Income Tax News

CBDT issues refunds to more than 21.32 lakh taxpayers between 1st April to 2nd August, 2021

08 August 2021 at 18:54

Income tax refunds of Rs. 13,694 crore have been issued in 20,12,802 cases & corporate tax refunds of Rs. 32,203 crore have been issued in 1,19,173 cases.

Posted in Income Tax | 1518 Views

Lok Sabha passes Bill to settle retrospective taxation - Taxation Laws (Amendment) Bill, 2021

06 August 2021 at 18:08

This bill is likely to settle disputes with Cairn Energy Plc, Vodafone Group Plc, and 15 other companies over retrospective tax demands raised by the Union Government.

Posted in Income Tax | 11469 Views

CBDT further extends the due dates for electronic filing of certain forms

03 August 2021 at 20:38

On consideration of difficulties reported by the taxpayers and other stakeholders in the electronic filing of certain Forms, CBDT has decided to further extend the due dates for electronic filing of such Forms vide Circular No.15/2021 dated 03.08.2021.

Posted in Income Tax | 3 comments | 30552 Views

CBDT issues refunds of over Rs. 43,991 crore to more than 21.03 lakh taxpayers between 1st April, 2021 to 26th July, 2021

30 July 2021 at 18:48

Income tax refunds of Rs. 13,341 crore have been issued in 19,89,912 cases & corporate tax refunds of Rs. 30,651 crore have been issued in 1,12,567 cases.

Posted in Income Tax | 1746 Views

ITR Refunds are directly credited to the bank account of taxpayers, states FM

28 July 2021 at 06:26

As per the answer to Question no. 81 in the Rajya Sabha by FM on 27.07.2021, "Refunds are directly credited to the bank account of taxpayers making the end-to-end process from filing of ITR till receipt of refund seamless & fully electronic."

Posted in Income Tax | 6666 Views

Direct tax collection doubled for first quarter of current fiscal

27 July 2021 at 20:39

Shri Pankaj Chaudhary stated that the net direct tax collection in the 1st quarter of FY 2021-2022 is Rs. 2,46,519.82 crore as against Rs. 1,17,783.87 crore during the same period of previous FY 2020-21.

Posted in Income Tax | 1464 Views

Systemic measures by Government under Black Money Act detects undisclosed income of several crores

27 July 2021 at 06:29

In the recent years, the Government has taken a number of measures to bring back the black money stashed abroad 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015'.

Posted in Income Tax | 1791 Views

Message of FM Nirmala Sitharaman on the occasion of 161st Income Tax Day, 2021

26 July 2021 at 06:01

While witnessing the 161st Income Tax Day on 24th July 2021, Finance Minister Nirmala Sitharaman felicitated the Income Tax Department and said that "principles of equity, justice and fairplay in tax administration permeate our tax policy even today."

Posted in Income Tax | 9330 Views

161st Income Tax Day: A journey towards Nation Building

24 July 2021 at 17:47

The 161st anniversary of Income Tax Day was observed by the Central Board of Direct Taxes and all its field offices across India on 24th July 2021. As part of the observance, the field formations held a range of activities.

Posted in Income Tax | 1341 Views

IT Department conducts raid at media group Dainik Bhaskar

23 July 2021 at 12:03

On Thursday, 22nd July 2021, around 100 officials from the Income Tax Department conducted a raid at over 30 locations of the Media Group Dainik Bhaskar's offices in Madhya Pradesh, Maharashtra, Delhi, Rajasthan and Gujarat.

Posted in Income Tax | 2 comments | 10536 Views