Tag: Income Tax

Cuttack/Bhubaneswar: The Income Tax officials are interrogating two traders and their car driver, who were caught carrying Rs 30 lakh cash in Rs 2,000, Rs 100 currency notes at Manguli toll gate near Tangi in Cuttack yesterday. “Tangi police informed us that they intercepted a car carrying some money. I and two of our tax […]

New Delhi: The BJP on Sunday targeted former Union Finance Minister P. Chidambaram and his family’s “undeclared assets in foreign countries”, after which the Congress hit back by saying that the BJP had no moral right to ask questions and should instead give answers on various issues. The opposition party termed the Income Tax (I-T) […]

The Income Tax Department has warned salaried taxpayers to refrain from under-reporting their income or inflate deductions and exemptions while filing tax returns, warning that wrong claims would be treated as cases of tax evasion. In a single-page advisory issued on Wednesday, the department said such attempts aided and abetted by unscrupulous intermediaries have “been […]

New Delhi: Finance Minister Arun Jaitley on Tuesday said demonetisation and the Goods and Services Tax (GST) led to higher formalisation of economy resulting in higher direct tax revenue and greater number of income tax return filings. “The impact of demonetisation and GST implementation has resulted into higher formalisation of economy. This is further substantiated […]

New Delhi: Since demonestisation in November last year, the Income Tax Department unearthed undisclosed income of Rs 7,961 crore till March this year, Parliament was informed on Monday. Minister of State for Finance Pon Radhakrishnan told the Lok Sabha in a written reply that following searches conducted on around 900 groups during this period, incomethe […]

New Delhi: In what may be a big relief to the GST taxpayers, the Central Government today extended the deadline to file returns GSTR-2 and GSTR-3 for July to November 30 and December 11 respectively. Form GSTR-2 reflects purchases made by a business whereas GSTR-3 is a combination of sales and purchases. The deadline to […]

New Delhi: Having ruled out further extension of the date for filing Goods and Services Tax Returns (GSTR), the government on Friday said the October 20 deadline to file the GSTR-3B would not be extended. It also said that real estate, a major area of tax evasion and black money generation, could soon be brought under […]

Bengaluru: Income Tax Department sleuths on Thursday searched the business and residential premises of Cafe Coffee Day retail chain founder-owner V.G. Siddhartha, son-in-law of former Karnataka Chief Minister S.M. Krishna, in Bengaluru and other places in the state for alleged tax evasion, said a senior official. “Directorate Revenue (Intelligence) officials are conducting simultaneous search and seizure […]

Bengaluru: Government on Saturday ruled out any further extension in filing of returns under GST after December and advised the taxpayers to file them in advance and not wait for the last day. “We have kept long deadlines for GST filing. For at least six months the taxpayers have to file their own assessment. There […]

Bengaluru: Income Tax (IT) sleuths on Wednesday began conducting raids at the official residence of Karnataka Power Minister D.K. Shivakumar and at a private resort near here where 44 Congress lawmakers from Gujarat are staying, said an official. “Yes, raids are underway at the Minister’s house and the resort. Our teams have gone to search […]

New Delhi: The central government said on Friday that in its attempt to curb domestic black money it has unearthed over Rs 1.37 lakh crore worth of tax evasion in 23,064 searches carried out in the last three years. “The period has witnessed unprecedented enforcement actions in direct and indirect taxes. While 23,064 searches/surveys have […]

  New Delhi: The GST Council on Friday decided to roll out a new method of filing monthly returns in six months and to take over ownership of the GST Network (GSTN), even as it deferred a decision on imposing a sugar cess and allowing an incentive for digital payments. Briefing reporters here following the 27th […]

Bhubaneswar: With rise in personal disposable income post 7th Pay Commission, the income tax exemption limit needs to be raised by Rs 50,000 to Rs 3 lakh, a SBI report said on Monday. The move will benefit around 75 lakh people, it said. The SBI’s Ecowrap report further said that if the exemption limit of […]

New Delhi: In a last minute decision, the government today extended the deadline for filing Income Tax Returns (ITRs) till August 5, a top official said today. The official twitter handle of the department said the move was made “in view of difficulties faced by taxpayers.” A senior official of the department said the decision […]

The exemption shall be allowed without any limit for the amount received from the employer, while the exemption shall be limited to Rs 10 lakh in aggregate for the amount received from any other person, a Finance Ministry statement said.