Income Tax Department of India: News
I-T raids the controversial Gupta brothers' premises in India
Less than a month after South African (SA) police raided the home of the controversial Indian-origin Gupta family, the Indian I-T department has now raided their premises in various locations.
I-T scam: 447 companies illegally diverted TDS worth Rs. 3,200cr
Even as the Rs. 12,650cr PNB scam rages on, another massive fraud has come to light in which 447 companies illegally diverted funds worth Rs. 3,200cr to their own businesses.
CBI finds Infosys and I-T involvement in tax return fraud
Officials of the CBI's Anti-Corruption Bureau, who have been investigating a 'revised tax return' fraud since late January, have found that I-T officials and Infosys employees connived with the Bengaluru-based chartered accountant Nagesh Shastri, the main accused in the fraud.
Angel-tax exemption for start-ups with up to Rs. 10cr funding
Start-ups founded before 2016 may finally get an exemption from the much-talked-about Angel Tax, giving them a much-needed relief, reported ET.
Bad news, Bitcoin investors! Your earnings are now taxable
World's largest cryptocurrency Bitcoin plunged a whopping 66% from its all-time high of $19,666 to $6,000 (Rs. 3.8L).
Trouble for people depositing more than Rs. 15lakh during demonetization
Indians who bank-deposited unaccounted cash over Rs. 15 lakh during demonetization are now under government scanner.
Raid unmasks corrupt Andhra babu, assets worth Rs. 60cr found
In a major crackdown on corruption, the Andhra Pradesh police on Monday arrested a government employee after assets worth Rs. 60 crore were recovered during multiple raids at his properties, a sharp contrast to his monthly salary of Rs. 1 lakh.
I-T attaches SRK's Alibaug farmhouse over several alleged violations
I-T has provisionally attached Shah Rukh Khan's Deja Vu Farms Pvt Ltd at Alibaug under the Prohibition of Benami Property Transactions Act (PBPT).
Drug peddler nabbed after he declares income of Rs. 40L!
A drug peddler was nabbed in Bengaluru, only because he decided to file his income tax returns.
Govt mulls higher tax deduction limits, but with conditions
According to reports, the finance ministry is considering offering relief to taxpayers; there are discussions to increase the current Rs. 2L deduction limit to Rs. 2.5L.
I-T department fined Young Indian in National Herald case
BJP leader Subramanian Swamy told a Delhi court today that the I-T department had imposed a fine of Rs. 414 crore on Young Indian Pvt. Ltd. in connection to the National Herald case filed by him against Sonia Gandhi, Rahul Gandhi, and others.
Gutkha scam: Secret letter to Jayalalithaa recovered from Sasikala's room
In a startling revelation, Income Tax Department told the Madras HC that a secret letter, regarding the multi-crore gutkha scam, sent to late Tamil Nadu CM Jayalalithaa on 2 Sep'16 was found in Sasikala's room in Veda Nilayam at Poes Garden.
Now, I-T officers can access banking databases to catch defaulters
It is now impossible for the tax defaulters/evaders to escape from the clutches of the Income Tax Department, as the Centre has amended the I-T rules, empowering the tax authority.
India-Switzerland to start automatic sharing of tax info from 2019
India and Switzerland have signed a deal that would allow both to automatically share tax-related data from 2019.
3% Indians filed returns in 2015-16, 82L had non-taxable income
Reports released by the Income Tax department have some surprising revelations. In 2015-16, only 4.07cr Indians filed I-T returns; that's roughly 3% of India's 1.02bn-strong population.
Save the maximum tax under Income-Tax Sections 80C, 80CCD, 80D
December is here, and taxpayers are in a rush to utilize tax deductions to the fullest, invest in various tax-saving instruments, and submit these proofs to employers.
1976 superhit movie 'Charas' in tax trouble 41 years later
The 1976 Dharmendra-Hema Malini starrer superhit 'Charas' has ran into legal trouble more than four decades later.
I-T department slaps Rs. 30cr notice on Kejriwal's AAP
I-T department has served a Rs. 30cr notice to Delhi CM Arvind Kejriwal's AAP.
I-T department raids late Jayalalithaa's house
The Income Tax department conducted a raid at late Tamil Nadu Chief Minister J Jayalalithaa's Chennai residence despite protests by AIADMK members.
I-T raids: Investments worth Rs. 1,500cr recovered from Sasikala-linked premises
I-T raids on premises connected to AIADMK leader Sasikala and her associates have finally come to an end after five days.
I-T freezes 100 bank accounts linked to Sasikala's nephew
I-T sleuths have reportedly frozen at least a hundred bank accounts associated to Jaya TV MD Vivek Jayaraman, VK Sasikala's nephew.
Aadhaar linkage deadlines: Know the complete list
With each passing day, Aadhaar is becoming more and more important as the government has mandated linking of Aadhaar cards for various services, especially in the BFSI (Banking, Financial Services, and Insurance) sector.
Demonetization anniversary: I-T gears up to catch the "big fish"
As the demonetization anniversary nears, I-T is actively engrossed in bringing into its net the "big fish" owning unexplained wealth.
New online chat support for taxpayers on I-T website
In a significant help for taxpayers, the Income Tax department has launched an 'online chat' to help citizens resolve basic queries and doubts.
Direct tax collections up 15.8% to Rs. 3.86L crore
India's direct tax collections for April-September quarter increased 15.8% to Rs. 3.86L crore.
Bengaluru: I-T Officer's son murdered by family-friend and neighbor
Police said Bengaluru Income Tax Officer Niranjan Kumar's 19-year-old son, Sharath, who was abducted for Rs. 50L ransom ten days ago, was strangled to death by the kidnappers.
Bengaluru: Income Tax Officer's abducted son found dead near lake
Bengaluru Police found the decomposed body of Income Tax officer Niranjan Kumar's 19-year-old son, Sharath, near the Ramohalli lake on the outskirts of the city.
I-T raids at premises of CCD owner VG Siddhartha
Reports have come in that the I-T department is conducting raids on several premises belonging to VG Siddhartha, founder-owner of the Cafe Coffee Day franchise and son-in-law of former Karnataka CM SM Krishna.
Fake I-T officers arrested for trying to steal Rs. 20L
Seven con-men posing as income tax officers raided South Delhi businessman Ramesh Chand's house in Malviya Nagar and seized Rs. 20L from him.
Aamby Valley: I-T department claims Rs. 24,843 crore from auction
Sahara's tussle with the authorities continues. As per a recent development, the I-T department has claimed Rs. 24,843 crore from the proceeds of the planned auction of Sahara's Aamby Valley City in Pune.
Taxpayers, think twice before posting pictures of luxury items online!
Taxpayers will now have to be careful of posting about luxury cars and other such items on social-media networks like Facebook, Twitter, and Instagram.
Made a mistake in ITR? Know how to correct it
Filing income tax returns is a process filled with technical terms and numbers, and it is common for people to make mistakes.
TN minister reportedly linked to Rs. 246cr deposit during demonetization
The I-T has detected a single-transaction deposit of a whopping Rs. 246cr made during the post-demonetization period. Adding to the suspicion, it was done after banking hours.
Demonetization: 22.22 lakh tax evaders deposited over Rs. 2L crore!
Analysis of Finance Ministry data has revealed shocking findings: a total of 22.22 lakh entities (individuals+firms), who had never filed tax returns ever, had deposited a combined amount of over Rs. 2L crore post demonetization.
Modi asks tax officials to be friendly towards honest taxpayers
In India, tax officials are usually feared. Maybe it has something to do with the public perception of them.
Deadline to file I-T returns extended to 31st October
Easing the stress of many tax payers, the Finance Ministry extended the last date to file the Income Tax returns.
Did you miss the ITR filing deadline? Know the implications!
The initial deadline for filing tax returns this year was July 31. After several complaints about server problems, it was extended to August 5.
Made a mistake in ITR? Know how to correct it
Filing income tax returns is a process filled with technical terms and numbers, and it is common for people to make mistakes.
Sources: Massive I-T raids on, in Delhi-NCR
According to sources, a massive income tax raid is underway in Delhi and the NCR. About 500 personnel have been deployed at various premises.
Finance Ministry celebrates demonetization's success as I-T filings rise
The Finance Ministry announced that, as of 5th August, there had been a 25% increase in e-filing of income tax returns for the current assessment year along with other increases in tax collection.