Income Tax

Income Tax raids on Bharat Samachar reveals Rs 200 crore of unaccounted transactions

The IT department said that the group devised a complex strategy of earning “huge unaccounted income through the creation of sophisticated financial layers of dubious and bogus entities spread across multiple States, to route this unaccounted money back into the main businesses without paying any taxes”.

Jul 25, 2021, 11:22 AM IST

Dainik Bhaskar group evaded Rs 700 crore tax over six years: IT Department

The IT department searched 20 residential and 12 business premises spread over nine cities including Mumbai, Delhi, Bhopal, Indore, Noida and Ahmedabad on July 22.

Jul 25, 2021, 10:06 AM IST

Honest taxpayers deserve to be recognised for paying due share of taxes: Nirmala Sitharaman

In her message to the I-T Department on the 161st anniversary of Income Tax Day, Nirmala Sitharaman complimented the department for continuing to work towards simplifying its procedures and processes, and making its functioning hassle-free, fair and transparent. 

Jul 24, 2021, 18:13 PM IST

IT department denies making editorial interferences during raids, issues statement

A search was carried out in the Dainik Bhaskar group offices under the Income Tax Act over allegations of huge tax evasion. IT department also raided the office of Bharat Samachar.

Jul 22, 2021, 22:56 PM IST

Good news for taxpayers! Deadline for e-filing forms 15CA and 15CB extended again

As per the CBDT, a facility will be provided on the new e-filing portal to upload these forms at a later date for the purpose of generation of the Document Identification Number. 

Jul 21, 2021, 17:34 PM IST

Income Tax officials conduct raids in Bengaluru, reveal Rs 880 cr of concealed income

During the course of the survey operation, evidence of tax evasion has been gathered regarding wrongful claims of deduction u/s 80JJAA of Income-tax Act, 1961.

Jul 13, 2021, 23:10 PM IST

Filed Income Tax Return? TDS rules to change from THIS month

In order to identify the non-filers of ITR, the tax department has made a list of these people at the start of the financial year 2021-22, which includes previous years 2018-19 and 2019-20. This particular list includes the names of taxpayers who did not file returns of income for both assessment years 2019-20 and 2020-21 and have an aggregate TDS of Rs 50,000 or more in each of these two previous years.

Jul 06, 2021, 11:40 AM IST

IT compliance deadlines extended, tax exempts on COVID treatment: All you need to know

The government has announced that the amount spent by employer on employees treatment for COVID-19 will get tax exemption. Also, employees will not have to pay income tax on money received by them from their friends and family members for the treatment of COVID-19. 

Jun 26, 2021, 09:56 AM IST

Income Tax deadline under Vivad se Vishwas scheme extended for 2 months

Payment without interest extension under the Vivad se Vishwas Scheme been granted for two months from June 30 to August 31. 

Jun 25, 2021, 20:13 PM IST

Good news for housewives! No Income Tax scrutiny on cash deposits up to Rs 2.5 lakh post demonetisation

Ruling on an appeal filed by an individual, the Agra bench of the Income Tax Appellate Tribunal (ITAT) said the order would act as a precedent for all similar cases.

Jun 23, 2021, 21:18 PM IST

5 major sources of income that are tax free in India

While the Income Tax department has laid out all the specific rules pertaining to ITR as per the Income Tax Act, there are a few types of incomes which are exempt from the scope of Income Tax. Such type of incomes are known as tax-free incomes. 

Jun 10, 2021, 17:08 PM IST

New Income Tax portal glitch: Infosys responds after FM Sitharaman flags issue

On Tuesday, Sitharaman had asked Infosys and its Chairman Nandan Nilekani to fix technical glitches being encountered on the income tax department's new e-filing website, after users flooded her Twitter timeline with complaints.

Jun 09, 2021, 15:40 PM IST

From Jeff Bezos to Elon Musk, several billionaires paid no income tax for THESE period

Overall, the richest 25 Americans pay less in tax  15.8 per cent of adjusted gross income  than many ordinary workers do, once you include taxes for Social Security and Medicare, ProPublica found.

Jun 09, 2021, 12:01 PM IST

What is a Digital Signature Certificate, why do we need it and how to get it?

While the physical documents are signed manually, electronic documents, for example e-forms are required to be signed digitally which can be used to authenticate important documents.

Jun 09, 2021, 11:10 AM IST

Big news for Income Tax filers! You must re-register digital signature on new IT portal for THIS reason

Among other things, the income tax department also asked taxpayers to update their other details like their personal mobile number and email ID.

Jun 08, 2021, 10:39 AM IST

New income tax e-filing portal 2021: Check new features, payment system and more

Functionalities for filing income tax forms, add tax professionals, submit responses to notices in faceless scrutiny or appeals would be available.

Jun 07, 2021, 17:05 PM IST

New income tax e-filing portal launching today with new features

New taxpayer-friendly portal integrated with immediate processing of Income Tax Returns (ITRs) to issue quick refunds to taxpayers. 

Jun 07, 2021, 09:05 AM IST

Another feather in Modi govt’s cap: Income tax collections overtake corporation tax for first time in 21 years

Personal tax collection in India was higher than corporate tax collection for the year after 21 years in the financial year 2021. 

Jun 04, 2021, 13:04 PM IST

Government prohibits IB, CBI, Income Tax, CRPF officers from publishing material without prior permission

The Departments covered under the notification by the Department of Personnel and Training (DoPT) include RAW, IB, DRI, CEIB, ED, NCB, ARC, Special Frontier Force, BSF, CRPF, ITBP, CISF, NSG, Assam Rifles, SSB, DG Income Tax (investigation), NTRO, FIU, SPG, DRDO, Border Road Development Organisation, NSC, CBI, NIA and Natgrid.

Jun 02, 2021, 15:59 PM IST

Income tax filing alert! ITR filing website inoperable for entire week starting today, all you want to know

The IT department has said the transition from the old portal -- www.incometaxindiaefiling.gov.in -- to the new --www.incometaxgov.in -- will be completed and made operational from June 7.

Jun 01, 2021, 11:46 AM IST