- Tag results for Income Tax Department
According to a report, the I-T Department is not utilising other third-party data or surveys to widen its tax base in the real estate sector.
The raids also revealed that money was being paid in aggregation of land parcels through the real estate firms.
According to CBDT chairman Sushil Chandra, the Income Tax department has issued 42 crore permanent account numbers.
As part of the government's simplification procedures, in two years the taxpayer doesn't need to face the taxman with assessees will be provided pre-filled return forms.
The IT department acted after Rabri Devi and her daughter failed to explain the source of the properties which had been donated to them by RJD chief Lalu Prasad's domestic helps in 2014.
Raids were conducted at several locations. However, officials refused to give details on how many places the raids are continuing.
The decision follows a note from the CBDT chairman addressed to all IT offices asking them to pull up their socks since tax collection was still trending below budget expectations.
The Delhi division of Income Tax Department has said that the seller will be asked to pay the penalty of an equal amount if he has accepted cash above Rs 20,000.
A single judge had rejected the claim of suppression of facts and hence, the present appeal.
Earlier, the telecom major had claimed for a refund of over Rs 4,759 crore in respect of returns filed for the assessment years (AYs) 2014-15 to 2017-18.
Currently, furnishing father's name is mandatory for the allotment of Permanent Account Number (PAN). The new rules would come into effect from December 5.
According to officers, Thomas bought the land in a benami transaction. The land was bought from 33 persons through their power of attorney in 2001.
One of the firms identified by ITD officials is V V minerals of Tamil Nadu.
Bahl is the founder of the Quint news portal and the Network18 group and is a known media entrepreneur.
Shivakumar, according to his associates, is attempting to bridge the gap between the ministers and Chief Minister H D Kumaraswamy.