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Tags : "Income Tax Department"

I-T dept unearths tax evasion and unexplained investments amounting to

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

Income Tax refunds worth Rs 88,652 cr issued to 24.64

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

I-T dept disposes 7,116 assessments under first phase of faceless

New Delhi: The Income Tax department has disposed of 7,116 cases under the first phase of faceless assessment system, an official source said. Since its launch on October 7, 2019 and implementation of first phase, faceless scrutiny assessment scheme has provided for assessment of income tax in electronic mode, where taxpayers need not see face-to-face […]Read More

Why you should file belated ITR, correct ITR errors before

If you haven’t filed your revenue tax return (ITR) for the monetary yr 2018-19 but, then you should hurry up. This is as a result of the final date to file belated revenue tax return for FY2018-19 is March 31, 2020. Further, if you made a mistake whereas submitting your ITR for FY2018-19, then the […]Read More