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Latest Articles in income tax department

I-T dept extends deadline for tax-saving investments for FY20 till July 31

I-T dept extends deadline for tax-saving investments for FY20 till July 31

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Employees Need To Inform Employers About Intention To Opt For New Tax Regime: CBDT Circular

In a circular, the Central Board of Direct taxes said an employee intending to opt for concessional rates of income tax as provided in the Budget 2020 may intimate the deductor or his employer of such intention.

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Income Tax Raids Are Politically Motivated: Bhupesh Baghel To PM Modi

Baghel pointed out that the actions of Finance/Home Ministries of Government of India are "nothing short of an affront to the idea of 'Cooperative Federalism' that you have often spoken about but instead reflects 'Coercive and insecure Centralism'."

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Processing Of Income Tax Refund Returns Witnessed 20% Increase, Says CBDT

The CBDT has emphasized the expeditious issue of refunds in this year demonstrating its commitment to faster and more efficient taxpayer service, the department said in a statement.

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CBDT Launches One-time Facility For Compounding Of Income Tax Offences

In order to avail the facility a taxpayer will have to file an application for compounding a tax offence before the competent authority.

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CBDT Directs I-T Dept To Share Assets, Accounts Info Of Loan Defaulters With Banks

The policy move is aimed to tighten the noose on such entities and extract recovery of public money.

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I-T Dept Issued Rs 64,700 Cr Refund Between Apr 1-Jun 18, 2019: Sitharaman

In a written reply to a question in the Lok Sabha, she said over 6.49 crore electronic returns were submitted for assessment year 2018-19.

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I-T Dept Files 4 Fresh Chargesheets Against Gautam Khaitan For Holding Undisclosed Foreign Assets

The department filed at least nine chargesheets against him in 2018 and the year before on similar charges of possessing undisclosed foreign assets and non-disclosure of all assets and income to tax authorities in India.

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Jaitley Dismisses Allegations Of Political Vendetta; Says I-T Raids On Basis Of Material Evidence

Defending the raids by the I-T department, Jaitley, who is in the US to attend the IMF-World Bank meetings wrote a facebook post titled 'Legitimate action against corruption is not vendetta'.

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CBDT Asks I-T Dept To Probe About 3 Lakh De-Registered Firms For Money Laundering

The board has asked the tax offices to undertake this special task and bring under their ambit the time period (over the last two years) when these companies were struck off from the records of the Ministry of Corporate Affairs

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New CBDT Boss Asks I-T Dept To Maximise Revenue Collection, Get More Taxpayers

P C Mody, the new chairman of the Central Board of Direct Taxes (CBDT), has asked the taxman to make special efforts in redressing the grievances and the issues faced by "small taxpayers", and work with greater transparency and accountability

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Honest, Consistent Taxpayers To Be Feted By Govt; Policy Proposal In Works

The proposal will be vetted by the Finance Ministry and sent for final approval to the Prime Ministers Office (PMO) before it is cleared by the Union cabinet

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IT Searches On 44 Premises Of Builders In Rajkot

The searches were conducted by around 150 Income Tax department officials on as many as 44 business and residential premises of city-based construction groups in Gujarat's Rajkot city today

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I-T Case: HC Reserves Order On Pleas By Chidambaram's Family Members

The Madras High Court reserved its order on the appeals moved by Chidambaram's family members challenging the prosecution initiated against them by the Income Tax Department under the Black Money Act.

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Messages Luring People With Fake Promises Of IT Refunds Prowling, Alert issued

Recently, some people wrote on social media platforms that they had received messages in the name of the Income Tax Department saying their refunds have been approved

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