Income Tax

Tax Department To Inform Vigilance Department If Employees Under-Report Income

Business | NDTV Profit Team | Thursday April 19, 2018

Income Tax evasion: Under-reporting of offences is punishable under various penal and prosecution provisions of the Income Tax Act, it said.

Income Tax Department Warns: Wrong Claims Would Be Treated As Cases Of Tax Evasion

Business | Indo-Asian News Service | Thursday April 19, 2018

Such offences are punishable under various penal and prosecution provisions of the Income Tax Act.

Income Tax Department Warns Salaried Class Against Filing Wrong Returns

India News | Press Trust of India | Thursday April 19, 2018

The Income Tax Department on Wednesday cautioned salaried class taxpayers against using illegal means like under-reporting of income or "inflating" deductions while filing their returns, stating violators will be prosecuted and their employers will be intimated to take action against them.

Income Tax Department Rolls Out 'Operation Dress Code,' Expects Employees To Be In Formal Wear

India News | Edited By Richa Taneja (With Inputs From ANI) | Wednesday April 18, 2018

The Income Tax department noted that any employee failing to abide by the orders may be sent back home to change and dress as per instructions.

Sovereign Gold Bond Scheme Open For Subscription: Price, Interest, Maturity, Income Tax Benefit

Business | NDTV Profit Team | Wednesday April 18, 2018

Akshaya Tritiya 2018: Sovereign Gold Bond Scheme, 2018-19-Series-I will close for subscription on April 20.

Income Tax To Track Withdrawals That Led To Cash Crunch: Officials

India News | Edited By Aloke Tikku | Wednesday April 18, 2018

Income tax officials have been roped in to probe the surge in cash withdrawals that is believed to have contributed to ATMs running out of cash in several parts of the country, a top government official has told NDTV. Finance Minister Arun Jaitley had earlier acknowledged a temporary shortage caused by 'sudden and unusual increase' of withdrawal in...

As Empty ATMs Reported, RBI Says Shortage Due To Logistical Reasons: 10 Points

India News | Edited by Debjani Chatterjee with inputs from agencies | Wednesday April 18, 2018

In response to reports that ATMs in several states are running dry, Finance Minister Arun Jaitley today conceded a "temporary shortage in some areas" and said it was being "tackled quickly". The Reserve Bank of India said the shortage may be felt in some pockets due to logistical issues and clarified that there is sufficient cash in RBI vaults. Com...

Diamond Firm Showed Inflated Turnover To Procure Rs 2,650 Crore Loans, says Tax Department

Business | Press Trust of India | Saturday April 14, 2018

The I-T department initiated the action following raids by CBI and the ED on the company offices and the promoters' residences.

CBI Arrests Income Tax Commissioner In Rs 50 Lakh Bribery Case

India News | Press Trust of India | Friday April 13, 2018

The CBI today arrested a Commissioner of the Income Tax department posted in Guwahati for allegedly demanding Rs 50 lakh for giving relief in a shell company matter to a businessman, officials said here.

Tax-Saving Bank Fixed Deposits (FDs) By SBI, ICICI Bank, HDFC Bank Explained

Business | NDTV Profit Team | Friday April 13, 2018

Investors can claim a maximum of Rs 1.5 lakh as tax benefit through tax-saving fixed deposits (FDs), under Section 80C of the Income Tax Act.

Key Changes In New ITR Forms For Assessment Year 2018-19

Business | Naveen Wadhwa | Wednesday April 11, 2018

New forms incorporate changes made by the Finance Act, 2017 in the Income tax Act, 1961.

Investing To Save Income Tax? Link It To Your Goals And Not Your Tax

Business | Ashok Shah | Wednesday April 11, 2018

In today's time, the common man has become more prudent and wise when it comes to investments, says Ashok Shah of N.A. Shah Associates.

Transgenders Can Now Get PAN Card Under 'Independent' Gender Category

India News | Press Trust of India | Tuesday April 10, 2018

The government has amended Income Tax rules that will now allow transgenders to be recognised as an independent category of applicants for obtaining a Permanent Account Number (PAN) for their tax-related transactions.

New Income Tax Return (ITR) Forms Introduced, Tax Slabs For FY 2017-18

Business | NDTV Profit Team | Thursday April 12, 2018

The ITR Form-1 (Sahaj) can be filed by an individual who is a resident having income up to Rs.50 lakh and is receiving income from salary, one house property/other income (interest etc.).

Are Partial Withdrawals From PPF Account Taxable? All You Need To Know

Business | NDTV Profit Team | Wednesday April 11, 2018

Partial withdrawals from PPF accounts are permissible every year from seventh financial year from the year of opening account, according to India Post.