I-T Department
I-T raids premises of MP CM's OSD, others; seizes cash
Mon, Apr 08, 2019
In a major crackdown on hawala money, Income Tax Department teams on Sunday carried out raids at over 50 places in Madhya Pradesh`s Indore and Bhopal and New Delhi, including the residence of Chief Minister Kamal Nath`s officer on special duty (OSD) Praveen Kakkar and seized a huge amount of cash.
More >
CBDT asks I-T Dept to probe about 3 lakh de-registered firms for money laundering
Fri, Mar 29, 2019
"In cases of detection of unusual transactions and beneficiaries thereof, appropriate action may be taken as per provisions of the I-T Act after seeking restoration of the struck off company by filing an appeal before the National Company Law Tribunal (NCLT)," the CBDT said.
More >
Tax demand: I-T dept attaches portion of shares held by V G Siddhartha, Coffee Day in Mindtree
Sat, Jan 26, 2019
The income tax (I-T) department has attached some of the shares held by V G Siddhartha and Coffee Day Enterprises Ltd in Mindtree, a move that may halt them from selling their stake in the IT firm.
More >
IT dept to wait till Sep 7 for Walmart to pay tax on Flipkart deal
Sun, Sep 02, 2018
The Walmart has not yet approached the tax department to ascertain the withholding tax liability, although some shareholders of Flipkart who are exiting the e-commerce company have sought guidance on their tax liability, the officials said.
More >
Income Tax Returns (ITR) filing deadline: Did you miss it? Rush now, or face penalty; check 5 step guide
Fri, Mar 09, 2018
Income Tax Returns (ITR) filing deadline: From April 1, 2018, the penalty has been fixed at Rs. 5000 for all delayed ITR filings before Dec 31, 2018 and for earnings above Rs. 5000. However, the penalty has been set at Rs. 10,000 if the ITR is filed after Dec 31, 2018.
More >
ED probes shell companies linked to Nirav, Choksi
Thu, Feb 22, 2018
The Enforcement Directorate (ED) is probing 120 shell companies allegedly linked to Nirav Modi and Mehul Choksi even as Income Tax officials claimed to have found two companies linked to Nirav that received Rs 555 crore from foreign companies between 2013 and 2014.
More >
Unsold realty inventory under Income Tax radar to check hoarding
Tue, Nov 28, 2017
A tax between 8% and 10% could be applied on the property that is held under "stock in trade" by the developers. The Central Board of Direct Taxes has already sent internal guidelines to I-T officials across the country,
More >
Benami Act violators to face double whammy of legal action: Income Tax Department
Fri, Mar 03, 2017
The Income Tax Department on Friday warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to seven years and such violators would also stand to be charged under the Income Tax Act (I-T Act).
More >
Demonetisation: 60 lakh depositors put Rs 7 lakh crore in banks since November 8
Fri, Dec 30, 2016
As many as 60 lakh individuals and firms have made large deposits totalling an astonishing Rs 7 lakh crore in old notes, top government officials said today while warning that every penny of tax will be extracted as the black money does not become white by merely putting it in banks.
More >
