Search and seizure operations by the income tax department in Jammu & Kashmir in two separate cases unearthed tax evasion and unexplained investments amounting to as much as Rs 50 crore, the Central Board of Direct Taxes said in a statement Thursday. The operation conducted on a prominent hotelier led to seizure of incriminating documents […]Read More
Expanding the coverage of the statement of financial transactions (SFT) — annual information returns, in its earlier avatar, obtained from various sources — that identify potential taxpayers by examining spending patterns is fine. The only limit on how much data is collected is the tax department’s ability to use what is collected, while safeguarding data […]Read More
The Income Tax department on Friday said it has issued refunds worth Rs 88,652 crore to over 24 lakh taxpayers so far this fiscal. This include personal income tax (PIT) refunds amounting to Rs 28,180 crore issued to over 23.05 lakh taxpayers and corporate tax refunds amounting to Rs 60,472 crore to over 1.58 lakh […]Read More
NEW DELHI: The income tax surveys to collect information for scrutiny assessment will be undertaken only by the investigation wing and the tax deducted at source (TDS) directorate with effect from Thursday, the Central Board of Direct Taxes ( CBDT) has said. In an order, the CBDT said officers in Directorate General of Income Tax […]Read More
New Delhi: The government has allowed individuals under new lower tax regime to claim I-T exemption on conveyance allowance received from employers. The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees. These include any allowance granted to meet the cost […]Read More
Providing a relief to NRIs and foreign nationals stuck in India due to lockdown, the government on Friday said their stay in the country during the period will not be counted for the purpose of determining their residency status for taxation purpose. The nationwide lockdown since March 25 and cancellation of international flights to contain […]Read More
New Delhi: The Income Tax Department on Monday deferred for the third time the requirement for companies to include in their I-T audit report the details of the Goods and Services Tax (GST) and GAAR. The reporting requirement of these details in income tax audit form has been kept in abeyance till March 31, 2021 […]Read More
The Central Board of Direct Taxes (CBDT) has allowed the Form 15G/Form 15H submitted by taxpayers for FY 2019-20 to stay legitimate until June 30, 2020 for FY 2020-21. This would imply that buyers who’re required to submit the Form-15G/Form-15H for decrease or nil deduction of tax from their earnings can submit it within the […]Read More
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