Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi.
Senior tax officials were told to focus on cash collection from the arrears so that the target for FY23 was achieved and the overall revenue position improved.
"Defaulters are advised to pay tax arrears immediately," said the notice.
I-T department's direct taxes target for the current financial year is Rs 6.36 lakh crore (Rs 6.36 trillion.
The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
The Enforcement Directorate has issued a fresh summons to Bihar Deputy Chief Minister and Rashtriya Janata Dal leader Tejashwi Yadav in the railway land-for-jobs scam case, asking him to appear on January 5, official sources said on Saturday.
The note guides taxman to avoid seeking voluminous details.
Includes those dealing in high-value property and petrol pump owners
The about 60-pages prosecution complaint was filed by the federal agency before a special Prevention of Money Laundering Act court in Delhi on May 24.
Promoter entity RRPR - owned by Prannoy and Radhika Roy - says allegations baseless; replies to queries by Sebi.
West Bengal Chief Minister Mamata Banerjee on Monday ordered an immediate ban on the screening of the controversial film The Kerala Story to avoid "any incident of hatred and violence", a senior official said in Kolkata.
To ensure taxpayers are able to shield their e-filing against any fraudulent activity, the Income Tax Department on Monday introduced a new facility called e-filing vault.
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
Employees are often under this impression that as the employer has deducted tax at source, they need not file income tax (IT) returns.
It is the second firm to have received retrospective tax notice this year after Vodafone Group.
Two-wheeler market leader Hero MotoCorp has denied the report of the IT Department finding Rs 1,000 crore false expense claims, saying it is speculative. The company said officials from the Income Tax department visited its offices in the previous week, and it has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. "The allegations made in the press report are not borne out of any documents that have been served on us or our internal documents.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
The Income Tax department has begun the process to examine bank deposits and transactions to check possible black money instances and said once the last opportunity to declare funds in old notes under the PMGKY scheme ends it will be very tough for hoarders.
The income tax department's marathon "surveys" at BBC's offices ended on Thursday, after clocking over 58 hours in total, as officials prepared an inventory of financial data from select staffers and collected digital and paper data.
Salaried individuals may not need to file revised returns as they have only one source of income and there are lesser chances of erring while filing returns
I-T sleuths are raiding 130 premises of the business houses in the cities of Chennai, Hyderabad, Thrissur and other locations in Kerala, Karnataka, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Delhi and West Bengal, I-T sources said.
The tax authorities may tell banks and crypto exchanges to report transactions of virtual digital assets (VDAs) as the government begins taxing gains from cryptocurrencies and non-fungible tokens from April 1. So far, the tax department has relied on voluntary disclosures on transactions of VDAs. Once implemented, the sale and purchase of digital assets will reflect in the Annual Information Statement (AIS). The AIS contains details of at least 46 of the financial transactions done by a taxpayer in a financial year.
This will add to the woes of the conglomerate that had received a show-cause notice from the Directorate of Revenue Intelligence (DRI) last week for alleged over-valuation of imported machinery by Rs 2,000 crore.
The income tax department on Wednesday conducted a survey operation at Hinduja Global Solutions, an entity of the Hinduja Group, in Mumbai and some other cities, official sources said.
A team of tax department officials is undertaking the raids against Jadhav, also the chairman of the BMC standing committee, since early morning, they said.
The British telecom major has disputed the tax demand over its acquisition of 67 per cent stake in Hutchison, now called Vodafone India, arguing that no tax was due as the transaction was conducted offshore.
Transfer pricing tax orders of Income Tax against Shell and Vodafone pertain to alleged undervaluation of shares issued by their domestic subsidiaries to the parent companies abroad.
The raids are underway at three locations, including her residence in Sainik Farm. Misa Bharti and her husband Shailash Kumar are involved in an alleged benami land deals case and were called for questioning by tax officials in June.
In more trouble for Finnish mobile firm Nokia, whose immovable assets were attached in an alleged tax evasion case recently, the Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of Rs 1,000 crore (Rs 10 billion).
The Income Tax department on Friday said it has notified I-T return forms 2, 3 and 5 for filing tax returns for assessment year 2024-25. The ITR-1, which is filed by individuals having a total income of up to Rs 50 lakh, and ITR-6 for companies were notified earlier in December 2023, and January 2024, respectively.
The department will impose a penalty, which could be between 30 per cent and 120 per cent.
4 luxury SUVs and documents indicating 'benami' assets of Rs 300 crore have been recovered during income tax raids.
Non-compliance can also result in legal complications and disputes with the tax authorities.
I-T will now ask the company to produce documents and validate the source of the recovered cash.
A taxpayer whose deductions and exemption claims are less than Rs 3.75 lakh annually would be advised to opt for the new income tax regime and pay less tax than they gave in the old regime, a senior finance ministry officer said on Wednesday. The Income Tax Department has arrived at the figure after making due calculations for ensuring a "hassle-free and less tax rate" filing regime for the assessees, he said. Union Finance Minister Nirmala Sitharaman, while presenting the Budget for 2023-24, said the government has made the new income tax regime more attractive for taxpayers bringing "substantial changes" in its structure for the benefit of the middle class.
'Quite a few notices have been issued in both black money and benami transactions.'
The taxman carried out a total of 677 search, survey and enquiry operations
According to experts, declarations can be made with regard to capital gains or business income, which have escaped assessment
Premises of former Karnataka chief minister B S Yediyurappa's close aide Umesh were among those raided by Income Tax sleuths in the State on Thursday.
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