Under the new system, Infosys will handle end-to-end solution - from e-filing to return assessment to refund processing. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers.
Income tax officials on Monday conducted surveys at offices of engineering major Larsen & Toubro and media firm Zee Group for alleged GST evasion, an official of the tax department said. When contacted, L&T neither confirmed nor denied the development, while the media group has confirmed the tax survey. The tax official said surveys have been carried out at many L&T premises in the city, and in case of Zee, the surveys are underway at all its offices across the country since morning.
I-T officials say many lawyers, CAs, consultants, designers have not filed their TDS
Indians having undisclosed income in the United States (US) may face proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, this financial year. Also, those named in global leaks may be searched, show-caused, and prosecuted, according to the FY23 internal action plan of the Central Board of Direct Taxes (CBDT). The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets.
Undisclosed foreign assets and funds worth Rs 350 crore detected; these are separate entities from those featured in Panama Leaks and Paradise Papers
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
'This mega corruption scandal, as certified by the Supreme Court, will expose the unholy nexus between the BJP and its corrupt corporate masters'
It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi.
The Chief Minister Palaniswami camp, however, blamed the Sasikala family for the raids.
In a post in Hindi on X, Gandhi accused the prime minister of twisting his words and said he was speaking about the power of which Modi was wearing the mask.
I-T officials were scrutinising documents related to purchase orders and other financial dealings.
The income tax department on Tuesday said its new utility developed to help TDS deductors and TCS collectors identify non-filers or "specified persons" on whom higher rate of taxes will be levied will help ease compliance burden. From July 1, non-filers of income tax returns for the past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000 or more in each of those two years. The provision was introduced in the 2021 Budget. The TDS deductors and TCS collectors would be required to check on the functionality of the PAN of the vendor from whom TDS is to be deducted or TCS to be collected, only at the beginning of the financial year.
Taxpayers can expect faster refunds from the I-T department this year as the ambitious centralised processing centre of the department will start functioning to full capacity.
Department seeks investor database on the suspicion of fictitious investors.
For some assessees, the range may not have changed.
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
The reduced growth is largely because of consumption slowdown and tax rate cuts.
With a staff crunch, it seems the I-T department would now target only the big fish rather than go after small assessees.
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
CBDT recently issued orders to all tax offices to check any 'discrepancies' in financial statements of these companies
The Income Tax department has issued notice to a firm owned by Robert Vadra as part of its probe to understand the "financial structure" of the company and real estate projects undertaken by it.
Any additions in demand made by a tax officer under the faceless assessment process for over Rs 5 lakh of income will undergo a rigorous review process before a final demand order is passed.
The recently promoted Commissioners will now take charge and ensure faster work.
The Income Tax department has issued notices to Knight Riders Sports Private Limited and Gameplan Sports to appear before it in connection with the recent search operations at the offices of the two entities.
The searches are linked to suspected movement of hawala money during the ongoing polls season and tax evasion.
The new measure will ease the process of quick generation of refunds of taxpayers.
I-T department is investigating 20 listed companies suspected to have falsely claimed long-term capital gains tax exemption
Meanwhile, the Directorate General of Civil Aviation has also ordered an engineering audit of the airline after the carrier is said to have found it difficult to provide equipment to operate some flights.
In coordinated raids, more than 300 Income Tax sleuths swooped down on premises linked to two prominent Congress leaders in Karnataka -- the former deputy chief minister and former MP R L Jalappa's son J Rajendra.
The department had launched searches against the 48-year-old actor and the Lucknow-based group of industries involved in infrastructure on September 15 and the CBDT said the action was continuing.
Direct tax collections missed the revised target for 2019-20 by Rs 1.42 trillion at Rs 10.27 trillion, an 8 per cent fall over the previous year.
Individual tax-payers could get notices in case of a loan or a cash gift from a relative.
This is where 300-odd executives of Infosys and 30 I-T officials, headed by commissioner Sanjai Kumar Verma, process all I-T returns filed electronically (e-filing) across the country and all paper filings of Karnataka.
Besides selling movable and immovable assets to make recoveries, taxmen filed prosecution cases against those not paying the demand.
On October 18, the tax department had said searches had led to detection of undisclosed income of more than Rs 500 crore in addition to Rs 93 crore worth seizures, including gold jewellery and diamonds. A revised appraisal of such seizures now pegs its value at Rs 106 crore which includes cash (Rs 45 crore), gold jewellery and diamonds (Rs 41 crore) and foreign currency Rs 20 crore.
The Income Tax department has begun the process to examine bank deposits and transactions to check possible black money instances and said once the last opportunity to declare funds in old notes under the PMGKY scheme ends it will be very tough for hoarders.
The new return forms also make life easier for expatriates.
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.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
10% TDS only on dividend paid by mutual funds, not on redemption of units: Tax dept
