Income Tax News

Income Tax Searches in Tamil Nadu net more than Rs 700 crore

12 August 2019 at 11:04

The Income Tax Department conducted a search and seizure operation on 06.08.2019 in the case of one of the major producers of beer and IMFL in Tamil Nadu. The search action was launched in the early hours of Tuesday at 55 premises in various places i

Posted in Income Tax | 5778 Views

Income Tax Department detects Benami business of running of petrol outlets in Meghalaya

12 August 2019 at 11:04

In a swift and coordinated action on Friday, 2nd August 2019, the Investigation Wing of Income Tax Department, NER carried out searches on certain businessmen in Meghalaya found to be involved in running a web of petrol pumps managed and controlled a

Posted in Income Tax | 5691 Views

Enhancement of Monetary limits for filing of appeals by the IT Department

09 August 2019 at 12:14

There is a substantial pendency of appeals of the Income Tax Department before various appellate fora. The CBDT is aware of the importance of litigation management and has been continuously working towards achieving the same.To effectively reduce tax

Posted in Income Tax | 6030 Views

ICSI representation for inclusion of CS in definition of Accountant under IT Act

06 August 2019 at 11:30

ICSI Representation for inclusion of CS in the definition of Accountant under the Income Tax Act, 1961To read in details, find the enclosed file

Posted in Income Tax | 7 comments | 8094 Views

IT Search on a prominent Real Estate Group in Mumbai

05 August 2019 at 11:59

Search on a prominent Real Estate Group in MumbaiThe Income Tax Department conducted Search and Seizure operation on 29.07.2019 on a prominent group involved in Real Estate Development, covering more than 40 premises across Mumbai and Pune. During t

Posted in Income Tax | 4 comments | 6987 Views

E-fling lite : A lighter version of efiling portal launch by IT dept

01 August 2019 at 11:42

Income tax department is launching 'e-Filing Lite', a lighter version of e-Filing portal with a focus on filing of Income Tax Return (ITR) by the taxpayers. The same can be accessed by clicking 'e-Filing Lite' button in home page. The

Posted in Income Tax | 10233 Views

Rs. 2,51,411 crore Tax Revenue received upto June 2019

01 August 2019 at 11:42

Monthly Review of Accounts of Union Government of India upto the month of June 2019 for the Financial Year 2019-20.The Monthly Account of the Union Government of India upto the month of June 2019 has been consolidated and reports published.The highli

Posted in Income Tax | 7062 Views

Extension of time to 16th Aug to the Task Force for drafting a New Direct Tax Legislation

01 August 2019 at 11:42

A Task Force was constituted by the Government in November, 2017 to review the existing Income-tax Act, 1961 and to draft a new direct tax law in consonance with economic need s of the country. It was required to submit its report by 31st of July, 20

Posted in Income Tax | 2319 Views

Foreign Assets worth Rs. 200 crore found in IT search

29 July 2019 at 11:26

Income Tax Department conducted searches on 23rd July, 2019 in a group covering 13 premises across 3 States (Delhi, Haryana & Himachal Pradesh).The group, controlled by persons who have significant political presence in a neighbouring State for d

Posted in Income Tax | 8760 Views

FM asks Tax officers to deal firmly with Tax evaders

25 July 2019 at 11:44

Finance Minister exhorted Income Tax officers to be prompt in redressing the grievances of the tax payersFinance Minister asks Tax officers to deal firmly with Tax evaders Income Tax Department celebrates Aaykar Diwas 2019The Union Minister of Financ

Posted in Income Tax | 6855 Views