The Income Tax Department surveyed the Truecaller's offices in Mumbai and Gurugram for allegedly violating transfer pricing regulations, also called as tax evasion.
The Income Tax Department set a new record with 7.28 crore ITR filings for the fiscal year 2024-25, marking a 7.5% increase from last year. A notable 72% of taxpayers opted for the new tax regime.
The I-T department's helpdesk has been operational 24x7, offering support through calls, live chats, WebEx sessions, and social media to assist taxpayers with ITR filing and related services.
In its latest public communication, the Income Tax Department has asked the taxpayers to make "correct and accurate" claims while filing the ITR.
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.
Dave gave his Aadhar and PAN card to two brothers Alpesh and Vipul Patel, along with some of his photos in 2014. He alleges that they opened a bank account in his name and carried out financial transactions.
In a statement, the ministry addressed confusion over the new tax regime, emphasising its lower rates but fewer exemptions and deductions. Finance Minister Nirmala Sitharaman's interim budget assured the preservation of existing tax rates.
The income tax department has uncovered a scam involving the fraudulent use of PANs to claim house rent allowance (HRA) without actual tenancy, with around 8,000–10,000 high-value cases identified.
With the "highest-ever" cash seizure of Rs 351 crore by income tax sleuths during raids against a distillery company owned by a Congress MP's family, the role of hawala operators and shell companies that were allegedly used to channel the "illicit" funds has come under the scanner.
The Income Tax Department on Sunday announced that over 6 crore tax returns have been filed for the previous year (2022-23) as of July 30, 2023.
ITR filing: July 31 is the due date to document personal government forms for the assessment year 2023–24 (relating to FY23), so the perfect opportunity to begin the process is when you get your Form 16.
Bihar news: The Station House Officer said the complainant has received the notice against a PAN number issued in his name.
People are encouraged to call this number to furnish specific information relating to cash or other valuables suspected to be used for unduly influencing the election process, Director General of Income Tax (Investigation), Uttar Pradesh and Uttarakhand, Mohan Kumar Singhania said on Thursday.
The Income Tax department also said that refunds of Rs 33,548 crore have been issued in 89,53,923 cases and corporate tax refunds of Rs 78,942 crore have been issued in 1,75,692 cases.
Cash of Rs 1.8 crore has been seized during the course of the search and 11 Lockers have been placed under prohibitory order.
The Income Tax department has, on Friday detected alleged black money of over Rs 300 crore after conducting raids at multiple premises. Twenty-five lockers found during the searches have been put under restraint.
The income tax department on Tuesday extended the deadline for various compliances, including the filing of statements related to equalisation levy and remittances.
Police recovered Rs 1.10 crores cash from two passengers in a bus in Krishna district. Police said, "During inquiry, passengers said that they've sold 16 acres of land in Ongole". The case is handed over the case to the IT department for further investigation.
Finance Minister Nirmala Sitharaman has reserved words of praise for the Income Tax department, complementing officers for being responsive to the needs of the taxpayers during the pandemic times by relaxing various compliance requirements and addressing the liquidity concerns of the taxpayers.
The notice from the Jeypore I-T office in Koraput district said Gond had deposited Rs 1,47,82,057 in his bank account during 2013-14 financial year for which he has to pay Rs 2,59,540 lakh as tax.
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