Income Tax

Tax Department Detects Rs 1,400 Crore Undisclosed Transactions After Raids In Jaipur

Jaipur News | Press Trust of India | Friday January 22, 2021

The Income Tax Department has detected undisclosed transactions of more than Rs 1,400 crore after raiding a jewellery firm and two real-estate developers based in Jaipur, the CBDT said on Thursday.

Undisclosed Income Of Rs 520 Crore Detected After Raids In Maharashtra's Thane

India News | Press Trust of India | Thursday January 21, 2021

The Income Tax Department detected undisclosed income of over Rs 520 crore after it raided "leading" builders based in Maharashtra's Thane district, the Central Board of Direct Taxes said today.

Levy Uniform Interest Rate For Non-Deposit Of TCS: Taxmann

Business | Edited by Peter Noronha | Wednesday January 20, 2021

Section 201 of the Income Tax Act states that a deductor shall be liable to pay interest at the rate of 1 per cent per month/part of the month in case there is a failure to deduct tax

Budget 2021: Tax Deducted In Foreign Country Should Be Treated As Income

Business | Edited by Peter Noronha | Wednesday January 20, 2021

The computation of income is often disputed if taxes have been withheld outside India and corresponding income is offered for taxation in India, as Section 198 does not specifically mention taxes withheld outside India

Tax Officials Detect Rs 450 Crore Black Money After Raids In Kolkata

India News | Press Trust of India | Friday January 15, 2021

The Income Tax Department has detected undisclosed income of over Rs 450 crore after it raided some Kolkata-based entities engaged in various businesses such as running of hotels and wholesale trading of fruits, the CBDT said on Friday.

Budget 2021: Section 47 Of I-T Act Must Be Amended With Respect To Gold Bonds Scheme

Business | Edited by Nikita Prasad | Thursday January 21, 2021

Budget 2021: Taxmann said in its pre-budget recommendations to the government that section 47 should be amended to remove the reference of any particular year from the sovereign gold bond scheme

Budget 2021: Cap On Emoluments Must Be Raised To Rs 50,000 Under Section 80JJAA

Business | Edited by Nikita Prasad | Wednesday January 20, 2021

Budget 2021: Section 80JJAA, which provides for deduction of 30 per cent on emoluments paid to new employees, can be claimed for three years. It is available upto an emolument of Rs 25,000

Budget 2021: Lower Stamp Duty, Easing Income Tax Norms Needed For Real Estate

Business | Edited by Nikita Prasad | Wednesday January 20, 2021

Budget 2021: Currently, the government offers interest subvention of one per cent for low-cost housing loans up to Rs 15 lakh, provided the housing cost does not exceed Rs 25 lakh

Tax Officials Detect Evasion Of Rs 100 Crore After Raids On Assam Doctors

India News | Press Trust of India | Wednesday January 13, 2021

The Income Tax Department has detected tax evasion of more than Rs 100 crore after it raided some "renowned" doctors and medical professionals based in Assam, the CBDT said on Tuesday.

Tax Deductions Not Expected In Upcoming Budget, Says Taxmann

Business | Edited By Abhishek Vasudev | Wednesday January 20, 2021

The government in last year's Union Budget announced a new and simplified personal tax regime consisting of revised income tax slabs and tax rates

Extended Deadline For Filing Income Tax Returns Ends Today

Business | Edited by Peter Noronha | Sunday January 10, 2021

The government has also extended the due date for filing declaration under the direct tax dispute resolution scheme Vivad Se Vishwas by a month till January 31, 2021.

Here's How To Link Aadhaar Number With PAN

Business | Edited by Nikita Prasad | Saturday January 9, 2021

Aadhaar Card PAN Card Linking Process: Income Tax (I-T) department enables users to link the two identification numbers online through a simple tool on its website

Deadline For Filing Income Tax Returns Is Tomorrow: Here's How To Do It Online

Business | Edited by Nikita Prasad | Saturday January 9, 2021

Income Tax Returns 2020: Taxpayers have until tomorrow for filing ITR's and one can file it online through the official website - www.incometaxindiaefiling.gov.in

Undisclosed Income Worth Rs 365 Crore Detected After Raids In Kolkata

India News | Press Trust of India | Friday January 8, 2021

The Income Tax Department has detected undisclosed income of Rs 365 crore after it raided three real estate and stock broking groups based in Kolkata, the Central Board of Direct Taxes (CBDT) said on Friday.

Budget 2021: Crucial Income Tax Changes In Past Budgets

Business | Edited by Peter Noronha | Wednesday January 20, 2021

The government has made some drastic changes in income tax rules over the years, ranging from changes in income tax rates to reintroduction of standard deduction and a higher income threshold for rebate