There is no proposal to modify income tax returns forms, finance ministry sources clarified when asked to comment on news reports that the purported statement of financial transactions expansion would result in the filing of high-value financial transactions in ITR by the taxpayers themselves.
The Union home ministry on Thursday recommended a Central Bureau of Investigation probe into the affairs of the Indian arm of the global NGO Oxfam for alleged violation of the Foreign Contribution (Regulation) Act, sources said.
I-T officials were scrutinising documents related to purchase orders and other financial dealings.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The income-tax department is set to launch a screen-based automated reconciliation system for plugging mismatches between returns filed by taxpayers and information processed by the department.
Raising slogans against the Bharatiya Janata Party, Trinamool Congress (TMC) leaders ended their 24-hour protest at the Mandir Marg police station in New Delhi on Tuesday evening, a day after they were detained while staging a dharna outside the Election Commission's office.
Empowered CIB to play lead role in recovering tax evaded.
Empowered CIB to play lead role in recovering tax evaded.
Taking note of complaints of indiscipline and anti-party statements, Congress president Mallikarjun Kharge approved Nirupam's expulsion from the party for six years with immediate effect, an official communication from the party said.
Besides real estate, other sectors which are under the scanner of include mining, civil construction, education, jewellery and manufacturing.
If you are one of those who are relying solely on your chartered account friend for all income tax assessment submissions, make sure to check for the ITR-V submission to avoid any problem in the future.
Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy.
The income tax department said it has received representations from taxpayers that the last date for intimating the Aadhaar number may further be extended in the wake of the on-going COVID-19 pandemic.
A Delhi court on Tuesday summoned Congress leader D K Shivakumar and others in a money laundering case lodged against him in 2018 after taking cognisance of the charge sheet.
Though the surveys were still going, the IT sleuths said they are investigating the records and books of accounts of these traders to ascertain the mismatch between physical stocks of goods and stocks maintained in account books.
The 75-year-old Congress president, who was supposed to depose before the agency on Thursday, wrote a letter seeking more time on the grounds that the doctors had 'strictly advised her to rest at home following her hospitalisation on account of Covid and lung infection'.
The object of AIR is to identify large financial transactions in respect of certain items.
The forms might soon come "pre-filled" and taxpayers won't have to fill details such as income, income sources, and personal details
Finance Minister Nirmala Sitharaman on Monday conveyed to Infosys CEO Salil Parekh in no uncertain terms the government's "deep disappointment and concern" over the continuing glitches in the new income tax filing portal and set September 15 as the deadline for the software major to resolve all snags. As glitches continued to mar the functioning of the portal even after over two months of its launch, Sitharaman summoned Infosys MD & CEO Parekh at her office here to know the reasons for not resolving the snags in the portal. A statement issued by the Income Tax Department said that during the meeting the finance minister emphasised that there is a need for putting in more resources and efforts on the part of Infosys so that the much delayed delivery of agreed services is ensured.
Officials said that taxmen visited seven locations in Bengaluru and three in Hyderabad of those event management companies which were given contracts to give a blockbuster look for the wedding of Bramhani last week.
We take the opportunity to bust a few myths
If you disagree with the notice, be ready to explain.
The income tax department will recommend de-freezing of about 100 demat accounts after it found the claims of a few individuals in the frozen accounts to be genuine.
Income tax online return accounts of certain people have been unauthorisedly accessed, the Finance Ministry has warned.
The Income Tax department on Tuesday raided more than 60 places across the country in connection with the alleged illegal investments and hawala transactions case involving Jharkhand's former Chief Minister Madhu Koda.
The Delhi High Court Tuesday said the Income Tax department is bound by its assurance to maintain confidentiality of the material seized during a survey operation at news portal Newslaundry's premises and to ensure that it is not leaked.
A senior Central Board of Direct Taxes official told Business Standard the Income Tax department had decided to intensify its vigil on the non-payment of TDS on interest earnings and non-disclosure of such income in the tax return.
The fake mails from unidentified cyber criminals have come at a time when most tax payers file for refunds.
However, the extension leaves the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
96 per cent is being collected through TDS, advance tax, self-assessment tax, and other receipts.
The Enforcement Directorate on Friday questioned Karnataka Congress president D K Shivakumar in the National Herald money laundering case, officials said.
Non-profit organisations set up for charitable purposes may see a tightening of income tax provisions.
The Income Tax department is probing tax evasion cases done through duplicate permanent account numbers, including over 100 cases detected by the Delhi Police.
The raids in as many as 38 premises in different parts of the state led to concealment of income which is likely to exceed Rs. 300 crore, the Income Tax department said in a release.
India's income tax department today said it would scrutinise more than a dozen cases of offshore mergers and acquisitions in which the deal results in an ultimate change of ownership of Indian firms. The latest move by the tax department comes in the background of a favourable ruling from the Bombay High Court yesterday in a case filed by Vodafone International Holding BV.
The issue of delayed refunds was not a healthy trend and was tarnishing the department's image.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances