Income Tax Department | The Asian Age

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The Income Tax Department will wait till September 7 for settlement of withholding tax by Walmart on payments made to about 44 shareholders exiting e-commerce firm Flipkart before it proceeds in the case, an official has said.

IT department to wait till Sept 7 for Walmart to pay tax on Flipkart deal

Walmart Inc had completed acquisition of 77 per cent stake in Flipkart for about USD 16 billion.

02 Sep 2018 5:40 PM

The bench, also comprising Justices S Abdul Nazeer and Deepak Gupta, also noted in its order that the plea was filed by the IT department after a delay of 596 days and "inadequate and unconvincing explanation" was given for the delay. (Photo: File | ANI)

Not a picnic place: SC slams IT dept for 'misleading statement'

The bench slapped a cost of Rs 10 lakh on the department. It expressed shock that centre, through, has taken matter 'so casually'.

02 Sep 2018 4:11 PM

The Supreme Court has slammed the Income Tax department for making "misleading statement" about pendency of an appeal while making it clear that the apex court is not a "picnic place" and cannot be treated like this.

SC comes down hard on IT department, says court is not a 'picnic place'

"You cannot treat the Supreme Court like this," the bench said.

02 Sep 2018 3:10 PM

Data tabulated by the Income Tax (IT) department has highlighted a 40 per cent increase in incremental growth in the e-Filing of IT returns. (Photo: ANI)

E-filing of Income Tax returns up by 40 per cent

The number is expected to increase, with the last date of filing fixed for August 31.

29 Aug 2018 4:28 PM

The Income Tax Department issued as many as 1.96 crore new PAN cards during the quarter ending March 2018, taking the total number to over 37.9 crore, as per the official data released on Tuesday.

Tax department allots 1.96 crore PAN cards in Jan-Mar 2018 quarter

The income tax data revealed that there were about 35.94 crore PAN alloted by end December 2017.

21 Aug 2018 5:40 PM

The draft notification proposing the amendments is available on the website of the Income Tax Department.

FinMin proposes to ease process of getting no tax deduction certificate

The tax department proposes to make changes in Form No 13 and related rules under the Income Tax Act.

20 Aug 2018 4:37 PM

Both taxpayers as well as firms have been served these notices, in response to all GST returns that have been filed between July and December 2017.

Freedom from GST notices: How to avoid mismatches

Govt has gone about its business in a stern manner indeed, mandating a time of 30 days to all businesses who have received a notice.

18 Aug 2018 12:31 PM

The income tax department on Thursday said it has picked up only high tax evasion cases for scrutiny, which account for around 0.35 per cent of the 6.86 crore returns filed for Assessment Year 2017-18. (Photo: ANI)

Only 0.35 pc of I-T returns filed last year to be scrutinised: CBDT

Sushil Chandra said that the department has faith on the income tax payers.

09 Aug 2018 2:21 PM

I-T department had written to Walmart, saying that the US company can seek guidance about the tax liability under Section 195 (2) of the I-T Act.

Walmart may approach I-T dept to determine tax liability in Flipkart deal

Walmart last month assured the I-T department that it will fulfil all tax obligations.

09 Aug 2018 1:08 PM

Under FATCA income tax department received data for calendar year 2016 from 39 countries covering nearly 1.2 lakhs persons. (Photo: ANI)

IT Dept detects undisclosed income of Rs 125 crore under FATCA

IT Department has recommended penalties under Section 43 of the Black Money Act in over 700 cases.

02 Aug 2018 2:50 PM

The Income Tax department has attached benami properties worth Rs 4,300 crore till June 30, the government said on Tuesday. (Photo: PTI)

Benami properties worth Rs 4,300 cr attached, says govt

The I-T department has set up 24 dedicated Benami Prohibition Units across India.

24 Jul 2018 5:11 PM

The Income Tax Department on Monday said it is set to collect Rs 60,845 crores during this financial year against Rs 49,775 crore mopped up last year from Andhra Pradesh and Telangana. (Photo: PTI)

Income Tax Department set to collect over Rs 60,000 crore

State-owned NMDC Limited and Andhra Bank have been the top corporate tax payers in the region.

23 Jul 2018 4:04 PM

'About Rs 100 crore cash, which is suspected to be unaccounted, and bullion and gold jewellery weighing about 90 kg has been recovered so far. The raids are still on,' a senior official said in Chennai. (Photo: File | Representational)

Rs 160 Cr cash, 100 kg bullion recovered after I-T raids on TN contracting firm

The searches were launched on premises of Ms SPK and Company, partnership firm engaged in road-highway construction, on contract from govt.

17 Jul 2018 8:10 AM

The tax department has already filed a charge sheet against Nirav Modi and others before a Mumbai court for alleged tax evasion. (Photo: File)

Income Tax to scrutinise 50 high net-worth individuals for buying Nirav Modi jewellery

The I-T dept said that discrepancies of concealed cash payments were found, which in some cases may be in several lakhs.

14 Jul 2018 11:37 AM

Fraud deals worth Rs 15crore by Yogendra Yadav kin under lens

This transaction is under investigation now, they said.

13 Jul 2018 5:09 AM

I-T department realised USD 216 million from selling some of the firm's residual holding in Vedanta. (Photo: PTI)

I-T dept sells part of Cairn shares to recover retro tax

The income tax department had seized nearly 10 per cent of Cairn's shareholding.

09 Jul 2018 12:42 PM

In its RTI response to Commodore Lokesh Batra (retd), the IAF said it has billed the government-owned Security Printing and Minting Corporation of India and the Bharatiya Reserve Bank Note Mudran Private Ltd to the tune of Rs 29.41 crore for its services. (Photo:PTI | Representational)

Indian Air Force spent Rs 29 crore to ferry currency after demonetisation: RTI

Post-demonetisation, the RBI had spent Rs 7,965 crore in 2016-17 on printing the new Rs 500 and Rs 2,000 notes.

08 Jul 2018 7:07 PM

In all, refunds in 45.07 lakh cases have been issued during April-June, 2018. (Photo: ANI)

IT Department expedites clearance of pending issue of refunds

More than Rs 70,000 crore of refunds have been issued to the taxpayers as a result of the special drive.

04 Jul 2018 2:08 PM

A fresh PAN will be allotted on basis of OTP sent over the 'active mobile number' linked with the valid Aadhaar number of a person. (Photo: File | Representational)

I-T dept launches ‘instant’ Aadhaar-based PAN allotment for limited time

The new PAN, obtained by this mechanism, will have same name, DOB, gender, mobile number and address that is present in person's Aadhaar.

01 Jul 2018 3:27 PM

The Income Tax Department has detected undisclosed income of over Rs 10,000 crore in fiscal 2017-18, thus recording a 20 per cent surge over the previous fiscal.

IT Dept detects Rs 10,767 cr undisclosed income during fiscal 2017-18

Official said action is being taken in more than 6000 cases by the assessing officer.

16 Jun 2018 6:32 PM

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Sunil Gatade