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Govt fixes December 31 deadline for retro tax settlement scheme

Govt fixes December 31 deadline for retro tax settlement scheme

Government has fixed December 31, 2016 as the deadline for companies like Vodafone and Cairn Energy Plc to settle their retrospective tax disputes.

PM Modi's ultimatum to tax defaulters | Part I

P.M Modi has given the last opportunity to tax defaulters for declaring their undeclared property under tax declaration scheme. Watch this special segment and get to know more here.

I-T dept detects Rs 22K crore undisclosed income in 2 years: FM Jaitley

I-T dept detects Rs 22K crore undisclosed income in 2 years: FM Jaitley

The Income Tax Department has detected undisclosed income worth Rs 22,475 crore in over 9,500 surveys conducted over the past two years, Finance Minister Arun Jaitley said Friday.

 

Issue upto Rs 5,000 refunds fast and quick: CBDT to I-T dept

CBDT has directed the Income Tax department to "expeditiously" issue refunds worth Rs 5,000 for last three assessment years in order to provide immediate relief to taxpayers.

Black money: Declarants can pay interest and penalty in three installments

Black money: Declarants can pay interest and penalty in three installments

The government on Thursday clarified that declarants under domestic black money disclosure scheme can pay interest and penalty in three installments

Blackmoney declarants cannot pay tax from undeclared income

Blackmoney declarants cannot pay tax from undeclared income

The government on Thursday clarified that blackmoney declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability and such acts will not get any immunity.

I-T department carries out searches at Indiabulls premises, stocks plunge 7%

I-T department carries out searches at Indiabulls premises, stocks plunge 7%

The Income Tax department on Wednesday conducted multiple searches in over 30 premises of Indiabulls group in connection with alleged tax evasion sending the company's stocks to crash up to 7 percent.

IT raids former Tamil Nadu minister's residence, offices

According to officials, the raid was conducted at several places in Chennai.

Black money: I-T to scrutinise high value transactions, penny stock trade

Black money: I-T to scrutinise high value transactions, penny stock trade

Income Tax Department has asked its top officers to closely scrutinise high-value transactions and investments in penny stocks to identify potential black money holders who can avail the four-month compliance window ending September 30 to come clean.

Now, your airline boarding passes to have black money scheme ads

Now, your airline boarding passes to have black money scheme ads

I-T dept has tied up with seven airlines including Air India and Vistara to publise one-time black money compliance window by printing the scheme's details on the back of boarding passes.

Vodafone tax case: HC allows penalty proceedings to go on

Delhi High Court on Wednesday allowed the income tax department to go ahead with its penalty proceedings against telecom major Vodafone, but asked the agency not to give effect to its final order till the next hearing in July.

Black money window: I-T dept creates special tab on website

Black money window: I-T dept creates special tab on website

The Income Tax department has created a special zone on its official website to showcase country-wide activities being done by it to popularise the one-time black money compliance window that will complete its first month in operation soon.

Govt pursuing black money very aggressively: Jayant Sinha

Govt pursuing black money very aggressively: Jayant Sinha

Minister of State for Finance Jayant Sinha today said more "sources of black money" will come to light as India is pursuing such cases very aggressively in many areas including the Panama papers.

Asaram Bapu’s trusts hold undisclosed income of Rs 2,300 cr, reveals IT probe

Asaram Bapu’s trusts hold undisclosed income of Rs 2,300 cr, reveals IT probe

Various charitable trusts controlled by jailed ‘godman’ Asaram Bapu hold undisclosed income of Rs 2,300 crore since 2008-09, a probe by the Income Tax (I-T) department has revealed.

Income Tax dept to block PAN, LPG subsidy, loans of defaulters

Income Tax dept to block PAN, LPG subsidy, loans of defaulters

In order to cripple and check the activities of wilful tax defaulters, the Income Tax department has decided to “block” Permanent Account Number (PAN) of such entities, get their LPG subsidy cancelled, and take measures to ensure that they are not sanctioned loans.

CBDT to look into high value transactions to trace tax evaders

CBDT to look into high value transactions to trace tax evaders

In order to identify tax evaders, the Income Tax department on Friday said it will use 360 degree profiling and match the database of people filing returns with those of informations about high value transactions.

Domestic black money window: IT dept notifies declaration forms

Domestic black money window: IT dept notifies declaration forms

The Income Tax department on Thursday notified four new forms for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month.

Black money window: IT dept to publish list of asset valuers

Black money window: IT dept to publish list of asset valuers

The Income Tax department will soon put out a list of registered valuers of various categories of assets for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened Wednesday.

Cash purchase of goods, services over Rs 2 lakh to attract 1% tax

Cash purchase of goods, services over Rs 2 lakh to attract 1% tax

Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 percent tax collected at source (TCS) from Wednesday.

Domestic black money window will ensure peace of mind: IT dept

Domestic black money window will ensure peace of mind: IT dept

The Income Tax department on Thursday brought out its first public advertisement to popularise and create awareness about the four-month window for declaring domestic black money that opens on June 1.