ITR Filing: The Finance Ministry has notified the extended due date for Income Tax Return (ITR) filing by individual taxpayers for FY 2019-20.
The conditions listed out by the CBDT for availing the tax exemption under the LTC cash voucher scheme require the employee to spend a sum equal to three times of the value of the deemed LTC fare.
The Income Tax department has issued refunds worth over Rs 1.26 lakh crore to over 39 lakh taxpayers this fiscal so far.
The Income Tax Department has recovered cash and jewellery worth about Rs 5.26 crore after it carried out multi-city raids against hawala operators and individuals who prepare fake bills, the CBDT said on Tuesday.
ITR Filing: The last date for Income Tax Return (ITR) filing by individual taxpayers for FY 2019-20 has been extended by a month by the Income Tax Department. All Income Tax Returns can now be filed latest by December 31, 2020.
A team of Income Tax officials on Thursday issued a notice to Congress after money was recovered from a vehicle parked outside its Patna office. One person detained outside the campus of the office after Rs 8.5 Lakh was recovered from him.
ITR Filing: The last date for Income Tax Return (ITR) filing for 2019-20 has been extended by two months till November 30 by the Income Tax Department on Wednesday.
The Income Tax Department on Tuesday issued guidelines for applicability of TCS provision which requires an e-commerce operator to deduct 1 per cent tax on the sale of goods and services with effect from October 1.
The Central Board of Direct Taxes (CBDT) on Friday launched the Centre's much-publicised reform measure of faceless income tax appeals.
NCP chief Sharad Pawar on Tuesday said the Income Tax department has served him a notice in connection with his poll affidavits submitted to the Election Commission.
The Madras High Court has ordered a notice to composer A R Rahman on an appeal made by the Principal Commissioner of Income Tax against the decision of the Income Tax Appellate Tribunal (ITAT) that went in favour of the music composer.
Aam Adami Party's (AAP), Member of Legislative Assembly (MLA), Saurabh Bharadwaj hit back on Bharatiya Janata Party (BJP) over allegation that AAP has connections with hawala operators.
The Income Tax department on Friday said it has issued refunds worth Rs 88,652 crore to over 24 lakh taxpayers so far this fiscal.
Only third parties would report high-value transactions to the I-T department as per the Income Tax Act. Such information would be used to identify people who are not paying up due taxes, and not for examining affairs of honest taxpayers.
Prime Minister Narendra Modi has launched the 'transparent taxation' platform having components — faceless appeals by taxpayers, faceless assessment of taxpayers and the Rights' Charter for the taxpayers. An in-depth look into what these tax reforms mean.
Our effort is that our tax system should be seamless, painless, faceless: PM Modi
The government on Wednesday extended the deadline for filing income tax returns for 2018-19 fiscal by two months till September 30.
Appreciating its continuous efforts towards making the tax administration taxpayer-friendly, transparent and geared towards facilitating voluntary compliance, she said there has been a paradigm shift in its role in recent years, from being just a revenue collecting organisation to becoming a more citizen-centric establishment.
In a major move aimed to redefine "creamy layer" for OBCs, the government is mulling to increase the income bar from present Rupees 8 lakh to Rs 12 lakh and and drop "gross income" to bring in "net taxable income". The government had earlier proposed to include "salary" in determining "creamy layer".
CBDT on Saturday informed that from this Assessment Year (2020-20201), taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers' financial transactions as specified Statement of Financial Transactions (SFTs) in various categories.
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