To modernise India’s tax administration, the Union Cabinet has approved PAN 2.0, the upgrade of PAN services. The new upgrade will feature streamlining of registration and verification processes using cutting-edge technology.
The last date to file the Income Tax Returns for the assessment year 2024-25 and financial year 2023-24 is July 31. Once filed the ITRs will be processed and verified by the department.
In respect of a Bengaluru-based Trust and its related entities covered in the search action, it is revealed that substantial amounts of trust funds amounting to Rs. 80 lakh have been transferred.
Cash amounting to ₹ 11.88 crore and jewellery worth ₹ 1.93 crore were also seized during the action against the groups based in and around Yadagirigutta, a suburb of Telangana's capital city, the Central Board of Direct Taxes (CBDT) said.
The CBDT said in a statement that Rs 8.30 crore cash was seized during the raids on the group engaged in the business of manufacture and sale of tiles and sanitaryware. The group is the "leader" in tiles business in south India.
The Income Tax Department has detected an alleged cash-for-seat scam running in some Karnataka-based medical colleges, as the CBDT said over Rs 400 crore blackmoney has been generated in the name of capitation fee by these institutions.
According to a draft notification, where the mother of a PAN applicant is a single parent, the individual would have to mention only the name of the mother.
In a complaint filed before the Special Court, the I-T Department alleged that the cash payments were made personally by V Mulgund to the AICC.
This is the second major financial scam to break out after the sensational Rs 11,400-crore fraud allegedly committed by billionaire jewellery designer Nirav Modi and his uncle Mehul Choksi.
Nirav Modi, the billionaire diamond king under the scanner of various investigating agencies, failed to depose before the ED after summons were issued to him.
The Income Tax Department today cautioned people against indulging in illegal cash transactions including donating more than Rs 2000 to political parties.
The investigation wing of the Delhi Directorate of Income Tax on Friday raided the premises of U&I Vaults Limited, and seized items worth Rs 21.2 crore.
Providing clarity on scrutiny of deposits made in banks post demonetisation, the Central Board of Direct Taxes (CBDT) on Monday said that no questions will be asked about deposits of up to Rs 2.5 lakh
the Income Tax department on Monday said it has issued 87 notices and attached bank deposits worth crores in 42 cases nationwide under the newly enforced Benami Transactions Act which attracts a heavy penalty and rigorous jail term of a maximum 7 yea
the government has asked banks to report deposits in any account aggregating Rs 10 lakh in a year, as well as cash payments of Rs 1 lakh or more on credit card bills.
Troubles seem to be mounting for Delhi Health Minister Satyendra Jain who could soon find himself in the net of the amended ‘Benami property’ law recently introduced by the Centre.
Following the demonetisation drive, India's Income Tax Department has detected undisclosed income of over Rs 4,807 crore and seized new notes worth Rs 112 crore, an official source here said on Sunday.
banks are not taking any chances in reporting “suspicious” transactions with some of the private banks reporting an increase of up to 10 times.
the Income Tax department has expanded its scope of investigation beyond tax invasion by roping in the police, the CBI and the Enforcement Directorate (ED) to look for possible criminality and money laundering.
Few days after the government stopped the exchange of scrapped 500 and 1000-rupee notes, the Income Tax department raided a caterer in Mumbai and recovered over Rs 80 lakh in new notes and over Rs 40 lakh in withdrawn notes.
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