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Tag: Income Tax

Jay Panda on conspiracy and abhijit iyer row
Jay Panda refutes media report on Income Tax complaints

Bhubaneswar: Former Kendrapara MP Baijayant ‘Jay’ Panda today strongly refuted allegations of money laundering and tax evasion against him reported in a section of national media today. Some political parties see it as a vendetta politics against the former parliamentarian as he was targeted on several occasions in the past. Reacting to the report, Panda […]

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IT dept seizes 20 sacks of coins illegally transported from Kolkata to Bhubaneswar

Bhubaneswar: The Income Tax sleuths on Tuesday seized as many as 20 sacks stuffed with coins of various denominations from two buses following raids in two different places in the capital city. The coins had reportedly been transported to Bhubaneswar from Kolkata. Acting on a tip-off about the transportation of goods including food and others […]

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Changes proposed for online certificate for low I-T deduction

New Delhi: The government on Monday invited comments on proposed changes to income tax rules for rationalising the process of certificate issuance for no deduction of income-tax or deduction at lower rates, and to take it online. “In order to rationalise and make the process of issuance of certificate for no deduction of tax or […]

P-Chidambaram
BJP, Congress spar over Chidambaram's 'undeclared' assets

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) […]

New method of filing GST returns to be rolled out in 6 months

  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 […]

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IT Dept Warns Salaried Employees To Refrain From Filing Wrong Tax Returns

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 […]

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Demonetisation, GST led to formalisation of economy: Jaitley

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 […]

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Mudslinging between BJD, BJP continues over Bargarh cash seizure

Bhubaneswar: War of words between BJP and BJD is continuing unabated over the seizure of Rs 40.50 lakh in Bargarh with senior leaders of both the parties accusing each other of trying to lure voters with money power ahead of the bypoll to Bijepur Assembly constituency. “I dare Bargarh SP to hand over the case […]

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7th Pay Commission Impact: SBI to raise Income Tax limit to Rs 3 lakh

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 […]

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Rs 7,961-cr undisclosed income unearthed post note ban

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 […]

GST
Deadline to file GSTR-2, GSTR-3 extended

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 […]

File GSTR-3B return before Diwali: Government

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 […]

IT raids on Cafe Coffee Day chain owner in Karnataka

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 […]

No further extension in filing returns under GST: Hasmukh Adhia

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 […]

Deadline for Aadhaar-PAN linking may not be extended

New Delhi: The Income Tax department is unlikely to extend the August 31 deadline for linking Permanent Account Number (PAN) and Aadhaar. Earlier this month, the IT department had extended the deadline till August 31, but cautioned that returns would not be processed until the ‘linkage of Aadhaar with PAN is done’. The deadline was […]

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Tax raids on Karnataka minister's house in Bengaluru

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 […]

Govt extends ITR filing deadline to August 5

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 […]

BJP team meets IT commissioner seeking probe into BJD's poll funds 

Bhubaneswar: A five-member team of Odisha BJP today moved the Income Tax Commissioner seeking a thorough inquiry into the alleged discrepancies in the data of ruling BJD’s election expenditure. “Crores of rupees from in and outside the State have come to BJD account from unknown sources. The money mostly came from chit fund companies. We […]

tax evasion
Tax evasion worth over Rs 1.37 lakh cr detected

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 […]

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Probe on into ‘black money’ of mafia, godmen in Odisha: Pasayat

Bhubaneswar: The vice-chairman of Special Investigation Team (SIT) on black money justice Arijit Pasayat on Thursday said that investigations into the alleged black money and benami properties of self-styled godmen in Odisha have been effective so far and it will be continued in the days to come. “We have reports that the probe by police […]

Sarat Chandra Panda DFO
Khariar DFO Sarat Chandra arrested in DA case

Khariar/Bhubaneswar: Khariar DFO Sarat Chandra Panda was arrested by the State Vigilance on Sunday evening on charges of amassing disproportionate asset. Properties worth Rs 5 crore have been traced in the name of Sarat and family members. Besides, from Sarat’s Khariar office, new currency notes worth Rs 6 lakh were seized by the Income tax […]

Sarat Chandra Panda DFO
I-T raid on DFO's house, office continues on second day

Bhubaneswar: Income Tax (IT) officials continued their raid at the house and office of Khariar Divisional Forest Officer (DFO) Sarat Chandra Panda on the second day today. Panda is booked under charges of tax evasion. The house of Panda at Gouri Nagar in Bhubaneswar and another house at Anantapur under Soro block in Balasore district […]

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IT dept raids Yazdani International, Sirajuddin

Bhubaneswar: Income Tax department officials on Wednesday conducted raids on Yazdani International. According to reports, the IT department also raided Sirajuddin company as well in connection with the same. The IT officials raided the Sirajuddin company’s Joda office, mines area in Balada, Bhubaneswar office, residence of company owner, Kolkata office and office of Tribeni Earth […]

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Rs 30 lakh seized at Manguli toll gate, IT sleuths start probe

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 […]

14 years on, IT officer gets jail for graft

Mumbai: Fourteen years after he was caught over corruption charges, a former income tax commissioner was sentenced to three years in jail while his wife was jailed for two years. Special CBI Judge R.N. Joshi found A.K. Purwar and his wife Chhaya Purwar guilty of various charges on Friday, an official said on today. While […]