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Taxman to scrutinise loan deposits under op 'clean money'

The Income Tax department may initiate penal action and impose an equivalent penalty in select cases of loan amount deposits of Rs 20,000 or more as part of the 'Operation Clean Money' to check stash post demonetisation.

TDS default: I-T dept issues over 850 prosecution notices

The Income Tax department has issued over 850 prosecution notices to firms in the private and government domain in Karnataka and Goa on charges of delay in remitting TDS funds to the exchequer.

Demonetisation: I-T dept to strictly take on depositors of unverified cash over Rs 5 lakh

Demonetisation: I-T dept to strictly take on depositors of unverified cash over Rs 5 lakh

Depositors of cash worth Rs 5 lakh or above, during the demonetisation period, who failed to verify the same will be taken on strictly by the Central Board of Direct Taxes (CBDT)

No amnesty for bank deposits linked to money laundering: CBDT

No amnesty for bank deposits linked to money laundering: CBDT

Any bank account suspected to have been "misused" for money laundering or shell company operations won't be exempted from probe under 'Operation Clean Money' despite having low deposits.

Operation Clean Money: No threat or show cause to taxpayers, CBDT tells taxman

Operation Clean Money: No threat or show cause to taxpayers, CBDT tells taxman

The CBDT on Tuesday asked the taxman to ensure there is no "threat, warning or show cause" notice to taxpayers contacted by it under 'Operation Clean Money' that is aimed at checking black money post-note ban.

 

Know how you can get PAN within minutes, pay taxes via mobile app

Know how you can get PAN within minutes, pay taxes via mobile app

People will soon be able to pay taxes and track their returns through a smartphone app and get a new PAN within minutes using Aadhaar verification.

Online I-T grievance redressal facility launched at 60 offices

Online I-T grievance redressal facility launched at 60 offices

After launching the ambitious e-nivaran facility for online redressal of taxpayers' grievances, the Income Tax Department has now opened these windows at its 60 special offices across the country.

Soon you will receive PAN in few minutes, pay income tax using smartphone

Soon you will receive PAN in few minutes, pay income tax using smartphone

In the latest addition to the list of measures taken by the government to make filing of taxes easy for the taxpayers, the Central Board of Direct Taxes (CBDT) is working on a plan to issue PAN in just few minutes using Aadhaar's e-KYC facility.

CBDT to taxman: Step up TDS survey ops to boost collections

With the current financial year inching towards closure, CBDT has directed the taxman to step up survey operations to check non-deduction of TDS by firms and employers, especially in cases where such payments have dropped by more than 15 percent as compared to last time.

CBDT issues certificates of appreciation to nearly 3.74 lakh tax payers

The total number of certificates issued by CBDT now stands at approximately 23 lakh.

CAs to pay fine of Rs 10,000 for filing incorrect info: CBDT

In a bid to check filing of incorrect returns by CAs, the tax authority will impose Rs 10,000 fine on such professionals to deter such act.

CBDT signs 4 more advance pricing pacts with tax payers

CBDT signs 4 more advance pricing pacts with tax payers

The CBDT expects more APAs to be concluded and signed before the end of the current fiscal.

 

Focus of Budget is on tax compliance: CBDT

The Union Budget 2017-18 focuses on increasing tax compliance while at the same time safeguarding the honest tax payers from any harassment, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said on Monday

'SMEs to pay 25% tax even if Rs 50-crore limit crossed in FY17'

'SMEs to pay 25% tax even if Rs 50-crore limit crossed in FY17'

The I-T department today said companies that had a turnover of less than Rs 50 crore in 2015-16 will pay tax at the reduced rate of 25 percent from April 1 even if they cross the threshold in 2016-17 or subsequent years.

18 lakh taxpayers to get Income Tax notices to explain large deposits

18 lakh taxpayers to get Income Tax notices to explain large deposits. Watch the full segment for more details.

Operation 'Clean Money': Crackdown begins; 18 lakh people to get IT notice if deposits don't match income

Operation 'Clean Money': Crackdown begins; 18 lakh people to get IT notice if deposits don't match income

The Income Tax department has identified 18 lakh people who have made 'suspicious' cash deposits post demonetisation, including those having deposited over Rs 5 lakh, and will send emails and SMSes seeking explanation about their source of funds.

GAAR from April 1, 2017; to be invoked in fair, rational manner: CBDT

GAAR from April 1, 2017; to be invoked in fair, rational manner: CBDT

GAAR, it said, will come into force from April 1 and can be invoked only through a two-stage process involving a nod at the level of principal commissioner of income tax and a panel headed by a high court judge.

GAAR to be effective from April 1, 2017: CBDT

GAAR to be effective from April 1, 2017: CBDT

Addressing investors' concerns ahead of GAAR implementation from April 1, the tax department today said it will not interplay with their right to choose a method of transaction and won't apply if routing of funds through a jurisdiction is "based on non-tax commercial considerations".

IDS disclosures valid if taxes payment delayed but realised by December 5: CBDT

IDS disclosures valid if taxes payment delayed but realised by December 5: CBDT

In a minor relaxation to IDS tax payment rules, the Income Tax Department has said disclosures under the scheme will be considered valid even if the tax amount has been realised by December 5.

Good news for taxpayers in New Year: Taxman to ensure no grievance remains pending over 30 days

Good news for taxpayers in New Year: Taxman to ensure no grievance remains pending over 30 days

In what could come as a good news for taxpayers in the new year, the Income Tax department has asked its officials to resolve their grievances within 30 days time.