Income Tax Department | The Asian Age

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Non-serious parties should be kept out of politics: Parliamentary panel

The Committee is of the view that provisions relating to registration of political parties needs to be made more stringent.

14 Apr 2017 5:55 PM

Rajasthan chaiwalla under I-T lense for giving Rs 1.5 cr dowry

Leela Ram Gujjar was shown in a viral video flaunting cash and counting them in a loud voice.

13 Apr 2017 1:01 PM

Screenshot from the viral video. (Photo: YouTube | RNews1 Network)

Video: Rajasthan tea seller marries off 6 daughters, gives Rs 1 crore as dowry

The I-T department served the notice to Gujjar after video of him giving Rs 1 crore for dowry went viral on social media.

13 Apr 2017 11:28 AM

Bank accounts face suspension: What FATCA rules say

Foreign Accounts Tax Compliance Act enables automatic sharing of investor information between signatory parties.

12 Apr 2017 1:06 PM

During March 2017, of the 10,894 newly incorporated companies, PAN was allotted within 4 hours in 95.63 per cent cases and within one day in all cases.

CBDT issues PAN within a day to new cos, introduces e-PAN

CBDT has introduced the Electronic PAN (e-PAN) card, which is sent by email to all applicants, including individuals.

11 Apr 2017 2:36 PM

CBDT said queries were received from the financial institutions regarding the revised time lines for completion of due diligence. (Photo: PTI)

Will block bank account if not self-certified: CBDT to FIs

Decision wants financial institutions to comply with FATCA provision and avoid blocking of accounts.

11 Apr 2017 2:15 PM

Tax dept slaps fresh demand note of Rs 10,247 cr on Cairn

Company had on January 24, 2014 received a draft assessment order for the alleged capital gains it made in 2006.

09 Apr 2017 1:53 PM

At the national level, direct tax collections in 2016- 17 stood at Rs 8.47 trillion, up 14.2 per cent over the the last fiscal.

Tax collection from Mumbai falls below target in FY17

Mumbai zone has missed the target of Rs 2.79 trillion for fiscal 2017 by a wafer-thin margin.

09 Apr 2017 11:56 AM

A total of 23,064 searches were conducted by the Revenue Department, of which 17,525 were by the Income Tax Department and remaining by the customs, excise and service tax wings.

Tax evasion of more than Rs 1.37 lakh crore detected in last 3 yrs

Tax department has made it mandatory to quote PAN for cash deposits above Rs 50,000.

07 Apr 2017 1:38 PM

The window had allowed black money holders to declare their illegal wealth by a paying a tax and penalty of about 50 per cent on the undisclosed income. (Photo: ANI)

Rs 100 crore black money: I-T raids at 50 locations across India

This is the first major I-T action after the black money window of the Pradhan Mantri Garib Kalyan Yojna.

06 Apr 2017 8:19 PM

Officials with the seized demonetised currency.

Man held with banned notes worth Rs 1.70 crore

The police has remanded him in police custody till Thursday and will transfer the case to the IT department after the police’s probe.

04 Apr 2017 7:27 AM

Tax department has simplified income tax filing.

E-filing for two income tax returns launched by I-T dept

Two ITRs that are now available for filing on e-portal are ITR-1 'Sahaj' and ITR-4 'Sugam'.

01 Apr 2017 2:41 PM

In 3,218 cases, offences were compounded by the competent I-T authorities.

I-T dept uncovers Rs 45,622 cr undisclosed income

116 persons were convicted of offences committed under the Act.

24 Mar 2017 4:00 PM

Income Tax department warns black money holders

Department said that "countdown" has begun and stash holders should declare their black money.

24 Mar 2017 11:38 AM

The amendment, along with other changes, were approved by the Lok Sabha yesterday.

Govt removes 1 pc TCS on cash purchase above Rs 2 lakh

Jaitley made cash transactions above Rs 2 lakh punishable by a fine of an equivalent amount.

23 Mar 2017 7:01 PM

UP: Rs 46.5 lakh in demonetised notes seized

Three persons who were plying in the car were taken into custody for interrogation; investigation is underway in the matter.

20 Mar 2017 1:12 PM

CBDT boss said the new current demand (after reducing pre-paid taxes) of Rs 3,60,707 crore has been raised till February.

CBDT asks taxman to make all out efforts to recover arrears

As per the action plan target, 20 per cent of the demand raised, which is Rs 72,141 crore.

18 Mar 2017 5:55 PM

I-T dept to lift the freeze on British oil explorer

The company said it is pursuing its rights under Indian law to appeal the assessment.

08 Mar 2017 4:14 PM

Shell companies under our radar: CBDT chief

There are many companies which are currently being examined by the CBDT through a committee.

04 Mar 2017 5:27 PM

CBEC had asked field officers to migrate all existing central excise/service tax assessees to GST portal by January 31, 2017.

CBEC asks tax officers to speed up GST migration

Government plans to roll out GST from July 1 and in the run up to the new indirect tax regime.

03 Mar 2017 2:43 PM

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Shobhaa De