of this year, the Income Tax Department said in a public message on Sunday. “Building a better tomorrow! To reap seamless benefits of income tax services, complete the vital link before 31st December, 2019,” the department said. It […]

Income Tax Recruitment 2018
IT Department Raids Share Brokers, Traders Across India

New Delhi: The Income Tax Department has said that on December 3, the department carried out search and survey operations on certain share-brokers and traders for being involved in facilitating accommodation of profit and loss through reversal trades in illiquid stock options. Raids took place in over 39 locations spread across Mumbai, Kolkata, Kanpur, Delhi, […]

Faceless e-assessment scheme for taxpayers launched

New Delhi: Dubbed as a major initiative in the direction of taxation reform, the Income-Tax Department on Monday launched a faceless e-assessment scheme to eliminate interface between an assessing officer and a taxpayer. To begin with, 58,322 income tax cases have been selected under the National e-Assessment Center (NeAC), officially launched by Revenue Secretary Ajay […]

Ashok Lavasa
Election Commissioner Lavasa's Wife Under I-T Dept Scanner

New Delhi: Election Commissioner Ashok Lavasa’s wife Novel Singhal Lavasa has come under the scanner of the Income Tax Department on charges of alleged tax evasion, official sources said on Monday. Lavasa’s wife has been issued a notice by the department to explain certain details in her IT Returns (ITR) with regard to holding directorship […]

PAN Will Be Generated Automatically If A Taxpayer Uses Aadhaar For Filing Returns: CBDT

New Delhi: The Income Tax Department will automatically issue PAN to a taxpayer using Aadhaar number for filing returns as part of a new arrangement to link the two databases. According to a notification issued by the CBDT on August 30, a person who furnishes Aadhaar, as they do not have PAN, “shall be deemed” […]

Income tax return file: Step by step procedure you must know

It is high time that you must now how to file income tax return (ITR). Persons having salary as the source of income must declare their source of income. Though the Centre has extended deadline for filing of ITR till August 31, salaried individuals should know what are the documents required for the process. Instead […]

Breaking! Deadline to file Income Tax Returns extended; Here's latest updates

Bhubaneswar: The Central Board of Direct Taxes (CBDT) today extended the ‘due date’ for filing of Income Tax Returns (ITR). As per the latest announcement, the deadline of filing ITR has been extended from July 31, 2019 to August 31, 2019 in respect of certain categories of taxpayers who were liable to file their Returns […]

Case of money laundering registered against Raghav Bahl: Enforcement Directorate

New Delhi: The Enforcement Directorate on Friday said it has registered a case of money laundering against media personality Raghav Bahl on the basis of the Income Tax Department reports. Last month, Bahl had issued a statement, admitting his correspondence with the investigating authorities while vehemently refuting any intent for financial misconduct. “The agency has […]

income tax
Tax Evasion: IT dept’s ‘Project Insight’ will track social network profiles of people

New Delhi: Tax evasion is likely to get more difficult if not impossible with the entry of Big Data Analytics into the Income Tax (I-T) Department’s realm of tools to check tax evasion starting April 1. The Rs 1,000 crore programme named “Project Insight” would track social networking profiles of people and keep a tab […]

Aadhaar-PAN linking: Problems if fail to link Aadhaar with PAN by March 31

If you have not linked Aadhaar card with Permanent Account Number (PAN) card yet, then you are left with only two days to do so. As per the Income Tax department, the deadline for linking of Aadhaar and PAN card is March 31, 2019. Earlier, the I-T department has set the deadline of June 30, […]

Odisha Elections 2019: Income Tax dept & Police gear up to ensure free & fair polls

Bhubaneswar/Cuttack: With the model code of conduct coming into effect after the announcement of the 2019 general poll dates, the Odisha Income Tax (IT) department and the State Police have geared up to ensure free and fair elections across the State beginning April 11. The IT department has set up a 24X7 functional control room […]

Link your PAN with bank for refunds: I-T to taxpayers

New Delhi: The Income Tax Department will “only” issue refunds via the e-mode into bank accounts of taxpayers beginning next month and they should link PAN with their accounts, the taxman said in its latest public communication. The department said refunds will be sent to bank accounts as it will issue “only e-refunds from March 1, […]

Income Tax dept targets collection worth Rs 12,151 crore in Odisha

Bhubaneswar: The Income Tax Department has estimated a collection of Rs 12,151 crore in Odisha during the current financial year. Nearly, 48.4 per cent amounting to Rs 5,880 crore has already been collected, informed Commissioner of Income Tax Department Asit Mohapatra. According to sources, this financial year as many as 10, 27, 796 people will […]

105 lawmakers have assets more than their known source of income, SC told

New Delhi: The Income Tax department on Monday informed the Supreme Court that there are 105 lawmakers in whose case the verification of declaration of assets have revealed discrepancies in their assets and their known sources of income. These lawmakers include seven Lok Sabha members and 98 members of state assemblies and their names came […]

Over 9.3 crore PANs linked with Aadhaar

New Delhi: More than 9.3 crore Permanent Account Numbers (PAN) have been linked with Aadhaar, a senior Income Tax Department officer said. Of the total PAN-Aadhaar seeding, which is nearly 30 per cent of the total about 30 crore PAN holders, about three crore linkages were done in June and July. “By August 5, which […]

Fire breaks out in Lok Nayak Bhawan

New Delhi: A major fire broke out on Monday in a government building, housing offices including of the Enforcement Directorate and Income Tax Department among others, officials said. No injuries were reported. The fire was reported on the fourth floor of the Lok Nayak Bhawan in the upscale Khan Market area around 4 p.m, officials […]

Central Board of Direct Taxes
CBDT committee to review 'naming, shaming' of tax defaulters

New Delhi: The CBDT is mulling expanding the scope of its policy of “naming and shaming” of tax defaulters by sharing such data with banks and credit-rating agencies. The Board, which decides policy matters for the Income Tax Department, has ordered creation of a special committee to analyse the subject and review the existing mechanism […]

Lalu Prasad Yadav
Lalu's benami property case: IT raids 22 locations

New Delhi/Patna: The Income Tax Department on Tuesday conducted raids at 22 places in and around Delhi in connection with RJD chief Lalu Prasad Yadav and his family in an alleged “benami” property case. This comes a day after Bihar Chief Minister Nitish Kumar stated that if there was documentary proof or solid evidence against […]