Income Tax department

Income Tax refunds worth Rs 1.36 lakh crore issued to 41.25 lakh taxpayers till November 24

This includes personal income tax (PIT) refunds amounting to Rs 36,028 crore and corporate tax refunds of over Rs 1 lakh crore during this period.

published on : 25th November 2020

Tax sleuths find Rs 1000 crore unaccounted income after raids on Chennai-based IT infra group

Sleuths of the income tax department, who conducted searches on Wednesday, also unearthed evidence relating to investments in a Singapore registered company

published on : 7th November 2020

I-T refunds worth Rs 1.29 lakh crore issued to 39.49 lakh taxpayers

This includes Personal Income Tax (PIT) refunds amounting to Rs 34,820 crore and corporate tax refunds aggregating to Rs 94,370 crore during this period.

published on : 4th November 2020

I-T Department detects Rs 75-crore 'unaccounted income' after raids on Bihar contractors, traders

As much as Rs 3.21 crore cash has been seized during the raids, while fixed deposits of Rs 30 crore have been placed under prohibitory orders.

published on : 30th October 2020

Private sector, state government, PSU employees eligible for I-T exemption under LTC cash voucher scheme

The employees have to exercise an option for the deemed LTC fare in lieu of the applicable LTC in the Block year 2018-21.

published on : 30th October 2020

I-T department busts Rs 500 crore fake bill entry racket from five states

Also found were Rs 2.37 crore cash and jewellery worth Rs 2.89 crore has also been found along with 17 bank lockers, which are yet to be operated, it said. 

published on : 28th October 2020

Sasikala's assets worth Rs 2,000 crore seized by Income Tax department

The assets were attached by the Benami Prohibition wing of the Income Tax Department. Sasikala, Ilavarasi and Sudhakaran are serving a four-year sentence in a disproportionate assets case.

published on : 7th October 2020

Madras High Court issues notice to music composer AR Rahman over alleged tax evasion

The allegation is that the money had been transferred to the AR Rahman Foundation, which did not have a Foreign Contribution Regulation Act (FCRA) licence then

published on : 11th September 2020

I-T dept raids three J-K based businessmen involved in cross-LoC trade with Pakistan

While the statement did not identify those searched, official sources said those raided include Hilal Ahmed, Ghulam Rasool Magray and Ishfaque Dar.

published on : 2nd September 2020

Income tax department authorities can share info with scheduled commercial banks: CBDT

CBDT is the apex tax body on personal income tax and corporate tax. Section 138 of the Income Tax Act empowers income tax authorities to share information/ details of its taxpayers with other agencies

published on : 1st September 2020

I-T dept to intimate taxpayers under scrutiny about faceless assessment

Under faceless scrutiny assessment, a central computer picks up tax returns for scrutiny based on risk parameters and mismatch and then allots them randomly to a team of officers.

published on : 28th August 2020

I-T department to launch e-campaign for taxpayers who haven’t filed returns

The I-T department will reach out to these taxpayers through SMS or email and can submit a response online to the query of the tax department on the portal.

published on : 20th July 2020

I-T refunds worth Rs 71,229 cr issued to 21.24 lakh taxpayers during April 8-July 11

The Central Board of Direct Taxes (CBDT) further asked taxpayers to provide immediate response to emails of the department for quick processing of their refunds. 

published on : 17th July 2020

I-T Department asks taxpayers to verify ITRs for AYs 2015-16 to 2019-20 by September 30

A taxpayer filing Income Tax Returns electronically without digital signature has to verify it using either Aadhaar one-time password.

published on : 14th July 2020

Deadline to file income tax returns for 2019-20 extended to November 30

Earlier this week, the I-T department had announced the extension of the deadline for tax saving investments/payments for the financial year 2019-20 to July 31.

published on : 4th July 2020
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