Income Tax | The Asian Age

Friday, Jan 21, 2022 | Last Update : 08:54 PM IST

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The Delhi High Court on Monday rejected Congress president Rahul Gandhi and United Progressive Alliance (UPA) chairperson Sonia Gandhi's plea challenging the Income Tax (IT) notice seeking tax reassessment for the financial year 2011-2012.

Delhi HC rejects Rahul, Sonia's plea against tax reassessment of FY 2011-12

The court noted that the IT department has the power to reopen tax proceedings.

11 Sep 2018 12:13 PM

Prime Minister Narendra Modi (Photo: ANI)

Publicise action against corrupt I-T officials, says Modi

The Prime Minister directed officials to sensitise their counterparts to be more people-friendly and fast-track their cases.

07 Sep 2018 1:35 AM

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

State-run Punjab National Bank (PNB) on Wednesday said it is in negotiation with a few government departments, including income tax and central excise, to sell its erstwhile headquarters situated at the Bhikaji Cama Place in New Delhi.

PNB in talks with I-T, excise departments to sell erstwhile headquarters

The lender expects to raise nearly Rs 700-800 crore from the sale of its earlier head office in the national capital.

08 Aug 2018 7:32 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

Govt-approved valuers held in diamond racket

Apart from the GJEPC, the income tax department can also be a valuator.

14 Jul 2018 5:14 AM

A list of “babas” and spiritual leaders is being compiled by the IT department and the authorities will soon begin probing their assets.

Income of spiritual leaders under I-T lens

The venues are booked for the event for several lakhs of rupees and the decoration is also equally expensive.

07 Jul 2018 1:35 AM

Reliance Industries Chairman Mukesh Ambani on Thursday said that Reliance is India's largest payer of Goods and Services Tax (GST), Excise and Customs Duty, and Income Tax in the private sector. (Photo: AFP)

Reliance Industries becomes India's largest tax payer in private sector

RIL's consolidated net profit for the fourth-quarter of fiscal 2017-18 stood at Rs 9,435 crore.

05 Jul 2018 3:47 PM

The finance minister vicariously defined the upper income bound for the middle class, in the Budget last year (2017-18), by imposing a surcharge of 10 per cent on top of the prevailing top income tax rate of 30 per cent for an annual income above Rs 50 lakhs. (Photo: PTI)

It’s time govt shows the middle class some love

The income-tax structure also reveals an implicit lower bound for middle class income.

30 Jun 2018 5:20 AM

Firefighters try to douse a fire which broke out at Scindia House building on Friday. (Photo: Debasish Dey)

Six rescued in fire at I-T office in Scindia House

As many as 16 fire engines were pressed into operation to douse the fire.

02 Jun 2018 1:44 AM

Tata Steel offered Rs 35,200 crore in cash to acquire Bhushan Steel. It would pay another Rs 1,200 crore over next 12 months to creditors and convert the remaining debt owed to banks to equity.

NCLAT asks Tata Steel if it will pay dues of Bhushan Steel

Bhushan Steel owed its lenders about Rs 56,000 crore and was among the 12 big loan defaulters identified by the Reserve Bank of India.

30 May 2018 1:58 PM

Court: I-t dept can’t cancel registration

The organisation had complained that the IT department, had arbitrarily cancelled the organisations registration.

18 May 2018 1:28 AM

Subramanian Swamy wants I-T abolished to ease burden

He said most taxpayers are the middle class and startup entrepreneurs and it amounts to harassment for them.

12 May 2018 12:26 AM

The agency alleged Rai approached Kapil Wadhawan, a relative of the promoters of the company, in September 2017, portraying himself as an income tax “power broker”.

Journalist Rai booked in extortion case: CBI

He also gave his credentials as a senior journalist to Wadhawan, who was connected to big media houses.

06 May 2018 7:34 AM

Agencies to crack down on Nirav Modi’s aides

Modi, Mehul Choksi and others are being investigated by multiple agencies after the Punjab National Bank disclosed a multi-crore fraud.

02 May 2018 2:25 AM

Apart from encouraging digital over cash transactions, India introduced GST regime which provides for uniform taxes.

GST, note ban brought 1.8 mn more people into I-T net: India

GST has led to a 50 per cent increase in the number of indirect taxpayers.

27 Apr 2018 12:27 PM

HC raps IT officer for issuing notice to court administrator

The officer was let off after he tendered an apology to the court.

27 Apr 2018 2:12 AM

Any taxpayer who is in receipt of pension from his former employer shall be entitled to claim a deduction of Rs 40,000.

Central Board of Direct Taxes amends Section 16 of Income Tax Act

The pension received by a taxpayer from his former employer is taxable under the head 'Salaries'.

05 Apr 2018 2:37 PM

Plea in Delhi HC against Aadhaar requirement for e-filing returns

The Delhi Court on Wednesday sought the Centre's and tax authority CBDT's response.

04 Apr 2018 7:13 PM

Currently, 15 per cent tax is levied on capital gains made on share sale within a year of purchase.

LTCG tax, other Budget proposals to kick in from April 1

Presently, no tax is applicable on Rs 19,200 of transport allowance and medical expenditure of up to Rs 15,000.

30 Mar 2018 1:34 PM

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Dilip Cherian