Tax officials to scrutinise mismatch between income tax and service tax returns
Business | April 08, 2019 18:32 ISTMismatches were also noticed for the financial year 2016-17, for which data is being shared with the field offices.
Mismatches were also noticed for the financial year 2016-17, for which data is being shared with the field offices.
The officer, who is responsible to supervise I-T department's tax collection work across the country, underlined the areas that are sluggish vis-a-vis direct tax collections obtained from personal, corporate and advance tax categories.
Data analysis has identified "several potential non-filers" who have carried out high value transactions in 2017-18 but have still not filed returns for AY 2018-19, CBDT said.
The notification has also made it mandatory for entities that have made financial transactions worth Rs 2.5 lakh or more in a financial year to apply for a PAN card.
The notification has also made it mandatory for entities that have made financial transactions worth Rs 2.5 lakh or more in a financial year to apply for a PAN card.
The sleuths were accompanied by police personnel during the raid at Rekha Modi's S P Verma Road house here this afternoon.
According to recent changes in penalty slab by CBDT, non-filing of ITR before the due date from this assessment year would lead to a penalty of Rs 1,000, 5,000 and Rs 10,000.
The seizure was probably the biggest so far in raid operations conducted anywhere in the country, officials said.
In reply to the tax notices, most of the people said that they did not make any cash payment, but this version does not corroborate with the data obtained by the IT Department vis-a-vis the sales made by the firms of Nirav Modi.
The charge-sheets or prosecution complaints have been filed by the department before a special court in Chennai under Section 50 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, officials said.
The Income Tax department on Wednesday announced that a dress code is being imposed upon its employees through the rollout of ‘Operation Dress Code’.
The department issued an advertisement as part of its name and shame defaulters policy in leading national dailies titled ‘List of defaulters of Income Tax and Corporate Tax’.
Running late for filing ITRs? Don't worry! Income Tax department has decided to remain open on public holidays and weekend to help people in the last minute ITR filings.
The department, earlier this week, had attached 14 bank accounts that were in various bank branches in Uttar Pradesh.
The crackdown by I-T Department comes a day after the Enforcement Directorate (ED) launched an investigation 79 shell companies owned by the Gitanjali Group chief Mehul Choksi and 41 owned by Modi in India.
Finance Minister Arun Jaitley, in his Budget speech yesterday, had said that all types of crypto currencies, including bitcoins, are illegal and the government will take all measures to eliminate their use.
The Income Tax Department has provisionally attached actor Shah Rukh Khan’s bungalow in Alibaug, terming it a benami property.
The Income Tax Department today cautioned people against indulging in illegal cash transactions including donating more than Rs 2000 to political parties.
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