Income Tax News

Government takes note of the data trove in the Pandora Papers leak

05 October 2021 at 05:48

On 3rd October 2021, the International Consortium of International Journalists (ICIJ) has come out with what is claimed to be a 2.94 terabyte data trove that exposes the offshore secrets of wealthy elites from more than 200 countries and territories.

Posted in Income Tax | 1617 Views

CBDT notifies Rules for implementing the amendments made by the Taxation Laws(Amendment) Act, 2021

02 October 2021 at 15:41

No tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 2012 for any offshore indirect transfer of Indian assets if the transaction was undertaken before 28th May 2012.

Posted in Income Tax | 1 comments | 5742 Views

CBDT issues order u/s 119(2)(b) for filing applications for settlement before Interim Board for Settlement by 30th September 2021

29 September 2021 at 06:01

CBDT has authorized the Commissioner of Income Tax to admit an application for settlement on behalf of the Interim Board filed after 31.01.2021 and before 30.09.2021 and treat such applications as valid and process them as "pending applications".

Posted in Income Tax | 6105 Views

Gross Direct Tax collections for the FY 2021-22 register a growth of 47%

24 September 2021 at 19:35

The Net Direct Tax collection of Rs. 5,70,568 crore (as on 22.09.2021) include Corporation Tax (CIT) at Rs. 3,02,975 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs. 2,67,593 crore (net of refund).

Posted in Income Tax | 2199 Views

CBDT issues refunds to more than 45.25 lakh taxpayers from 1st April to 20th September 2021

23 September 2021 at 05:55

Income tax refunds of Rs. 18,873 crore have been issued in 43,68,741cases &corporate tax refunds of Rs. 55,285 crore have been issued in 1,55,920 cases.

Posted in Income Tax | 1713 Views

Income tax Department raids premises of former Maharashtra Home Minister Anil Deshmukh

21 September 2021 at 05:46

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.

Posted in Income Tax | 1 comments | 11217 Views

Income Tax Department unearths a tax evasion of more than Rs. 20 crores by actor Sonu Sood

19 September 2021 at 07:45

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

Posted in Income Tax | 5 comments | 11961 Views

Government extends certain timelines under Income Tax to ease compliances

18 September 2021 at 07:09

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.

Posted in Income Tax | 9615 Views

Central Government relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section of 10(26) of the Act

18 September 2021 at 07:08

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.

Posted in Income Tax | 12528 Views

Glitches on the New IT Portal not yet resolved even on the date of FM's deadline

15 September 2021 at 14:19

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.

Posted in Income Tax | 7 comments | 7473 Views