Income Tax Department | The Asian Age

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CBDT shall also make all efforts for ensuring timely provision of service needs of its officials

New CBDT boss asks I-T dept to maximise revenue collection, get more taxpayers

Tax department has been given a target in Union budget to collect Rs 11.5 lakh cr revenue under the direct taxes category.

28 Feb 2019 11:17 AM

The panel found that in 21 cases in five states -- Gujarat, Karnataka, Maharashtra, New Delhi and Tamil Nadu, the AO (assessing officer) had allowed expenses which were in the nature of freebies given to doctors involving tax effect of Rs 45.43 crore. (Photo: ANI)

Par panel seeks action against IT officers

The Public Accounts Committee,while assessing the pharmaceutical sector found lapses in 36 cases in seven states.

17 Feb 2019 12:10 PM

This year so far 1.5 lakh persons have filed returns of income above Rs 1 crore, higher than 88,000 filed in 2013-14. (Representational Image).

Just 23 crore PAN cards linked with Aadhaar ahead of Mar 31 deadline

Income Tax department has so far issued 42 crore PAN, of which 23 crore have been linked with Aadhaar.

07 Feb 2019 3:43 PM

Last week, the Department for Promotion of Industry and Internal Trade (DPIIT), along with tax officials, met startup industry representatives to hear their suggestions. (Photo: ANI)

I-T Dept to soon decide on startups to be exempt from angel tax

Startups will have to provide account details and return of income for last three years.

07 Feb 2019 12:57 PM

Talwar is wanted by the ED and the CBI in a case of misusing over Rs 90 crore taken through foreign funding route as part of corporate social responsibility. (Photo: ANI)

Delhi HC seeks ED's response on Deepak Talwar's plea challenging deportation

Talwar was booked by ED and CBI in criminal cases of corruption, while I-T dept charged him with tax evasion.

05 Feb 2019 12:11 PM

The application of the recognised startup shall be moved by the department to CBDT with necessary documents.

Govt eases process for startups to seek tax exemption on angel fund investments

Startups will have to provide account details and return of income for last three years.

16 Jan 2019 5:21 PM

Arun Jaitley may double the income tax exemption threshold for the salaried from the present Rs 2.5 lakh to Rs 5 lakh.

Income tax relief on way, threshold may be doubled

Tax exemption to medical and transport allowance may come back.

14 Jan 2019 10:22 AM

CBDT on January 4 issued a fresh circular withdrawing the December 31, 2018 circular. (Photo: ANI)

I-T dept withdraws circular on transfer of shares for 'no or inadequate consideration'

The Congress party had welcomed the December 31 circular of the CBDT.

05 Jan 2019 5:29 PM

As many as 44 shareholders of Flipkart, including significant ones like SoftBank, Naspers, venture fund Accel Partners and eBay, sold their holdings to Walmart.

Income Tax dept examining taxation issues in Walmart-Flipkart deal

Walmart has reportedly paid over Rs 7,439 crore as taxes to the government on payments made by it to major shareholders of Flipkart.

04 Dec 2018 4:22 PM

The apex court, however, restrained the I-T department from implementing its order in the proceedings against Rahul, who is the Congress president, and his mother Sonia till the pendency of the matter before the court. (Photo: File)

Jolt to Rahul, Sonia Gandhi: SC allows reopening of National Herald tax case

A bench headed by Justice A K Sikri posted the matter for further hearing on January 8 next year.

04 Dec 2018 2:07 PM

The new rules would come into effect from December 5.

PAN: Father’s name not mandatory

Father's name in PAN application forms will not be mandatory in cases where mother of the applicant is a single parent.

21 Nov 2018 10:14 AM

The number of people who file tax returns has also increased by about 65 per cent during this period from 3.31 crore in FY 2013-14 to 5.44 crore in 2017-18 fiscal.

Average income of salaried, non-salaried & corporate taxpayers rises: CBDT

The number of salaried taxpayers has increased from 1.70 crore (assessment year 2014-15) to 2.33 crore (AY 2017-18).

22 Oct 2018 5:03 PM

The I-T department had earlier issued notices to over 80 stock brokers after it found tax evasion.

I-T Dept suspects massive tax evasion via derivative trading

The I-T department had last year detected bogus capital gain of about Rs 80,000 crore.

18 Oct 2018 8:50 AM

The proposal will be vetted by the Finance Ministry and sent for final approval to the Prime Ministers Office (PMO) before it is cleared by the Union cabinet. (Representational Image)

Govt to soon honour consistent taxpayers, policy proposal in works

An ambitious policy is in the pipeline to 'facilitate' honest taxpayers in availing a variety of public services on priority.

14 Oct 2018 7:39 PM

Ramesh, who is in Delhi, said, 'It is a clear-cut case of political vendetta. In fact, The Prime Minister himself warned us right inside Parliament about consequences since we have been fighting for the state’s rights. The I-T raids are a result of the warning.' (Photo: File)

I-T raids continue overnight at Andhra TDP MLA CM Ramesh's homes, offices

Ramesh was among the lawmakers who protested and escalated their demand for the special status category to Andhra Pradesh.

13 Oct 2018 12:52 PM

Finance Minister Arun Jaitley. (Photo: File)

Number of direct taxpayers may double to 7.6 cr during 5 yrs: Jaitley

The number of direct taxpayers was 3.8 crore when the Modi-led government took office in May 2014.

12 Oct 2018 12:35 PM

Officials said a team of sleuths raided the residence of Bahl in neighbouring Noida early morning and are looking for documents and other evidence related to the case under probe. (Photo: Twitter)

I-T dept searches premises of media baron Raghav Bahl

Bahl is the founder of the Quint news portal and the Network18 group and is a known media entrepreneur.

11 Oct 2018 10:52 AM

Delhi Transport minister Kailash Gahlot's south Delhi residence and 15 other locations have been raided by the income tax department on Wednesday morning, officials said. (Photo: File | ANI)

I-T raids at 16 premises linked to Delhi minister Kailash Gahlot

Alongwith Delhi, Gahlot's premises in Gurgaon are also being searched by the income tax department.

10 Oct 2018 10:58 AM

Individual shareholdings in Flipkart and those who offloaded the stake have not been publicly declared either by the seller or the buyer.

Walmart submits details of tax deducted from Flipkart investors

Walmart on September 7 paid Rs 7,439 crore tax on payments it made to buy out shares of 10 major shareholders of Flipkart.

04 Oct 2018 8:22 AM

Jet Airways on Friday said Income Tax officials have been conducting survey of its premises since September 19.

I-T officials conducting survey since September 19: Jet Airways

Shares of the crisis-hit airline fell over 8 per cent to touch a low of Rs 224.70 on BSE.

21 Sep 2018 12:28 PM

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Dilip Cherian