Net direct tax collection grew 8 per cent to over Rs 17.04 lakh crore this fiscal till December 17 on slower refunds and higher advance taxes from corporates, the income tax department data showed on Friday.
Those conducting their businesses predominantly in cash and evading income tax have reasons to worry.
According to a police officer, the fire started in the office of the Commissioner in room number 325 on the third floor of the building. He said many of the employees were outside the building as it was lunchtime, otherwise, the casualty could have been more.
The government earned Rs 7.42 lakh crore as direct taxes in 2015-16, a 66 per cent increase from Rs 4.45 lakh crore in 2010-11
"Taxpayers with income from shares, mutual funds, crypto, ESOPs, or derivatives often incorrectly use ITR-1 instead of ITR-2 or ITR-3."
The Delhi High Court quashed income tax notices issued to NDTV founders Prannoy Roy and Radhika Roy, citing arbitrary proceedings and ordering the department to pay costs.
A Special Investigation Team (SIT) probing the alleged embezzlement of donation money at the Ram Temple in Ayodhya is expected to question people associated with the Shri Ram Janmabhoomi Teerth Kshetra Trust and review banking arrangements for donations.
With more granular reporting and enhanced data matching, mismatches are likely to be identified more quickly.
The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh for FY 2023-24 (AY 2024-25). Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year.
'In practical terms, a Master Circular is not merely desirable; it is a necessary transition tool to ensure that the promise of simplification under the Income-Tax Act, 2025, is fully realised.'
Officials said the agency has sought property details on ten serving and retired officials of the ministry of defence and the IAF.
rediffGURU T S Khurana answers readers' personal income tax queries
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.
Government Railway Police (GRP) recovered Rs 1.75 crore in cash from two passengers on the Akal Takht Express at Pandit Deendayal Upadhyay Railway Station in Chandauli district, Uttar Pradesh. The passengers, residents of Lucknow, claimed the money was related to their diamond and jewellery business, but police are investigating further.
According to official sources, complaints were received by the department that TDS was being collected arbitrarily by the payers. Another reason for this decision is that refunds from the department have also gone up. Sources said it should not affect the assessee who may be paying a high rate of TDS and is not compensated even after the employer or broking firm or any other organisation gets a refund on higher rate of TDS which may not be applicable to such income.
"Income tax revolution is going to take place. There is no limit to reforms in the income tax department and in the country as a whole," Central Board of Direct Taxes member B Swarup said in New Delhi.
Maharashtra's Ladki Bahin Yojana has seen 81 lakh registered beneficiaries removed following a multi-month e-KYC verification drive, with the state's Women and Child Development Minister Aditi Tatkare clarifying the process was mandatory to filter out ineligible individuals, income-tax payers, and government employee families.
In the era of e-filing, small mistakes lead either to delayed or complete denial of income tax refunds. So, avoid these 5 common mistakes that could lead to delay in refunds.
Amid the buzz over a split in the ranks of Lok Sabha MPs of Shiv Sena-Uddhav Balasaheb Thackeray through "Operation Tiger", Maharashtra Chief Minister Devendra Fadnavis on Sunday said the "operation" has been successful. His deputy and Shiv Sena president Eknath Shinde said he never leaves an operation incomplete.
This is part of a strategy to mop up as much revenue as possible in the current financial year.
All services on the income-tax e-filing portal -- both pre-login and post-login -- are expected to be updated by April 1 to reflect the new legal framework.
The deadline for filing income tax returns is (July 31) fast approaching. While many may be filing returns through their chartered accountant, filing e-returns (electronic returns) is the fastest and more convenient.
With the click of a mouse you could now check the status of your income tax refund online. The Income Tax department has introduced online availability of information regarding one's tax refund.
The tax is collected by brokers on behalf of the government and forms a key component of the Centre's tax revenues.
Income Tax Return forms in India are like the Golmaal series of movies. Every two years there is a new one.
Atishi claimed the notice was sent to scare her, but "we have come from difficult fields to change politics of this country and we will not get intimidated by these hollow threats of the BJP".
Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, appeared before the Enforcement Directorate in Kochi for questioning regarding a money laundering case involving her defunct IT firm, Exalogic Solutions Private Ltd, and mining company CMRL. The probe focuses on alleged payments made without services and loans extended despite repayment failures, leading to accusations of generating "proceeds of crime."
A Delhi court has ordered the confiscation of several properties belonging to UK-based arms consultant Sanjay Bhandari under the Fugitive Economic Offenders Act, following his declaration as a fugitive in a money laundering case.
The new income tax returns form, ITR-1, is relatively simpler than Saral. Here is a lowdown on what salaried individuals will now have to cope with.
The Enforcement Directorate has issued a fresh summons to Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, for questioning on June 17 in a money laundering case involving Cochin Minerals and Rutile Ltd (CMRL). The probe focuses on alleged payments of Rs 2.78 crore from CMRL to Veena's IT firm, Exalogic Solutions, without services rendered, and loans from an associated company.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
Income Tax department on Monday began searches at the premises of FMCG company Vicco Laboratories in Mumbai, Nagpur and Goa for alleged tax evasion.
I-T dept plans a different set of parameters to identify more people not paying dues properly.
According to a report, while 121.1 million PAN card holders were there up to March 31, 2011, the number of tax returns filed were just 34.8 million during 2010-11.
The SIT investigating self-styled godman Ashok Kharat, who faces multiple rape accusations, has made significant breakthroughs.
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
Police in Kanpur have arrested a suspected mastermind behind a network of fake firms, forged documents, and suspected hawala transactions worth over Rs 3,200 crore.
With the new tax slabs applicable for income earned during Financial Year 2014-15 and host of new changes in income tax returns and filing norms, this e-filing season will certainly bring in a new experience for taxpayers. Here's how
