Tag: Income Tax

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 […]

Washington: The International Monetary Fund on Friday supported India’s recent decision to reduce corporate income tax, saying it has a positive impact on investment. It, however, said India should address continued fiscal consolidation and secure long-term stability of the fiscal conditions. “We believe India still has limited fiscal space so they have to be careful. […]

New Delhi: In a massive search operation in Delhi, the Income Tax (I-T) department has unearthed hawala and other accommodation entries of more than Rs 1,000 crore. The tax department has also found links to money laundering involving the business group engaged in e-governance projects and financial services. “The search and seizure action has led […]

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, […]

Mumbai: Similar to expectations ahead of the Union Budget, Dalal Street has its eyes on a possible relaxation in taxes such as long-term capital gains tax (LTCG) and Dividend distribution tax (DDT) on February 1. The LTCG tax is applicable on profits arising from the sale of equity, mutual funds or gold held for a […]

New Delhi: The Income Tax Department on Saturday announced extension of the last date for filing Income Tax returns (ITR returns). In view of the challenges faced by the taxpayers amid the Coronavirus pandemic, the Income Tax Department’s announced that all Income Tax Returns can now be filed latest by November 30, 2020. “Understanding & […]

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 York: US President Donald Trump or his company paid $145,400 in taxes to India and received $2.3 million from projects there, according to The New York Times. The newspaper said the taxes were paid by him or his companies in 2017 and the $2.3 million in income came during Trump’s first two years in […]

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 […]

New Delhi: The government proposes to match GST data mentioned in Form 26AS with the turnover numbers provided while filing income tax returns. The move is aimed at identifying unscrupulous persons who try to avail or pass on input tax credit fraudulently by generating fake invoices. In such cases, the revenue department had found that […]

Bhubaneswar: The Income Tax department has warned tax payers of fake links which promises to give refunds. In a tweet, the Income Tax department has said that such links are phishing messages and not sent by the department. The IT department has further asked the tax payers/ users to be extra vigilant while coming across […]

Bhubaneswar: Finance Minister Nirmala Sitharaman on Monday presented the Union Budget for the coming financial year and promised a slew of measures to revive the economy which took a beating due to the COVID-19 induced lockdown last year. People across the nation heard in bated breath Sitharaman’s speech as they eagerly waited for announcements which […]