Income Tax Department | The Asian Age

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Compounding in I-T parlance means that the taxman does not file a prosecution case against the offender or tax evader in the court in lieu of payment of due taxes and surcharges.

CBDT launches one-time facility for compounding of income tax offences

In order to avail the facility a taxpayer will have to file an application for compounding a tax offence before the competent authority.

12 Sep 2019 12:07 PM

D K Shivakumar is currently in Enforcement Directorate (ED) custody till September 13 in connection with an alleged money laundering case and his bail application also will be heard on the same day. (Photo: ANI)

Delhi court refuses to increase meeting time of kin, lawyers to Shivakumar

Shivakumar through an application has sought extra time to meet family and lawyers from 30 minutes to 1 hour.

10 Sep 2019 12:22 PM

According to the sources, the agency, during the initial probe had allegedly found unaccounted and misreported assets linked to Shivkumar. (Photo: ANI)

Cente 'harassing' Shivakumar to demoralise him and his supporters: Malikarjun Kharge

The Income Tax department had conducted raids at Shivakumar's house in August 2017.

04 Sep 2019 4:16 PM

Nearly 50 lakh people filed their tax returns online on August 31, the last date for ITR filing. (Representational image)

ITR Filing 2019: Over 5.65 cr income tax returns filed as deadline ended on Aug 31

Out of the 5.65 crore ITRs filed so far, 3.61 crore have been verified.

02 Sep 2019 4:40 PM

Cash withdrawal prior to September 1, 2019, will not be subjected to the TDS.

2 pc TDS on cash withdrawals of over Rs 1 crore from Sep 1: Tax dept

If a person has already withdrawn Rs 1 cr or more in current fiscal, the 2 pc TDS shall apply on all subsequent cash withdrawals.

31 Aug 2019 10:58 AM

Benami assets worth over Rs 150 crore allegedly belonged to Kuldeep Bishnoi and Chander Mohan, who are the sons of late former Haryana chief minister Bhajan Lal. (Photo: ANI)

I-T dept attaches Benami asset worth Rs 150 cr belonging to Kuldeep Bishnoi, Chander Mohan

Last month, the agency had conducted searches at the residence and offices of Bishnoi in Adampur, Hisar and Gurugram.

27 Aug 2019 1:35 PM

CBDT said issuance of DIN is another step towards better delivery of taxpayer services while ensuring accountability in official dealings.

All communication from tax dept to assessees to carry DIN from Oct 1: CBDT

The CBDT has also specified exceptional circumstances where the communication could be issued manually.

14 Aug 2019 7:13 PM

On long term capital gains, it said tools for computation of LTCG have been provided in the departmental utility for the convenience of taxpayers.

CBDT issues FAQs on filing tax returns to help taxpayers

The FAQs are based on the queries received by the CBDT to help assessees file ITRs.

12 Aug 2019 10:34 AM

‘The immovable property at 27A APJ Abdul Kalam Road was purchased utilizing a Foreign Direct Investment of USD 3 Million from a BVI based shell company namely Bronson Financial Inc. on a long-term basis for the purposes of software development in 2002,’ the source informed. (Photo: ANI)

IT attaches FDI of USD 40 million, bungalow of Ratul Puri and Deepak Puri

So far, Benami Prohibition Unit (BPU) has attached funds of USD 95 million and a Bungalow at 27-A Aurangzeb Road.

11 Aug 2019 8:47 PM

The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.

Relief for startups: CBDT lays out procedure for pending angel tax assessment cases

More than 540 startups have received exemption from angel tax so far.

09 Aug 2019 9:05 AM

On being asked if he was being harassed by the Income Tax officers, Gowda said, ‘I do not know the reality behind the letter alleging harassment by the IT officials written by him.’ (Photo: ANI)

‘Siddhartha could not have taken his own life’: DV Sadananda Gowda

A letter, written by Siddhartha had surfaced on July 30, in which he alleged that he was harassed by previous directorate general of IT.

31 Jul 2019 1:31 PM

Cafe Coffee Day board has held emergency meeting following disappearance of Siddhartha and also reviewed the letter purportedly signed by him and shared copies with relevant authorities, the company said in a regulatory filing.

Assessing situation after disappearance of chairman V G Siddhartha: Cafe Coffee Day

The company said Siddhartha is not reachable since Monday evening. 'We are taking the help of concerned authorities'.

30 Jul 2019 9:48 PM

A letter which surfaced soon after he disappeared, addressed the directors to his company, Siddhartha said there was a lot of harassment from the Income Tax Department in the form of attaching ‘our shares on two separate occasions to block our Mindtree deal and then taking position of our Coffee Day shares, although revised returns have been filed by us.’ (Photo: Facebook/ Mr. Success)

‘Acted as per IT Act’: IT dept’s replies to CCD founder VG Siddhartha’s letter

A senior ED official familiar with the development said, ‘Probe against him was being done by IT dept, ED probe wasn't very serious.’

30 Jul 2019 8:38 PM

The utility for e-filing ITR-2 and ITR-3 were released on May 2 and May 10, 2019 respectively.

No changes made in ITR forms, only software updated: CBDT

The CBDT said that the software utility for e-filing of all the ITR forms has been released long back.

24 Jul 2019 4:41 PM

The department has done a commendable work over the years that is visible by the growth in the direct tax collections, from Rs 13 lakh in 1860-61 to Rs 11.37 lakh crore.

Tax paying should be a pleasurable experience: CBDT chairman

Revenue collection under the direct taxes head has grown and the total tax base has also increased to over 7 crore taxpayers at present.

24 Jul 2019 3:40 PM

Govt taking serious steps to plug the loop holes, it would be good for you to stop making wrong HRA and other claims to get a few additional tax benefits.

Taxpayers beware! Claiming false HRA through ITR may land you in problem

The format of Form-16 has been changed to make it in sync with the format of Income Tax return (ITR).

17 Jul 2019 2:58 PM

Keep in mind that if you fail to file your ITR by the due date, you will have to pay a fine and face certain restrictions after you file belated return.

If you fail to file ITR by due date, you will be penalised, even get jailed

In case, you fail to file your ITR, the income tax department may send you a notice and you could be jailed.

15 Jul 2019 2:11 PM

CBDT has issued a notice dated June 4, 2019 extending the due date for employers to file their TDS returns from June 30 to July 10. (Representational Image)

Will income tax filing deadline be extended from July 31?

Tax payers have to pay special attention this year on account of the changes in the forms.

13 Jul 2019 1:41 PM

Govt has also approved Integrated E-filing and centralised Processing Centre (CPC) 2.0 Project which envisages pre-filling of ITRs by the I-T department. (Photo: ANI)

I-T dept working on issuing e-PAN on real-time basis

I-T department is working on a real-time PAN-TAN centre to further reduce the time required to allot PAN.

09 Jul 2019 8:36 AM

The ranks of the officials included Principal Commissioner, Commissioner, Additional Commissioner, and Deputy Commissioner of Central Board of Indirect Taxes and Customs (CBIC). (Photo: File)

Amid allegations of corruption, Centre forces 15 more senior tax officials to resign

This action comes a week after a similar purge when 12 officials of the department were forced to resign.

18 Jun 2019 3:26 PM

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Dilip Cherian