The tax department conducts about 100-150 "full blown" searches and surveys in a financial year, and this enforcement action is not aimed towards the common taxpaying individual or entity.
Congress MP Priyanka Gandhi has accused the ruling LDF in Kerala and Chief Minister Pinarayi Vijayan of being Prime Minister Narendra Modi's "B-team" and of secretly joining hands with the BJP, alleging a compromised leadership and lack of accountability.
rediffGURU Yogendra Arora answers readers' personal income tax queries.
Taxpayers have been advised to file accurate particulars of their income and contact details, and not to fall prey to agents or intermediaries promising undue refunds.
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
Immigrants' contribution to the US economy is disproportionate to their share of the population, meaning that losing them would shrink the economy even more than losing a random group of Americans, points out Sree Sreenivasan.
A Delhi court has declared UK-based arms consultant Sanjay Bhandari a fugitive economic offender on an Enforcement Directorate plea.
A Pune-based businessman has accused self-styled godman Ashok Kharat of defrauding him of Rs 6 crore (600,000) under the guise of helping him establish a logistics business abroad. This is the eighth case registered against Kharat, who is already in police custody on separate charges.
Enforcement agencies have highlighted risks related to money laundering and terror financing, prompting closer scrutiny of crypto platforms operating in India.
Central GST (CGST) field offices will remain open on March 29-31, the Central Board of Indirect Taxes and Customs (CBIC) said on Friday. The CBIC directive came days after a similar directive from the Central Board of Direct Taxes (CBDT) regarding income tax department offices "to facilitate completion of pending departmental work.
The Delhi high court on Thursday rejected petitions by the Congress challenging the initiation of tax reassessment proceedings against it for a period of four years by tax authorities.
The rupee appreciated 53 paise to close at 89.67 against the US dollar on Friday, supported by corporate dollar inflows and easing crude oil prices. Forex traders said a positive trend in domestic equities and Brent crude oil prices hovering near $59 per barrel supported the domestic unit at lower levels.
Handbags, wrist watches, footwear and sportswear, priced above Rs 10 lakh will now attract 1 per cent Tax Collected at Source (TCS), as per a notification issued by the Income Tax department. TCS at 1 per cent rate is currently being levied on motor vehicles costing above Rs 10 lakh effective January 1, 2025.
7 states account for over 80 per cent of the total direct tax collections by the Union government.
The return filed could be treated as defective, invalid, or even be considered as not filed at all.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
The Income Tax notice was recovered from the house of Baljeet Kaur at Shahabad in Kurukshetra in Haryana where Papalpreet and Amritpal had taken shelter on March 19 and 20 before fleeing from there.
Organise your PAN, Form 16, Form 26AS, AIS, and all other proofs before e-filing.
Through his commitment to democratic norms, debate, dissent and constitutionalism, Jawaharlal Nehru helped ensure that parliamentary democracy took deep root in independent India. Utkarsh Mishra evaluates Nehru's 17 years as India's first prime minister, examining his role in nation-building, democratic institution-building, economic planning, scientific advancement and foreign policy.
Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
Income tax sleuths who reached Khan's residence on Jail Road in Rampur in Uttar Pradesh at 7 am on Wednesday completed their search Friday evening.
Transactions were allegedly not reported correctly in the tax returns for FY20.
Finance Minister Nirmala Sitharaman on Wednesday asked tax officers to use simple language in income tax communications so that notices do not instil fear in the minds of taxpayers. Advising the income tax officers not to take "disproportionate" action and use enforcement measures only, as the last resort, Sitharaman said tax officers should use "power judiciously".
Ramesh alleged that through the "electoral bonds scam", the Bharatiya Janata Party has collected Rs 8,200 crore and used the route of "pre-paid, post-paid, post-raid bribes and shell companies".
A look at what constitutes Income on Indian soil and what is not from the perspective of the income tax department. The income tax department defines certain incomes as Accruing or Arising in India. This is the basis of calculating your income and income tax. Let's get to know a bit more. . .
With this latest notice, the Income Tax department has raised a total demand of Rs 3,567 crore from the Congress.
Here's what you must know about the new rule, its implications, and whether it affects taxpayers' rights and privacy.
The income tax department on Tuesday asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate. As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate. Last month, the income tax department issued a circular stating that no action will be taken for short deduction of TDS in case the assessee links his/her PAN with Aadhaar by May 31.
Former chief secretary Vinit Chowdhary has criticised Himachal Pradesh Chief Minister Sukhwinder Singh Sukhu over his handling of graft allegations in the Chester Hill housing project.
'With new technology and stricter checks, cheating on taxes is just not worth it anymore.'
Last week, the ITAT had dismissed the Congress' appeal against the imposition of penalties for discrepancies in tax returns for previous years.
The income tax department has notified ITR forms 1 and 4 for assessment year (AY) 2025-26 that are to be filed by individuals and entities with total income of up to Rs 50 lakh a year. Now individuals having long-term capital gains of up to Rs 1.25 lakh in a fiscal year can also file ITR-1.
Talking to reporters, Pawar said the Income Tax department has sought his "clarification and explanation" on some poll affidavits furnished by him.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
The income tax department has extended the date for filing audit report for 2023-24 by 7 days till October 7. In a circular, the I-T department said considering the difficulties faced by taxpayers in electronic filing of various audit reports under the Income Tax Act, the deadline is being extended from September 30 to October 7.
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 income tax department on Saturday extended the deadline for filing income tax returns by corporates by 15 days till November 15 for assessment year 2024-25. In a circular, the Central Board of Direct Taxes (CBDT) said the deadline will be extended from the earlier target date of October 31. The new deadline for Assessment Year 2024-25 (for furnishing tax returns for fiscal 2023-24) is November 15.
rediffGURU T S Khurana answers readers' personal income tax queries.
