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 […]
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 […]
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 […]
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 […]
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” […]
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 […]
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 […]
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, […]
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 […]
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 […]
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 […]
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 […]
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 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 […]
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 […]
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