Thu, Mar 21, 2024
NFAC had passed an order on March 31, 2022, disallowing certain expenditure incurred by the Bank. Vide the said order NFAC had raised a demand of Rs 76.23 crores (including interest of INR 18.91 crore) without giving credit to the taxes paid/tax credit available to the company. Jana SFB had filed an appeal before NFAC challenging the above order. NFAC has now passed an order disposing off the appeal, upholding the disallowance made by assessing officer amounting to Rs. 25.03 crore.
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Mon, Jan 08, 2024
Some people think that instead of doing a large amount online transaction, if they deposit the same amount of cash in an account, the Income Tax Department will not notice it. But they are wrong; any transaction done—online or offline—may attract the I-T department's attention. Know about five such transactions that the I-T department may notice and send you an income tax notice for.
Wed, Nov 29, 2023
The Income Tax department on Wednesday conducted a survey operation at some entities of the Hinduja Group in Mumbai and some other cities, official sources said.
Sat, Jul 04, 2020
In a bid to provide relief to income tax payers who had to file their TDS and TCS statement by 30th June 2020, the Income-Tax Department has extended the deadline to 31st July 2020 for FY2019-20.
Fri, Jul 03, 2020
Income Tax Department has issued tax refunds at a speed of 76 cases per minute from 8th April to 30th June, 2020.
Fri, Jun 12, 2020
Income Tax Return (ITR) filing is a responsibility that each and every earning individual must take care of. When everything is going digital, income taxpayers are advised to do their bit and e-file their ITR - all on their own.
As per the Income Tax Act 1962, the Section 272(B) permits the Income Tax Department to impose penalty of up to Rs 10,000 on the person who has given wrong PAN card information.
Fri, May 29, 2020
With this, Form 26AS has now been revamped to an 'Annual Information Statement' which apart from the TDS/ TCS details, shall now contain comprehensive information relating specified financial transactions, payment of taxes, demand/ refund and pending/completed proceedings undertaken by a taxpayer in a particular financial year that has to be mentioned in the income tax returns.
Fri, May 15, 2020
Individuals who have come to India on a visit before 22 March 2020 and have been unable to leave India on or before 31 March 2020, should know this important information. The Central Board of Direct Taxes (CBDT) has issued a clarification on the residency status of people with regards to their stay in India
Thu, May 07, 2020
PAN Aadhaar link status check through SMS is possible. One can find details at official website of Income Tax Department — incometaxindiaefiling.gov.in.
Thu, Apr 09, 2020
Aadhaar PAN Link: In case you are among those who did their linking ahead of deadline, and want to know the status, then you need to do this - check PAN Aadhaar link status.
Income Tax Refund: In the wake of Coronavirus lockdown, Narendra Modi has decided to issue all pending income-tax refunds upto Rs 5 lakh & GST/Custom refunds with immediate effect.
PAN Aadhaar Link: The deadline for Aadhaar PAN link is 30th June 2020 failing to which one's PAN card would become inoperative.
Sat, Apr 04, 2020
In a bid to provide relief to the earning individual who had no tax liability but facing TDS deduction by banks and other institutions, Income Tax Department has increased the deadline for Form 15G and Form 15H submission date till 30th June 2020.
Tue, Mar 31, 2020
The Finance Ministry on Tuesday extended the validity of all lower withholding tax orders by three months till June 30 in view of hardships caused due to COVID-19 pandemic.
Aadhaar card holders, who don't have PAN card, the Income Tax Department has made some provision that will help you get their PAN card online in just 10 minutes.
Thu, Mar 19, 2020
PAN Aadhaar Link: The Income Tax Department has said that it is mandatory to link your PAN and Aadhaar cards before 31st March, 2020.
Tue, Mar 17, 2020
Aadhaar PAN Link: If you don't do PAN Aadhaar link by 31st March 2020, it will become inoperative from the next financial year.
Sat, Mar 07, 2020
PAN Card Link In Aadhaar: Income Tax Department has launched a new facility that allows Aadhaar Card holder to get instant PAN Card without any charges.
Sat, Feb 15, 2020
PAN Aadhaar Link: According to the Income Tax Department's Aadhaar-PAN link deadline is 31st March 2020.
Wed, Feb 12, 2020
The two organisations are expected to ink a Memorandum of Understanding (MoU) soon in order to implement the decision and chalk out modalities of exchange of data, maintenance of confidentiality, mechanism for safe preservation of data and weeding out after usage.
Mon, Jan 27, 2020
Income tax dept in preparation for big action over tax evasion, 5000 companies on radar
Wed, Nov 27, 2019
The axe has fallen on Group B officers of the rank of income tax officer (ITO) under Clause (j) of Rule 56 of the Fundamental Rules.
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