Income Tax Department of India: News
07 Mar 2018
South AfricaI-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.
05 Mar 2018
Punjab National BankI-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.
03 Mar 2018
Central Bureau Of Investigation (CBI)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.
07 Feb 2018
IndiaAngel-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.
06 Feb 2018
IndiaBad 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).
03 Feb 2018
IndiaTrouble 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.
30 Jan 2018
Andhra PradeshRaid 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.
30 Jan 2018
CelebrityI-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).
30 Jan 2018
KarnatakaDrug 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.
25 Jan 2018
IndiaGovt 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.
20 Jan 2018
Sonia GandhiI-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.
13 Jan 2018
Tamil NaduGutkha 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.
25 Dec 2017
Central Board of Direct Taxes (CBDT)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.
22 Dec 2017
IndiaIndia-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.
21 Dec 2017
India3% 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.
12 Dec 2017
IndiaSave 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.
29 Nov 2017
Bollywood1976 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.
27 Nov 2017
Aam Aadmi Party (AAP)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.
18 Nov 2017
Tamil NaduI-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.
14 Nov 2017
Sasikala NatarajanI-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.
12 Nov 2017
BengaluruI-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.
12 Nov 2017
IndiaAadhaar 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.
06 Nov 2017
IndiaDemonetization 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.
18 Oct 2017
Arun JaitleyNew 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.
11 Oct 2017
IndiaDirect 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.
23 Sep 2017
MurderBengaluru: 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.
22 Sep 2017
WhatsAppBengaluru: 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.
21 Sep 2017
KarnatakaI-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.
18 Sep 2017
DelhiFake 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.
11 Sep 2017
IndiaAamby 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.
10 Sep 2017
FacebookTaxpayers, 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.
10 Sep 2017
IndiaMade 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.
09 Sep 2017
Tamil NaduTN 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.
03 Sep 2017
IndiaDemonetization: 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.
02 Sep 2017
IndiaModi 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.
02 Sep 2017
Ministry of FinanceDeadline 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.
25 Aug 2017
IndiaDid 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.
23 Aug 2017
IndiaMade 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.
21 Aug 2017
DelhiSources: 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.
08 Aug 2017
Central Board of Direct Taxes (CBDT)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.
