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IT Department News
I-T Department unearths income of Rs 5,400 crore post-note ban
Sat, Jul 22, 2017
"During the period from November 9, 2016 to January 10, 2017, more than 1,100 searches and surveys were conducted by the I-T Department apart from issuing more than 5,100 verification notices in the cases of suspicious high value cash deposits or related activities," Minister of State for Finance Arjun Ram Meghwal told the Lok Sabha.
Aadhaar is now must for PAN; Here's how you can file ITR -4 Sugam
Sat, Jul 08, 2017
Government has notified to quote their Aadhaar for applying PAN. We tell you how to file your income tax returns if you have to file using ITR-4.
Cairn tax dispute: I-T dept confiscates dividend, refund
Mon, Jun 19, 2017
The Income Tax Department has ordered coercive action against Cairn Energy of UK, including taking away over Rs 2,000 crore dividend and tax refund, to recover part of the Rs 10,247 crore retrospective tax.
Be prepared taxpayers; first installment of advance tax due tomorrow
Wed, Jun 14, 2017
Advance Tax Payment has been given as an option by IT department to make payment of taxes in installment. Four dates are been provided and if a taxpayer does not make payment by end of March 2018, he or she will have to make 100% advance tax.
Replying to income tax scrutiny notices will be soon just a click away
Sun, Jun 11, 2017
Replying to income tax scrutiny notices with supporting documents will soon be just a click away.
100% penalty if Rs 2 lakh or more transacted in cash, warns IT Department
Fri, Jun 02, 2017
Income Tax Department, in an advertisement, has warned people for not transacting in cash for Rs 2 lakh or more.
Increase in take away salary expected; IT department to tighten the grasp over tax defaulters
Sat, May 27, 2017
This segment of News Tonight Superfast brings to you the top news updates from all spheres of the country. Watch to know about the difficulty which tax defaulters are going to face, bankers' meet with finance minister and for other recent happenings.
IT department to launch a website for operation clean money
Mon, May 08, 2017
IT department to launch a website for operation clean money. Watch this special segment and get to know more here.
Infosys for first time records negative growth in hiring; recruits about 6,000 people so far in FY17
Mon, Feb 13, 2017
A senior official of the Telangana Government on Monday said that Infosys for the first time has registered negative growth in its hiring for the fiscal year 2016-17 (FY17).
Government to allow deposits on one or more occasions in Garib Kalyan scheme
Tue, Feb 07, 2017
More than one deposit of undisclosed income can be deposited at the authorized banks. The deposit sum should not be less than 25% of declared undisclosed income.
Tax dept leans on 'Big Data' to mark out multiple PAN holders
Sun, Jan 29, 2017
To plug tax loopholes, the I-T department will use Big Data analytics to track down evaders by collecting information such as common address, mobile number and e-mail to establish relationship between their multiple PANs.
1 taxpayer owes 11% of India's individual income tax in 2014-15
Tue, Jan 24, 2017
India had 36.5 million individual taxpayers who declared taxable income of Rs 16.5 lakh crore and were liable to pay Rs 1.91 lakh crore as income tax -- an increase of 23% and 37%.
Tax dept to rope in auditors to probe bank deposits
Sun, Jan 08, 2017
With an estimated Rs 15 lakh crore back in the banking system post demonetisation, the income tax department is in talks with leading global tax consultants, including EY, KPMG and PricewaterhouseCoopers, for forensic audit of the data to see if any of it is laundered money.
IT department asks banks to report cash deposits in accounts from April-November
Sun, Jan 08, 2017
The Income Tax department on Sunday asked banks to report on cash deposits in accounts from the period April 1 to November 9, 2016, Times Now tweeted.
Luxury cars sales likely to drop as IT dept asks dealers for sales numbers since demonetisation
Tue, Dec 27, 2016
The IT department has send notices to car dealers asking them for information on the sales of luxury cars from November 8 onwards.
Income Tax Department identifies over 67 lakh non-filers
Thu, Dec 22, 2016
The Income Tax Department (IT) has identified 67.54 lakh non-filers for financial year 2014-15, it said in a statement.
Income Tax Dept may assess only 1% tax assesses on staff shortage
Mon, Nov 21, 2016
The Income Tax department has come under tremendous pressure on account of shortage of staff and they may only focus on catching the big time tax evaders in the country.
Direct Tax collections rise 10% in October
Wed, Nov 09, 2016
Total direct tax collections in October were Rs 3.77 lakh crore which is 10.6% more than the net collections for the corresponding period last year, Income Tax department said in a release on Wednesday.
Income Tax Dept issues 7 lakh letters for large non-PAN transactions
Thu, Jul 21, 2016
The reported transactions include cash deposits of Rs 10 lakh or more deposited in a savings bank account or sale/purchase of immovable property valued at Rs 30 lakh or more, etc.
Did not file your income tax returns yet? Here are a few steps to follow
Wed, Jul 20, 2016
Even if there is no income tax that you are required to pay after claiming deductions, you still need to file your tax returns as long as your gross income is Rs 2.5 lakh or more.