A senior Central Board of Direct Taxes official told Business Standard the department had initiated an extensive exercise under which it was sending notices on money kept abroad on the basis of tips/leads from tax authorities in various countries and also transaction data over recent years.
According to I-T department sources, the need for increased scrutiny comes following the department's own report for last fiscal which mentions that 'educational institutions' among other 'various sectors' have indulged in huge 'tax evasions'. The I-T department exempts educational trusts and institutions enjoying 'tax benefits' from the Act.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
The department has warned taxpayers that illegal 'mobile applications' circulating in the webworld for smartphones, especially Android and BlackBerry phones, 'may not be according to the department's data structure' and parameters.
10% TDS only on dividend paid by mutual funds, not on redemption of units: Tax dept
An I-T probe, sources said, was on to trace the recipient of the reported transfer into a multi-national bank in Singapore.
The Income Tax Department on Wednesday raided the homes and offices of Bollywood actor Taapsee Pannu and filmmaker Anurag Kashyap as well as his partners who launched the now shuttered production house Phantom Films, officials said.
The income tax probe against the Congress leaders has arisen from the investigation into the private criminal complaint filed by Bharatiya Janata Party leader Subramanian Swamy before a trial court in connection with the National Herald case, in which the trio are out on bail.
IT firm Mahindra Satyam is likely to approach the Andhra Pradesh High Court challenging the Rs 2,114 crore (Rs 21.14 billion) income tax demand raised by the I-T Department.
Finance Minister Nirmala Sitharaman on Monday said technical glitches in the new income tax e-filing portal will be largely fixed in the next few days and that she has been constantly reminding Infosys about the issue. "I have been reminding Infosys (the vendor which developed the new portal) constantly, and (Infosys head) Nandan Nilekani has been messaging me with assurances that next couple of days they will sort out majority of problems," she said. To a large extent, the system is far better than what it was in June but still some issues are there, she said.
Earlier, taxpayers were required to fill in complete details.
Here's how 250 tax sleuths are taking on corporate titans.
Delay in receipt of income tax returns is the most registered grievance of taxpayers in the national capital with the I-T Ombudsman receiving almost 85 per cent complaints in this regard.
The government has already sanctioned Rs 4,200 crore for upgradation of information technology infrastructure of Central Board of Direct Taxes (CBDT) for processing returns, refunds, faceless scrutiny and verification.
The Income Tax (I-T) Department has decided to put an end to the contentious issue of taxation of deemed dividend or inter-company loans given to common shareholders of unrelated companies. The department proposes to amend the I-T Act in this regard.
Income Tax (I-T) Department has issued a fresh notice to realty major DLF even as it's appeal against an additional tax liability imposed on it by the I-T Department is being heard.
"Defaulters are advised to pay tax arrears immediately," said the notice.
The government paid Rs 164.5 crore to Infosys to build the new income tax e-filing portal between January 2019 and June 2021, Parliament was informed on Monday. "The contract for Integrated e-filing & Centralized Processing Centre (CPC 2.0) Project was awarded through an open tender published on Central Public Procurement Portal (CPPP) to Infosys Ltd, the Managed Service Provider on the lowest cost basis.
The I-T dept has issued 87 notices under section 24 of the said Act
Yadav, who returned from the national capital on Thursday after a trip that lasted three days, asserted that there was "nothing new" in the summons, even as he alleged that the central agencies were acting as per the directions of the ruling Bharatiya Janata Party.
I-T dept launches Tatkal system for those who desire to help the victims of the earthquake in Nepal.
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 income tax department has repatriated Sunita Kejriwal, senior Indian Revenue Service officer and wife of Team Anna member Arvind Kejriwal who was recently in the midst of a row with the government over pending service dues.
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.
Taxpayers filing their I-T returns this year will now have to share their email-id and mobile phone number with the tax department.
The Gandhis and senior Congress leader Oscar Fernandes have challenged the Delhi high court's September 10 verdict by which their plea against the re-opening of their tax assessments for 2011-12 was dismissed.
The actor had earlier taken to Twitter on Sunday to share his "platinum certificate" from the ministry for filing his tax returns for the year 2019-2020 to refute rumours.
Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
Income Tax dept to enhance prosecution against large defaulters.
This fresh case pertains to the tax assessment done by the I-T department for the year 2009-10.
The tax department has deployed about 40 large and small machines to count currency notes and brought in more department and bank staffers to finish the counting process, which began on December 6 following raids against Boudh Distillery Pvt Ltd and others, they said.
Income Tax dept will launch over 100 fresh prosecution complaints.
An interim report on the action has also been sent by the field investigation wing of the income tax department to the Central Board of Direct Taxes in Delhi, the administrative body for the department.
Violations of the act, made operational from November 1 last year, attract a heavy penalty and rigorous jail term up to seven years.
The probe into alleged tax evasion and holding of directorship in multiple firms against the former banker pertains to a time period between 2015-17, they said.
Income tax department has begun a survey in a few state offices of Sahara group's para banking operations to get details on depositors.
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.
The I-T dept has repeated its claim after the Karnataka high court rejected a plea from the airline seeking to prevent its lenders from seizing the property.
