Undisclosed income of over Rs 500 crore has been uneathed by the Income Tax department during multiple raids at the premises of a leading bullion trading firm in Chennai, the CBDT said on Thursday.
The Income Tax Department on Wednesday carried out searches at 22 premises in Tamil Nadu's Coimbatore, Erode, Chennai and Namakkal on a group engaged in the running of educational institutions and their associates, including a civil contractor.
At least Rs 62 crore in cash were seized by the Income Tax Department as as part of its multi-city tax evasion operation against hawala or entry operators and individuals who prepare fake bills in Delhi.
As the political crisis intensified in Rajasthan following deputy chief minister Sachin Pilot’s revolt against the Chief Minister – Ashok Gehlot, the IT department conducted raids on three business groups and individuals allegedly linked to the aides
The income tax department has amended the TDS form, making it more comprehensive and mandating deductors to state reasons for non-deduction of tax.
The Income Tax Department on Monday has issued a public message stating that it was 'mandatory' to link PAN card with Aadhaar. The IT Department also advised people not to 'miss' the deadline of March 31 for the same.
Income Tax raids conducted in Chhattisgarh have revealed that "unaccounted cash" sourced from liquor and mining businesses was being paid to public servants every month, the CBDT said on Monday.
Are you a salaried person and earning over ₹ 2.5 lakh per annum? Then this news is important for you. The Income Tax Department has reiterated that employers must cut tax at source at 20 per cent or a higher rate if the employees do not provide PAN and Aadhaar details to the employer.
Last month, the department had raised its GST tax collection target to Rs 1.1 lakh crore per month with Rs 1.25 lakh crore for a single month for the remaining period of this financial year while the direct tax target was to remain at Rs 13.35 lakh crore sans the corporate tax relief of Rs 1.45 lakh crore.
Having gold at home? Do you know how much you can keep without fearing Income Tax department? CBDT has clarified the prescribed quantity of gold considered allowable.
I-T Department has now made things easier for taxpayers. The department has the released Year 2020 calendar that mentions all important dates including Income Tax deadlines.
PAN-Aadhaar linking deadline: Your PAN card will be treated as 'inoperative' if you fail to link it with your Aadhaar card by 31 December 2019. The income tax department extended the Aadhaar-PAN linking deadline seven times. The Central Board of Direct Taxes (CBDT) in September extended the deadline from September 30 to December 31, 2019.
It is mandatory to link your PAN with Aadhaar, according to the public message issued a fortnight before the deadline ends.
At a press conference called to disclose impact of steps taken to boost consumption in the economy so as to uplift growth from a six-year low, Pandey said tax refund cases have gone up by 17 per cent to 2.16 crore.
The Centralised Processing Centre (CPC) processed 4.70 crore tax returns between April 2019 and November 28 (almost eight months of current 2019-20 year) as opposed to 3.91 crore returns being processed in the same period a year back, they said.
Aadhaar cardholders there's an important update in the rules. Providing the wrong 12-digit biometric id number can attract a fine of Rs 10, 000. Hence, individuals need to be careful while quoting Aadhaar card numbers.
Shivakumar was released from Tihar Jail after 50 days on Thursday on a conditional bail, granted by the Delhi High Court. He was in custody in connection with a case under the Prevention Money Laundering Act (PMLA) 2002, filed on a complaint by the Income-Tax Department, which had seized Rs 8.6 crore cash from his flat in New Delhi in August 2017.
It has also asked the taxman to guard against unauthorised disclosure of such information as it is a "serious matter".
ITR Filing Deadline: August 31 was the last date to file income tax return. On the deadline day, the Income Tax department witnessed a record number of ITR (Income Tax Returns) filed. In a single day, a record number of more than 49 lakh ITRs filed. A record number of 49,29,121 ITRs were filed on August 31.
On July 23, the government had extended the due date for filing income tax returns by individuals for the financial year 2018-19 by a month till August 31. The earlier deadline was July 31.
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