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Middle class to gain from higher tax deductions likely in Budget 2021

Middle class to gain from higher tax deductions likely in Budget 2021

🕔20:27, 11.Jan 2021

New Delhi, Jan 11 Middle class tax payers may get a lot to cheer about the Budget proposals to be presented by Finance Minister Nirmala Sitharaman next month. Sources said that the Budget 2020-21 may take the sops announced earlier

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Over 4.2 cr ITRs filed so far for AY 2020-21

Over 4.2 cr ITRs filed so far for AY 2020-21

🕔06:53, 28.Dec 2020

New Delhi, Dec 28  The Income Tax Department has said that over 4.2 crore income tax returns (ITR) have been filed so far for the assessment year (AY) 2020-21. A tweet by the IT Department said that as of December

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Over 4 crore ITRs filed for AY 2020-21

Over 4 crore ITRs filed for AY 2020-21

🕔06:54, 26.Dec 2020

New Delhi, Dec 26  The Income Tax Department on Friday said that over four crore income tax returns (ITR) have been filed for the assessment year (AY) 2020-2021. An IT Department tweet said that as of December 24, nearly 3.98

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I-T Dept refunds Rs 1,27,000 cr through Automated Refund System: Fin Secy

I-T Dept refunds Rs 1,27,000 cr through Automated Refund System: Fin Secy

🕔07:02, 31.Oct 2020

New Delhi, Oct 31  The Income Tax Department has issued tax refunds of about Rs 1,27,000 crore that have been sent to the bank accounts of individuals and businesses so far in this financial year, Finance Secretary Ajay Bhushan Pandey

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Income Tax Department raids 42 locations across India, recovers Rs 2.3 cr cash

Income Tax Department raids 42 locations across India, recovers Rs 2.3 cr cash

🕔12:14, 27.Oct 2020

New Delhi, Oct 27  The Income Tax Department has seized cash over Rs 2.3 crore and jewellery worth Rs 2.8 crore during searches at 42 locations in Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa, on a large network of individuals running

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Income Tax Dept issues guidelines for filing tax returns

Income Tax Dept issues guidelines for filing tax returns

🕔07:05, 26.Oct 2020

New Delhi, Oct 26  The Income Tax Department has issued a lengthy instruction manual running into hundreds of pages for filling up the tax returns for assessment year 2020-21. The Income Tax Department has issued a detailed step by step

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I-T Dept conducts raids at several locations in Bhopal

I-T Dept conducts raids at several locations in Bhopal

🕔07:15, 22.Aug 2020

New Delhi, Aug 22  The Income Tax Department has carried out search and seizure operations at various locations in Bhopal, seizing cash and jewellery worth Rs 1.8 crore. A statement issued by the Central Board of Direct Taxes (CBDT) on

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Faceless assessment to start with I-T Dept restructuring

Faceless assessment to start with I-T Dept restructuring

🕔16:59, 15.Aug 2020

New Delhi, Aug 15  As The Faceless Assessment Scheme, 2019 kicks off, the Central Board of Direct Taxes (CBDT) has stipulated that all communications from the department to the taxpayer, assessee, third-party will be in the name of the National

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I-T officers asked to attend PM’s web telecast ‘without fail’

I-T officers asked to attend PM’s web telecast ‘without fail’

🕔07:44, 13.Aug 2020

New Delhi, Aug 13  The Income Tax (I-T) Department has issued instructions for mandatory attendance of officers to view the web telecast of Prime Minister Narendra Modi’s address to I-T officers and taxpayers on Thursday. An instruction to this effect

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Income Tax Department conducts search at premises of Chinese entities

Income Tax Department conducts search at premises of Chinese entities

🕔07:52, 12.Aug 2020

New Delhi, Aug 12  The Income Tax Department on Tuesday mounted a search at various premises of identified Chinese entities, their close confederates and couple of bank employees. The action followed credible information with the tax department that a few

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I-T dept responsive to the needs of taxpayers during pandemic : Sitharaman

I-T dept responsive to the needs of taxpayers during pandemic : Sitharaman

🕔07:49, 25.Jul 2020

New Delhi, July 25 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

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CBDT provides utility for TDS rates on cash withdrawals

CBDT provides utility for TDS rates on cash withdrawals

🕔07:20, 13.Jul 2020

New Delhi, July 13 The Income Tax Department has facilitated a new functionality for banks and post offices to ascertain TDS applicability rates on cash withdrawal of above Rs 20 lakh in case of a non-filer of the income-tax return and

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Centre extends validity of Forms 15G, 15H till June 30

Centre extends validity of Forms 15G, 15H till June 30

🕔18:39, 4.Apr 2020

Chennai, April 4 (IANS) The Central government has extended the validity of Forms 15G and 15H submitted by fixed deposit holders during fiscal 2019-20, till June 30, a senior official of the All India Bank Employees’ Association (AIBEA) said on Saturday.

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Govt extends deadline for IT return filing till June 30

Govt extends deadline for IT return filing till June 30

🕔16:11, 24.Mar 2020

New Delhi, March 24 The Union Finance Ministry on Tuesday extended the deadline for filing income tax returns for the financial year 2018-19 till June 30, 2020 in a bid to provide relief amid the coronavirus crisis. Addressing the media

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I-T department to adopt ‘taxpayer friendly’ approach

I-T department to adopt ‘taxpayer friendly’ approach

🕔10:28, 19.Aug 2019

New Delhi, Aug 19  The Income Tax (I-T) Department has decided to adopt a more friendly approach in its dealings with the tax assessees, sources said on Sunday, following Finance Minister Nirmala Sitharaman’s call for a mindset change among tax

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New compounding rules make it difficult for tax evaders to get away

New compounding rules make it difficult for tax evaders to get away

🕔19:47, 15.Jun 2019

New Delhi, June 15 (IANS) Tightening the screw on tax evaders, the revised guidelines issued by the Income Tax (I-T) Department have made serious offences under black money and benami laws “generally” non-compoundable. This means that a person or entity would

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Income Tax dept revises Form 16 for more details

Income Tax dept revises Form 16 for more details

🕔06:47, 17.Apr 2019

New Delhi, April 17  The Income Tax department has notified changes in Form 16 that requires more details about deductions under tax saving schemes, investment in tax saving schemes and income from other sources. The amended form will come into

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IT raids at over 30 places in Jammu, Srinagar

IT raids at over 30 places in Jammu, Srinagar

🕔20:05, 14.Mar 2019

Jammu, March 14  Income tax (IT) Department teams carried out simultaneous raids at over 30 places in Jammu and Srinagar on Thursday, based on IT surveys carried out earlier in the state, an official said. Over 30 establishments including hotels,

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Income Tax department draws bead on hawala operator behind Rapid Metro Gurgaon

Income Tax department draws bead on hawala operator behind Rapid Metro Gurgaon

🕔09:30, 30.Jan 2019

New Delhi, Jan 30  Income Tax authorities recently issued summons and a show-cause notice to IL&FS Rail Ltd. After a search operation, various incriminating documents and digital data were found and seized from the premises of IL&FS Rail Ltd in

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CBDT asks non-filers to file ITRs within 21 days

CBDT asks non-filers to file ITRs within 21 days

🕔08:05, 23.Jan 2019

New Delhi, Jan 22 (IANS) The government on Tuesday asked those who have not yet filed their Income Tax Returns (ITRs) for assessment year 2018-19 to file the same within 21 days to avoid proceedings under the Income Tax Act. The

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