It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank, though such course of action is not common.
The Income Tax department has enabled online filing of income tax returns (ITRs) 1 and 4, filed by individuals, professionals and small businesses, for 2022-23 fiscal. In a tweet, the income tax department said, the software/utilities for preparing other ITRs/ Forms will be enabled shortly.
Move targeted at companies with high promoter holdings.
He said a petition has been filed before the Supreme Court, seeking an independent probe by a special investigation team into the alleged nexus between political parties and companies for corruption through electoral bonds.
The income tax department has moved the Supreme Court stating that private telecom service providers are liable to deduct tax at source for the payments made to state-owned BSNL and MTNL for inter-connectivity.
The department has suggested taxpayers to validate and include in the 'white/safe list' of their respective inboxes the official handle of the department -- 'DONOTREPLY@incometaxindiaefiling.gov.in', so that it does not land in the spam or junk folder of the taxpayer.
The Income Tax department has collected documents pertaining to tenders and award of contracts for its "two pronged" probe into the finances of the Commonwealth Games even as a high-level committee headed by a former CAG goes into allegations of corruption related to the mega sporting event.
The income tax (I-T) department in Mumbai has requested Vodafone to make an application to the assessing officer for determining the exact tax liability resulting from buying out 62 per cent equity stake from Hutchison in Hutchison Essar Ltd.
Earlier, the Sebi had interrogated and recorded the statement of Raju and his brother and Rama Raju for three days from February 4 in Chanchalguda Jail. In a petition filed in the court of 6th Additional Chief Metropolitan Magistrate, the I-T department sought three days time to examine and record the statement of Raju.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
The department on March 21 asked the firm to submit the amount of Rs 2,000 crore in about a week's time, I-T department sources said on Thursday.
The I-T department on Monday cautioned the public against responding to emails originating from private addresses as tax personnel send communication only through official email addresses.
Besides selling movable and immovable assets to make recoveries, taxmen filed prosecution cases against those not paying the demand.
Income Tax dept will launch over 100 fresh prosecution complaints.
This is the new addition to the tax data, which had identified over 600,000 people for scrutiny over huge inconsistencies in the cash deposits
The Bombay high court, in a very significant ruling on Wednesday, dismissed telecom major Vodafone International's petition challenging the Income Tax department's show cause notice for payment of capital gains tax of around $2 billion.
The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours.
Beleaguered Kingfisher Airlines on Monday virtually blamed the Income Tax authorities for the large-scale flight disruptions, saying freezing of its bank accounts by them had "severely affected" payment schedules that had led to the curtailment in its services.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
The Income Tax (I-T) Department has embarked on a plan to create a national data centre to facilitate a management information systems-based, real-time analysis of data for quick and effective decision making.
CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
Pawar said he was upset that his three sisters were dragged into this.
The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return.
The problem has been further compounded with several of the tax defaulters having created 'benami' assets to escape the dragnet.
The union cabinet on Thursday approved an additional expenditure of Rs 442.03 crore (Rs 4.42 billion) for the computerisation of income tax department.
The I-T department issued a circular allowing manual filing of Form 15CA/15CB (required for foreign remittances) with banks till June 30, so that business transactions may go on. The forms will be uploaded online on the e-filing portal later, it added.
Earlier, taxpayers were required to fill in complete details.
Details of identity and residence will not be required for exchange of notes between April 1 and June 30.
The British telecom major on Tuesday moved the dispute resolution panel, seeking relief from an order sent by the I-T department in December.
Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax.
I-T department defended its probe saying that the investigation has entered the "fifth layer" and the approach towards the case has not been tardy.
Vodafone had however sought Rs 4,759.07 crore in tax refund from for AYs - 2014-15, 2015-16, 2016-17 and 2017-18.
Raids on two city builders conducted by the investigation wing of the Income-Tax Department last week have yielded Rs 30 crore (Rs 300 million) in unaccounted assets, I-T sources said.
The I-T department expects that some more revenue would be garnered.
A 10-member delegation of Trinamool Congress (TMC) had announced the dharna after meeting a full bench of the Election Commission (EC) to press their demand.
Taxmen have come across instances where global firms - charged a withholding tax of 6 per cent - are underreporting the exact income they earned from an Indian user.
In order to weed out the hassle of sending by post a hard copy of e-filed return, the Income Tax department has decided to bring in the facility of electronic signatures for taxpayers to endorse their bonafides.
As part of the scrutiny, I-T department will initially issue 700,000 letters to those who have indulged in such transactions
Tightening the norms, Income Tax (I-T) Department has introduced a new column seeking details of foreign assets in the Income Tax Return (ITR) forms for the 2012-13 assessment year.
Violations of the act, made operational from November 1 last year, attract a heavy penalty and rigorous jail term up to seven years.
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