Income Tax
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I-T raids hawala operatives across Delhi, Goa, other states
India | Oct 27, 2020, 12:47 PM ISTThe Income Tax Department has recovered cash and jewellery worth about Rs 5.26 crore after it carried out multi-city raids against hawala operators and individuals who prepare fake bills, the CBDT said on Tuesday.
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ITR Filing FY19-20: Income tax return filing deadline extended till Dec 31
Income Tax | Oct 24, 2020, 04:43 PM ISTITR Filing: The last date for Income Tax Return (ITR) filing by individual taxpayers for FY 2019-20 has been extended by a month by the Income Tax Department. All Income Tax Returns can now be filed latest by December 31, 2020.
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Bihar polls: I-T notice to Congress after money recovered from parked vehicle outside Patna office
Business | Oct 22, 2020, 11:42 PM ISTA team of Income Tax officials on Thursday issued a notice to Congress after money was recovered from a vehicle parked outside its Patna office. One person detained outside the campus of the office after Rs 8.5 Lakh was recovered from him.
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Income Tax Filing FY19-20: I-T department extends ITR filing deadline till Nov 30
Income Tax | Sep 30, 2020, 06:02 PM ISTITR Filing: The last date for Income Tax Return (ITR) filing for 2019-20 has been extended by two months till November 30 by the Income Tax Department on Wednesday.
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I-T Dept issues guidelines for applicability of TCS provision with effect from Oct 1
Income Tax | Sep 29, 2020, 10:40 PM ISTThe Income Tax Department on Tuesday issued guidelines for applicability of TCS provision which requires an e-commerce operator to deduct 1 per cent tax on the sale of goods and services with effect from October 1.
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CBDT launches faceless income tax appeals
Business | Sep 25, 2020, 06:05 PM ISTThe Central Board of Direct Taxes (CBDT) on Friday launched the Centre's much-publicised reform measure of faceless income tax appeals.
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NCP Chief Sharad Pawar gets Income Tax notice over poll affidavits
India | Sep 22, 2020, 04:27 PM ISTNCP chief Sharad Pawar on Tuesday said the Income Tax department has served him a notice in connection with his poll affidavits submitted to the Election Commission.
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Madras HC notice to A.R. Rahman in IT case
Entertainment | Sep 12, 2020, 01:15 PM ISTThe Madras High Court has ordered a notice to composer A R Rahman on an appeal made by the Principal Commissioner of Income Tax against the decision of the Income Tax Appellate Tribunal (ITAT) that went in favour of the music composer.
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Will support ED, Income Tax probe: AAP MLA on hawala links
News | Aug 23, 2020, 01:11 PM ISTAam Adami Party's (AAP), Member of Legislative Assembly (MLA), Saurabh Bharadwaj hit back on Bharatiya Janata Party (BJP) over allegation that AAP has connections with hawala operators.
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Income Tax refunds worth Rs 88,652 cr issued to 24.64 lakh taxpayers so far this fiscal
Business | Aug 21, 2020, 12:02 PM ISTThe Income Tax department on Friday said it has issued refunds worth Rs 88,652 crore to over 24 lakh taxpayers so far this fiscal.
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Taxpayers not required to disclose high-value transactions in ITR
Income Tax | Aug 17, 2020, 05:49 PM ISTOnly third parties would report high-value transactions to the I-T department as per the Income Tax Act. Such information would be used to identify people who are not paying up due taxes, and not for examining affairs of honest taxpayers.
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What is faceless appeal, faceless assessment as part of BIG Ticket tax reforms: All you need to know
Business | Aug 13, 2020, 05:37 PM ISTPrime Minister Narendra Modi has launched the 'transparent taxation' platform having components — faceless appeals by taxpayers, faceless assessment of taxpayers and the Rights' Charter for the taxpayers. An in-depth look into what these tax reforms mean.
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PM Modi launches the platform for 'Transparent Taxation – Honoring the Honest'
News | Aug 13, 2020, 12:20 PM ISTOur effort is that our tax system should be seamless, painless, faceless: PM Modi
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FY'19 income tax return filing deadline extended till September 30
Income Tax | Jul 29, 2020, 11:54 PM ISTThe government on Wednesday extended the deadline for filing income tax returns for 2018-19 fiscal by two months till September 30.
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Govt's endeavour has been to further simplify Direct Tax laws: Sitharaman
Business | Jul 24, 2020, 09:23 PM ISTAppreciating its continuous efforts towards making the tax administration taxpayer-friendly, transparent and geared towards facilitating voluntary compliance, she said there has been a paradigm shift in its role in recent years, from being just a revenue collecting organisation to becoming a more citizen-centric establishment.
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In a BIG shift, govt mulls defining 'creamy layer' on net taxable income and increasing ceiling
India | Jul 24, 2020, 11:05 AM ISTIn a major move aimed to redefine "creamy layer" for OBCs, the government is mulling to increase the income bar from present Rupees 8 lakh to Rs 12 lakh and and drop "gross income" to bring in "net taxable income". The government had earlier proposed to include "salary" in determining "creamy layer".
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Income Tax Return: New and improved Form 26AS from this year. Check details
Income Tax | Jul 19, 2020, 11:57 AM ISTCBDT on Saturday informed that from this Assessment Year (2020-20201), taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers' financial transactions as specified Statement of Financial Transactions (SFTs) in various categories.
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ITR Filing FY 19-20: Key dates and things to remember
Income Tax | Jul 08, 2020, 10:18 PM ISTITR Filing: The last date for Income Tax Return (ITR) filing for AY 2020-21 has been extended by the Income Tax Department. It will be applicable for filing of ITR for the financial year 2019-20. Here're the important things you need to know about Income Tax Return filing.
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Income Tax Department amends TDS form, makes it more comprehensive
Income Tax | Jul 05, 2020, 05:17 PM ISTThe income tax department has amended the TDS form, making it more comprehensive and mandating deductors to state reasons for non-deduction of tax.
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Big relief for taxpayers: Govt exempts properties in Delhi's unauthorised colonies from income tax
Business | Jun 30, 2020, 07:13 PM ISTDelhi's unauthorised colonies that were regularised last year, the government has exempted owners from income tax even if they had purchased land or house at rates below the prevailing market price.