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Tax

I-T dept disloses names of 5 defaulters in Delhi

I-T dept disloses names of 5 defaulters in Delhi

As part of its strategy to "name and shame" big defaulters, the Income Tax Department on Thursday published names of five entities who owe over Rs 10 crore in taxes.

 

91 lakh new taxpayers added, undisclosed income of Rs 16,398 crore identified post demonetisation

91 lakh new taxpayers added, undisclosed income of Rs 16,398 crore identified post demonetisation

Personal income tax return filing has gone up post-demonetisationdue to ownership of unanimous money being identified, Finance Minister Arun Jaitley said on Tuesday.

I-T dept to seek info on deposits made during demonetisation in new ITRs

I-T dept to seek info on deposits made during demonetisation in new ITRs

The taxman will seek data on deposits made by an assessee during the demonetisation period as part of the new Income Tax Returns (ITRs) that would be notified soon for assessment year 2017-18.

 

Govt to bring 1-page income tax return filing process from April 1

Govt to bring 1-page income tax return filing process from April 1. Watch complete news story of News 360 for getting the detailed news updates!

Centre to get greater chunk in residual GST Compensation Fund

Centre to get greater chunk in residual GST Compensation Fund

The Centre will have a greater share of the residual amount in the compensation fund at the end of the 5-year period as the GST Bill now provides for equal sharing of the amount as against the earlier formula which favoured states.

 

Tamil Nadu assembly moves bill to levy additional 5 pc tax on liquor

Tamil Nadu government today moved a bill in the state Assembly for levy of an additional five per cent tax on sale of liquor.

Neymar hails multi-million euro tax victory after Brazilian authorities halved fine on appeal

Neymar hails multi-million euro tax victory after Brazilian authorities halved fine on appeal

A financial appeals court (CARF), a body linked to the Economy Ministry, quashed two convictions against Neymar in relation to irregularities in the payment of taxes on deals through two companies created by his father. However, three other convictions were upheld.  

Donald Trump paid USD 38 million in taxes in 2005: White House

President Donald Trump paid USD 38 million in taxes on more than USD 150 million in income in 2005, the White House announced today.

Monitor tax collection to meet target by Mar 31: CBDT to taxman

The CBDT has directed the Income Tax department to "scrupulously" monitor tax collection, which it said is slightly less than the target even as the current financial year is nearing an end.

Tax-free limit for gratuity hiked to Rs 20 lakh 

Formal sector workers may soon be eligible for up to Rs 20 lakh tax-free gratuity as central trade unions have agreed on the proposal in a tripartite consultation with the Labour Ministry. 

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.

Benami assets: I-T dept books 230 cases, attaches Rs 55 cr assets

Benami assets: I-T dept books 230 cases, attaches Rs 55 cr assets

The Income Tax department has registered over 230 cases and attached assets worth Rs 55 crore nationwide as part of its post demonetisation action under the newly enforced Benami Transactions Act.

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.

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.

 

Note ban impact: Over 7 lakh assessees respond to I-T dept query; 'non-statutory' letters to be issued in case of no reply

Note ban impact: Over 7 lakh assessees respond to I-T dept query; 'non-statutory' letters to be issued in case of no reply

The I-T Department on Friday said that more than 7 lakh assessees, out of 18 lakh who were sent SMS/emails for making suspicious deposits post demonetisation, have submitted their response.

 

Demonetisation impact: Nine lakh accounts under Operation Clean Money 'doubtful'

Demonetisation impact: Nine lakh accounts under Operation Clean Money 'doubtful'

Nearly half of the 18 lakh people under the I-T scanner for suspicious bank deposits post cash ban have been put in the 'doubtful' category, but action against them will follow only after the new tax amnesty scheme ends on March 31.

 

I-T dept to scrutinise tax relief claims by sick companies

I-T dept to scrutinise tax relief claims by sick companies

The I-T Department has asked Assessing Officers to scrutinise tax relief being claimed by sick companies as part of the rehabilitation scheme approved by the BIFR.

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.

Govt focus on clean economy, bold decisions: FM Jaitley

Govt focus on clean economy, bold decisions: FM Jaitley

The Modi government's emphasis is on bold decision making and a clean economy with business friendly environment, the returns of which can be spent on the poor, Finance Minister Arun Jaitley said on Monday.

Operation Clean Money: Over 5.27 lakh taxpayers respond to I-T dept query on cash deposits

Operation Clean Money: Over 5.27 lakh taxpayers respond to I-T dept query on cash deposits

Out of the 7.41 lakh accounts confirmed by the 5.27 Lakh taxpayers, the cash deposit amount has been confirmed in more than 99.5 percent accounts.