Over 11 lakh file tax returns under special drive by IT department
Over 11 lakh file tax returns under special drive by IT department

Over 11 lakh taxpayers have filed their IT returns for Assessment Year 2014-15 after the department tracked them under a special drive to identify those who have not filed their returns despite having an obligation to do so, according to official data.

I-T emphasis on creating awareness on TDS
I-T emphasis on creating awareness on TDS

Income Tax department is emphasising on creating greater awareness on tax deducted at source (TDS) compliance.

I-T department to issue over 64,000 refunds to small taxpayers by month-end
I-T department to issue over 64,000 refunds to small taxpayers by month-end

As per an official data, the Central Board of Direct Taxes (CBDT) has asked the taxman to issue refunds in a total of 64,938 pending cases involving Rs 1,148.14 crore, by January 31.

Black money: I-T dept begins action against mining firms
Black money: I-T dept begins action against mining firms

The Income Tax department has begun a crackdown against black money being generated by the rich mining sector with the taxman initiating a detailed scrutiny of a number of such exploration and production companies across the country.

Govt to unveil new IT tool to check PAN transactions history

The government is planning to track tax and black money through income tax business application. To track the tax, it has been decided that PAN card details will be taken into consideration and new PAN cards will be allotted within 48 hours.

Income tax department employees to hold strike today
Income tax department employees to hold strike today

The associations said if their demands for timely promotion in cadres and providing required infrastructure is not met, the work of budget collection and taxpayer services are "bound to fail" in the coming days.

People with Rs 4 lakh income, mofussil residents on IT radar: CBDT
People with Rs 4 lakh income, mofussil residents on IT radar: CBDT

Those earning Rs 4 lakh per annum, besides people in tier-II and tier-III cities with taxable income but not paying taxes are on the radar of the Income Tax department which has launched an ambitious drive to net one crore new assesses this financial year.

I-T dept employee bodies announce strike; begin slow down

Two major associations of Income Tax department employees Wednesday declared they have slowed down the work of revenue collection and threatened to stop all work on this front if their service-related demands are not met by early next month.

IT Dept suspects Rs 400-cr tax evasion on cap gains in Maharashtra

The Income Tax department has detected about 200 cases of bogus "long term capital gains" in Nagpur, Aurangabad and Nashik divisions of Maharashtra where tax of around Rs 400 crore was evaded.

First set of tax sop phase-out in public domain soon: Jaitley

Finance Minister Arun Jaitley Sunday said a discussion paper on first set of tax exemptions to be phased out would be put in the public domain shortly.

Shah panel's recommendation on MAT positive for market: Sinha
Shah panel's recommendation on MAT positive for market: Sinha

Union Minister of State for Finance Jayant Sinha on Saturday said the A P Shah Committee's recommendation to grant relief to FIIs on Minimum Alternate Tax (MAT) will be a positive for the market.

India may waive retrospective MAT tax on foreign investors
India may waive retrospective MAT tax on foreign investors

Although MAT has been applied to domestic companies to ensure a minimum tax payment, it had never been imposed on foreign institutional investors (FIIs).

Shah panel on MAT may submit report next week: Jaitley
Shah panel on MAT may submit report next week: Jaitley

The high-level Justice A P Shah panel, set up to look into the levy of MAT on FIIs, is likely to submit its report to the Government next week, Finance Minister Arun Jaitley said on Thursday .

Black money: Taxman to create awareness among school students

After undertaking a slew of measures to combat black money instances in the national and international arena, the Income Tax department has decided to catch the imagination of school-going children for creating awareness on the issue and building a social deterrence against such crimes.

CBDT asks I-T Dept to address taxpayers' grievances in time-bound manner

In order to aggressively mitigate grievances of taxpayers, CBDT has asked the taxman to address rectification applications filed by affected assesses in a prompt and time-bound manner.

Strong action against big tax evaders acts as deterrent: CBDT

The CBDT Monday dismissed reports that it has asked its officers to go beyond raids and searches to target tax evaders and maintained that stringent action in big cases of evasion would go a long way to demonstrate to compliant taxpayers that laws are just and fair.

Bhubaneswar to become Wi-Fi enabled within one year

"The Chief Minister has directed the IT department to ensure Wi-Fi facility in Bhubaneswar within one year," IT minister Pranab Prakash Das told reporters after the meeting.

Arun Jaitley, I-T brass meeting Monday on non-adversarial tax regime

Finance Minister Arun Jaitley will on Monday address tax commissioners and director generals of income tax at their annual conference here that will deliberate, among other things, on strategies for providing a non-adversarial tax regime.

I-T to scan tier-II cities to bring more people in tax net

The Income Tax department has decided to use technical intelligence and pay special focus on tier-II cities like Jaipur, Surat and Lucknow among others, to bring more and more people living in these "progressive" cities under the tax net.

FPIs dump equities, debt of more than Rs 14,000 cr in May

During January to April, investment by foreign portfolio investors (FPIs) totalled Rs 94,241 crore, but month-on-month analysis showed the fund flows are on a decline.