Evidence found during the search clearly indicates concealment of income to the extent of about Rs. 17 crore. Several bank lockers found during the course of the search operation have been put under prohibitory orders.
The Income Tax Department conducted a search and seizure operation at various premises of a prominent actor in Mumbai and also a Lucknow based group of industries engaged in infrastructure development
Time limit for intimation of Aadhaar number to the Income tax Department for linking of PAN with Aadhaar has been extended from 30th September 2021 to 31st March 2022.
No deduction of tax shall be made on payment u/s 194A, namely payment in the nature of interest, other than interest on securities, made by a Scheduled Bank located in a specified area to a member of Scheduled Tribe residing in any specified area.
The Finance Minister’s September 15, 2021 deadline for the Bengaluru-based IT Solutions Company Infosys to fix the glitches in the Income Tax Portal for a seamless operation and filing of returns still remains a distant dream.
Income tax refunds of Rs. 16,753 crore have been issued in 24,70,612 cases &corporate tax refunds of Rs. 53,367 crore have been issued in 1,38,801 cases.
Equity shares of a public sector company received by a person from the CG or any SG under strategic disinvestment shall not be chargeable as income from other sources under Section 56(2)(x).
In order to facilitate the strategic disinvestment, it has been decided that Section 79 of the Income-tax Act, 1961, shall not apply to an erstwhile public sector company which has become so as a result of strategic disinvestment.
The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st October 2021 is hereby further extended to 15th February 2022; and whose due date is 30th November 2021 is further extended to 28th February 2022.
It is encouraging to note that over 94.88 lakh ITRs have also been e-verified, which is necessary for processing by the Centralized Processing Center. Of this, 7.07 lakh ITRs have been processed.
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