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Taxpayers to now get details on remittances, MF dividend in IT return form

Taxpayers to now get details on remittances, MF dividend in IT return form

🕔21:14, 27.Oct 2021

New Delhi, Oct 27 (IANS) In a bid to prevent suppression of information by taxpayers, the Income Tax department will now provide full details of their financial transactions such as foreign remittances, purchase and receipt of dividend on mutual funds and

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Over 2 cr returns filed on e-filing portal of I-T Dept

Over 2 cr returns filed on e-filing portal of I-T Dept

🕔18:41, 14.Oct 2021

New Delhi, Oct 14 (IANS) The e-filing portal of the Income Tax Department has marked receipt of more than 2 crore Income Tax returns as on 13th October 2021, a government statement released on Thursday said. The new portal was launched

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Net Direct Tax collections see 74.4% growth over pre-pandemic levels

Net Direct Tax collections see 74.4% growth over pre-pandemic levels

🕔18:28, 24.Sep 2021

New Delhi, Sep 24 (IANS) In a clear signal that the economy is on path of fast recovery post the pandemic disruptions, the government’s net direct tax collections for FY22 so far (till September 22) have grown by a staggering 74.4

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Taxpayers still need to pay interest despite extension of filing dates

Taxpayers still need to pay interest despite extension of filing dates

🕔06:35, 20.Sep 2021

New Delhi, Sep 20 The government may have extended the due date for filing Income Tax returns on account of the difficulties being reported by the taxpayers in the electronic filing of returns owing to the glitches in the Tax Portal,

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Transparent taxation most beneficial govt initiative amid pandemic: Survey

Transparent taxation most beneficial govt initiative amid pandemic: Survey

🕔06:49, 9.Sep 2021

New Delhi, Sep 9  From being cautious to being optimistic, India Inc’s business sentiments are drawing closer to pre-pandemic levels, hinting at a more robust performance in the next quarter, a Grant Thornton Bharat Survey said on Wednesday. The government’s

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I-T Dept conducts pan-India searches on prominent business group

I-T Dept conducts pan-India searches on prominent business group

🕔18:50, 25.Jul 2021

New Delhi, July 25  The Income Tax (I-T) Department has conducted a pan-India search operation on a prominent business group, which is involved in businesses in various sectors, including media, power, textiles and real estate, with a group turnover of

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Deadline for filing of foreign remittance tax forms extended

Deadline for filing of foreign remittance tax forms extended

🕔07:16, 6.Jul 2021

New Delhi, July 6  The Central Board of Direct Taxes (CBDT) has again extended the deadline for filing of income tax forms 15CA and 15CB, which are filed in terms of foreign remittances. The last date of filing the forms

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CBDT comes up with new functionality for compliance check of non-filers

CBDT comes up with new functionality for compliance check of non-filers

🕔07:40, 23.Jun 2021

New Delhi, June 23  As part of the efforts to ease the compliance burden of taxpayers, the Central Board of Direct Taxes (CBDT) has issued a new functionality that would disclose if a person is liable to pay taxes at

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Net direct tax collections for FY22 grows over 100% till mid-June

Net direct tax collections for FY22 grows over 100% till mid-June

🕔18:23, 16.Jun 2021

New Delhi, June 16  The net direct tax collections for the financial year 2021-22 have grown at a robust pace despite the disruptions caused by the second wave of the Covid-19 pandemic on the economy. According to the Finance Ministry,

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Govt further extends tax compliance timelines amid pandemic

Govt further extends tax compliance timelines amid pandemic

🕔17:13, 1.May 2021

New Delhi, May 1  In view of the severe Covid-19 pandemic and requests put forward by taxpayers, tax consultants and other stakeholders, the government has decided to provide further relief to taxpayers by extending various time limits of compliances. Accordingly,

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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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No more worries about late filing of returns with I-T’s ‘Jhatpat scheme’

No more worries about late filing of returns with I-T’s ‘Jhatpat scheme’

🕔07:16, 23.Dec 2020

New Delhi, Dec 23  Last minute filers of income tax returns for financial year 2019-20 (assessment year 2020-21) need not worry about completing the process in time to beat the deadline. The Income Tax Department has introduced the “Jhatpat Processing”

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Centre extends deadline of filing tax returns to Dec 31

Centre extends deadline of filing tax returns to Dec 31

🕔18:16, 24.Oct 2020

New Delhi, Oct. Oct 24  In a major relief to taxpayers, the Government on Saturday announced extension of the due date for filing income tax returns for the assessment 2020-21 by another month to December 31, 2020. The earlier extension

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CBIC to roll out pan-India faceless assessment for imports by Oct 31

CBIC to roll out pan-India faceless assessment for imports by Oct 31

🕔07:49, 7.Sep 2020

New Delhi, Sep 7  The Central Board of Indirect Taxes and Customs (CBIC) will roll out faceless assessment for all imports across India by October 31. The roll out will be done in a phased manner, said a CBIC circular.

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Amid Covid, I-T Dept refunds Rs 98.6K cr to 26 lakh taxpayers

Amid Covid, I-T Dept refunds Rs 98.6K cr to 26 lakh taxpayers

🕔19:34, 2.Sep 2020

New Delhi, Sep 2  In pursuance of the exercise to meet liquidity needs of taxpayers during the Covid-19 pandemic, the Income Tax Department said it has fast-tracked its tax refund process and processed 26.2 lakh cases amounting to more than

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97 percent of Income Tax work force feeling left out

97 percent of Income Tax work force feeling left out

🕔15:30, 17.Aug 2020

New Delhi, Aug 17  The employee associations of Income Tax have said that the restructuring carried out in the Department to implement the Faceless Assessment Scheme is making 97 percent of the workforce feeling left out. The Joint Council of

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I-T dept plans active reporting of high value transactions for enhancing tax base

I-T dept plans active reporting of high value transactions for enhancing tax base

🕔17:47, 14.Aug 2020

New Delhi, Aug 14  The government may have eased tax compliance measures through its ‘transparent taxation’ initiative but it proposes an extensive drive to enhance the country’s tax base by aggressively pursuing reporting of high value expenditure that qualifies persons

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After 3 months, I-T Dept to send communication to assessees facing probe

After 3 months, I-T Dept to send communication to assessees facing probe

🕔08:25, 13.Aug 2020

New Delhi, Aug 13  After a gap of three months, the Income Tax (I-T) Department will once again start sending communications to assessees facing investigation or proceedings under the Income Tax Act, black money or benami property violations. The Central

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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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ITR forms being revised for benefits of timeline extension

ITR forms being revised for benefits of timeline extension

🕔19:12, 19.Apr 2020

New Delhi, April 19 The Finance Ministry on Sunday said that the Central Board of Direct Taxes (CBDT) is revising the income tax return (ITR) forms for FY 2019-20 (Assessment Year 2020-21) which will be notified by the end of this

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