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Income Tax Department

PAN Aadhaar Link: 17 crore cards may become useless if this Income Tax Department's instruction is not followed

PAN Aadhaar Link: 17 crore cards may become useless if this Income Tax Department's instruction is not followed

Thu, Mar 19, 2020

PAN Aadhaar Link: The Income Tax Department has said that it is mandatory to link your PAN and Aadhaar cards before 31st March, 2020.

Aadhaar PAN Link: Your card may become useless after 31st March; do this or face trouble

Aadhaar PAN Link: Your card may become useless after 31st March; do this or face trouble

Tue, Mar 17, 2020

Aadhaar PAN Link: If you don't do PAN Aadhaar link by 31st March 2020, it will become inoperative from the next financial year.

Want free PAN Card in just 10 minutes? Here is how it's possible

Want free PAN Card in just 10 minutes? Here is how it's possible

Sat, Mar 07, 2020

PAN Card Link In Aadhaar: Income Tax Department has launched a new facility that allows Aadhaar Card holder to get instant PAN Card without any charges.

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Cairn liable to pay Rs 10,247 crore capital gains tax: ITAT

Cairn liable to pay Rs 10,247 crore capital gains tax: ITAT

Sat, Mar 11, 2017

The tribunal also said that Cairn India should have withheld tax on capital gains made by its parent company.

Benami Act violators to face double whammy of legal action: Income Tax Department

Benami Act violators to face double whammy of legal action: Income Tax Department

Fri, Mar 03, 2017

The Income Tax Department on Friday warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to seven years and such violators would also stand to be charged under the Income Tax Act (I-T Act).

Rs 70,000 crore black money detected so far: Justice Pasayat

Rs 70,000 crore black money detected so far: Justice Pasayat

Fri, Mar 03, 2017

"One of our proposals, on cash holding of Rs 15 lakh or more to be presumed as undisclosed, is under serious consideration of the central government," Justice Pasayat said, adding that on the SIT's recommendation the government has already declared that cash transaction beyond Rs 3 lakh will be treated as illegal and punishable under law.

HSBC discloses tax evasion probes in India, other countries

HSBC discloses tax evasion probes in India, other countries

Sun, Feb 26, 2017

Disclosing the "tax-related investigations" in its latest annual report published last week, HSBC further said it has set aside $773 million (over Rs 5,000 crore) as a provision for various tax- and money laundering-related matters.

Lower tax rates possible when all pays dues: Goyal

Lower tax rates possible when all pays dues: Goyal

Sat, Feb 25, 2017

"I wonder what revenue neutral rate it would be, if we will put every thing in zero or low rates. Do we have to make profit at the cost of the nation," the minister said.

Income Tax department to go easy on up to Rs 5 lakh deposits by 70-plus people

Income Tax department to go easy on up to Rs 5 lakh deposits by 70-plus people

Wed, Feb 22, 2017

"There is absolutely no cause for panic. We are not going after everyone who deposited their holding of the demonetised currency in bank accounts between November 8 and December 30, 2016. Very clear thresholds have been set for tax department to take up deposits for verification. I repeat, it is for verification and not scrutiny or assessment," a senior Finance Ministry official said.

Income Tax Department in process of developing app to pay income taxes, apply for PAN cards

Income Tax Department in process of developing app to pay income taxes, apply for PAN cards

Wed, Feb 15, 2017

The Income Tax Department of India will soon launch an app which will help people to pay their taxes, apply for PAN cards or track tax returns.

Over 5.27 lakh taxpayers respond to IT department's 'Operation Clean Money '

Over 5.27 lakh taxpayers respond to IT department's 'Operation Clean Money '

Tue, Feb 14, 2017

"The explanation of cash deposit submitted by the taxpayer is being analysed in the context of nature of business and business profile in the earlier returns of the taxpayer," said the Ministry of Finance.

Income Tax Department processes 92% of Income Tax Returns within 60 days

Income Tax Department processes 92% of Income Tax Returns within 60 days

Mon, Feb 13, 2017

The Government of India's Income Tax Department has processed 92% of Income Tax Returns (ITRs) within 60 days for the current financial year 2016-17(FY17).

Tax officers to file self-appraisal report on e-assessment

Tax officers to file self-appraisal report on e-assessment

Sun, Feb 12, 2017

The assessment proceedings in all cases selected under scrutiny have to be conducted through email based communications unless the taxpayer concerned desires to opt out of the paperless assessment scheme.

Deposits of only more than Rs 2.5 lakh will be questioned: Income Tax Department

Deposits of only more than Rs 2.5 lakh will be questioned: Income Tax Department

Tue, Feb 07, 2017

Highlighting on the alert which is given on the income tax e-filing website, he said that already 2 lakh people have logged in on it.

Budget raises India's capital market ambitions

Budget raises India's capital market ambitions

Mon, Feb 06, 2017

The government intends to raise Rs 110 billion from the listing of state-owned insurance companies, Rs 465 billion from the sale of stakes in state-owned companies on local stock exchanges and Rs 150 billion from strategic sales in 2017-18.

Tax dept scans 1-crore accounts under 'Operation Clean Money'

Tax dept scans 1-crore accounts under 'Operation Clean Money'

Sun, Feb 05, 2017

"We have initially matched 1-crore accounts with the profile in our database and identified 18 lakh people with suspicious deposits of over Rs 5 lakh. We will expand the scope of data analytics further and match the profiles with our data base," the source told PTI.

Govt rules out tax incentive beyond Rs 2 lakh for second home

Govt rules out tax incentive beyond Rs 2 lakh for second home

Sat, Feb 04, 2017

"Government resources are very very limited. The question is should the government be subsidising first-time home owners who are occupying own house or should the government be subsidising the second acquisition of the property by people who have got surplus money to invest in real estate," Adhia said while addressing industry representatives here.

Tax Dept asks taxpayers to e-verify deposits post note ban

Tax Dept asks taxpayers to e-verify deposits post note ban

Thu, Feb 02, 2017

As the Income Tax Department uses Big Data to catch evaders, it is asking taxpayers to verify online the deposits they made in their accounts post demonetisation and respond to queries of any mismatch.

Income Tax Department launches Operation Clean Money to verify demonetisation data with tax payers' filings

Income Tax Department launches Operation Clean Money to verify demonetisation data with tax payers' filings

Tue, Jan 31, 2017

India's Income Tax Department has launched Operation Clean Money on Tuesday to verify deposited demonetised notes with tax payer's IT filings.

I-T begins action under Benami Act; issues 87 notices; attaches 42 assets worth crores

I-T begins action under Benami Act; issues 87 notices; attaches 42 assets worth crores

Tue, Jan 31, 2017

To slap the stringent provisions of the Benami Transactions Act was taken after analysing serious cases.

Demonetisation: Private entities to analyse data vis-a-vis Income Tax Return, Tax Deducted at Source

Demonetisation: Private entities to analyse data vis-a-vis Income Tax Return, Tax Deducted at Source

Thu, Jan 26, 2017

Post demonetisation, the Income Tax department has started the process of engaging private entities to match the data with I-T return or other information of assessees.

1 taxpayer owes 11% of India's individual income tax in 2014-15

1 taxpayer owes 11% of India's individual income tax in 2014-15

Tue, Jan 24, 2017

India had 36.5 million individual taxpayers who declared taxable income of Rs 16.5 lakh crore and were liable to pay Rs 1.91 lakh crore as income tax -- an increase of 23% and 37%.

NCLT to give order on January 18 on contempt plea filed by Cyrus Mistry family companies

NCLT to give order on January 18 on contempt plea filed by Cyrus Mistry family companies

Mon, Jan 16, 2017

The National Company Law Tribunal (NCLT) on Monday reserved its order till January 18 on a contempt petition filed by two Cyrus Mistry family companies against Tata Sons and its directors, including Ratan Tata, alleging violation of NCLT directives in taking steps to remove Mistry from the Board.

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