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Latest Articles in income tax department

Income Tax Refunds 1,23,667 Cr Issued This Fiscal: CBDT

"This includes 75.75 lakh refunds of AY 2021-22 amounting to Rs.15,998.31 crore," the Income Tax Department tweeted.

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I-T Dept Detects Rs 100 Cr Unaccounted Income Post Raids On Gujarat Group

The Central Board of Direct Taxes (CBDT), that frames policy for the tax department, said that the group received unaccounted money as part of immovable property transactions.

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Over 2 Cr ITR Filed On Income Tax Department E-portal: FinMin

Meanwhile, all Income Tax Returns (ITR) have been made available for e-filing. More than 2 crore ITRs for AY 2021-22 have been filed on the portal, of which ITRs 1 and 4 constitute 86 per cent.

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IT Dept Detects Rs 750-Cr Undisclosed Income After Raids On Bengaluru Contractors

Another group has been found to have taken accommodation entries from non-existing paper companies to the extent of Rs 105 crore, which stands "admitted" by this group

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IT Dept Detects Rs 550-Crore Hidden Income After Raids On Hetero Pharma Group

Various other legal issues were also identified such as personal expenses being booked in the company's books and land purchased by related parties "below government registration value."

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Income Tax Dept Detects Rs 500-Crore Unaccounted Transactions After Raids On Gujarat Realty Group

The raids that were launched at 22 premises of the group and the brokers on September 28 are underway, the statement said.

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Income Tax Refunds Of Rs 80,086 Crore Issued During FY22: CBDT

This figure includes income tax refunds of Rs 19,699 crore in 47,53,254 cases and corporate tax refunds of Rs 60,387 crore in 1,63,021 cases

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I-T Dept Asks Taxmen To Accept Applications Till Sep 30 For Settlement Before Interim Board

The Finance Ministry had received representations that a number of taxpayers were in advanced stages of filing their application for settlement before the ITSC as on February 1.

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I-T Dept Detects Rs 300-Cr Black Income After Raids On Maha-Based Steel Rolling COs

The searches on the business groups, engaged in manufacturing steel TMT bars and billets mostly using steel scrap as raw material, were conducted on September 23 on 32 premises located in Jalna, Aurangabad, Mumbai, Pune and Kolkata.

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Infosys Says Some Users Continue To Face Difficulties, Working To Streamline I-T Portal Experience

The Bengaluru-based company, which has drawn flak for glitches continuing months after the launch of the portal in June, said it has seen steady increase in usage over the last few weeks, and more than three crore taxpayers have logged into the portal and successfully completed various transactions.

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Income Tax Conducts Searches In Delhi, Punjab And West Bengal

As per the Income Tax Department, the group has maintained unaccounted funds of about Rs. 350 crore in its foreign bank accounts and has also routed these funds back into its business through shell entities in tax havens.

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Income Tax Department Officials At Premises Linked To Actor Sonu Sood In Mumbai

The actor grabbed the national spotlight for helping migrants reach their home states during the nationwide lockdown clamped last year in the wake of the COVID-19 pandemic.

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CBDT Refunds Over Rs. 70,120 Crore To More Than 26.09 Lakh Taxpayers

It further added that the Income-tax refunds of Rs. 16,753 crore have been issued in 24,70,612 cases and corporate tax refunds of Rs. 53,367 crore have been issued in 1,38,801 cases, said the department.

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Past Losses Of PSUs Can Be Carried Forward, Clarify CBDT

Income Tax India took to Twitter and wrote, "CBDT issues clarification regarding carrying forward of losses in case of change in shareholding due to strategic disinvestment. Section 79 of the Income-tax Act, 1961 not to apply in a case involving a change in shareholding due to such strategic disinvestment."

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IT Dept ''Surveys'' News Websites In Tax Case, Say Officials

The money laundering case arises out of a Delhi Police FIR alleging that PPK Newsclick Studio Pvt Ltd received foreign direct investment (FDI) of Rs 9.59 crore from Worldwide Media Holdings LLC USA during the financial year 2018-19.

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