I-T dept turns to IRS officers for tax raids

Hit by the over two-week strike
of its Grade II field officers like inspectors, the Income Tax
Department is roping in Indian Revenue Service (IRS) officers
to carry out tax raids.

Filing of income tax return deadline extended

The Income Tax Department on Sunday extended the last date of filing income tax returns to August 4 due to inclement weather and some technical snags.

IT submits progress report to Jharkhand HC on Koda scam

The IT department on Tuesday submitted
to the Jharkhand High Court a progress report of its probe
into DA cases against former chief minister Madhu Koda and
several of his former Cabinet colleagues.

Lalit Modi questioned by joint ED-IT team

Lalit Modi on Thursday was questioned for a second time by I-T and ED sleuths.

Income tax officer nabbed for taking Rs.1.50 crore bribe

The Central Bureau of Investigation (CBI) has nabbed an Income Tax Additional Commissioner and her husband for accepting a bribe of Rs.1.50 crore, a top official said here Saturday.

Biometric PAN cards put on hold

The Income Tax department`s proposal to issue biometric PAN cards has been put on hold so as to avoid duplication with the UID numbers to be issued by Nandan Nilekani`s Unique Identity Authority of India (UIDAI).

I-T dept to probe funds received by BSP

Widening its probe, the Income Tax Department, which is looking into the source of money used in a garland presented to CM Mayawati, will also investigate funds and donations received by Bahujan Samaj Party in the last few months.

Koda scam: I-T, ED to file status report of probe before court

The I-T department and the
Enforcement Directorate will on Tuesday submit a status report
of the probe into the multi-crore illegal investments
case involving former Jharkhand Chief Minister Madhu Koda in
the High court.

I-T dept alerts tax-payers against sharing financial info

The I-T department has alerted tax-payers against sharing personal financial information like PAN card number and credit cards details on the internet in the wake of a spurt in fake e-mails being sent to people.

Budget 2010: Pragmatic but inflationary

The FM presented a cautious, but balanced budget with an eye on the future. Common man gets relief through wider tax slabs, but prices remain a worry.

Budget 2010: Pranab begins stimulus rollback

The Union Budget 2010-11 proposed a sizable tax relief for individuals, but hiked the excise and MAT as part of the partial stimulus rollback.

Koda scam: I-T searches on, cash seizures made

The Income Tax department
has made cash seizure totalling Rs 70 lakh during searches on
the premises of the alleged associates of former Jharkhand
Chief Minister Madhu Koda in connection with the money
laundering scam.

IT raids on IAS couple also recover foreign currencies

The income tax officials in the two-day long raid at the residence of IAS officer couple -- Arvind Joshi and Tinu Joshi, besides recovering Rs 3 crore in cash, also stumbled upon some foreign currency notes.

FBT: Claim refund or adjust against IT, says CBDT

Taxpayers can now adjust the advance fringe benefit tax (FBT) paid for the current fiscal against income tax or claim refund as the FBT is no longer in force.

FM asks officials to design new simple Income Tax forms

Finance Minister Pranab Mukherjee wants the income tax forms to be simple so that a taxpayer can understand his liability without consulting experts or chartered accountants.

Draft direct tax code creates uncertainty for SEZs: EPCES

The draft direct tax code that would lead to the overhaul of the Income Tax Act, has created uncertainty among the developers of special economic zones over continuation of the tax sops.

Sahara challenges IT Deptt`s order for special audit

Sahara India on Wednesday challenged the directions of the Income Tax department which ordered a special audit of the annual return filed by the diversified business group.

Koda tries to skip I-T interrogation

Ex-Jharkhand CM Madhu Koda avoided further questioning by I-T sleuths by going to his hometown Chaibasa.

I-T dept questions Koda; ED team to visit Mumbai

Expanding its probe
into multi-crore rupee alleged hawala and illegal investments
case against former Jharkhand Chief Minister Madhu Koda, an
Enforcement Directorate team will leave for Mumbai tomorrow to
ascertain his alleged investments in Bollywood and some
companies set up there by him and his associates.

Pranab to examine DTC proposals on taxing savings, MAT

Finance Minister Pranab Mukherjee on Friday promised to examine in detail seven critical proposals of the Direct Taxes Code (DTC).