Taxman News

• 

  Taxman Issued Refund Of Over Rs 1.40 Lakh Crore Since April

  As per the IT Department, Income Tax refunds of Rs 38,105 crores have been issued in 57,68,926 cases and corporate tax refunds of Rs 1,02,105 crores have been issued in 1,99,165 cases.

• 

  Mutual Funds To Deduct 10% Tax Only On Dividend Income, Says Taxman

  CBDT has said that necessary clarification regarding the application of taxes would be made in the relevant provision of the law.

• 

  Highest Ever E-Returns Filed In A Single Day On August 31: Taxman

  The Information Security team of I-T Department thwarted over 2,205 malicious attacks on the website aimed at disrupting services in the peak period.

• 

  Taxman Says No Change In Income Tax Forms, Only Utility Software Updated

  Income tax forms news: The Income Tax Department said that over 1.38 crore entities have already filed their income tax returns (ITRs) till now. The Central Board of Direct Taxes, the apex policy-making body for the Income Tax Department, said the software for e-filing of ITR-2, and ITR-3 was released on May 2 and May 10 respectively.

• 

  Coffee Day To Take Required Action To Free Mindtree Shares Attached By Taxman

  Coffee Day Enterprises has said it would take required action in the next few days to get a part of shares of IT firm Mindtree, released by the Income Tax Department.

• 

  Start-Ups Troubled By Angel Tax, Suresh Prabhu To Take Up Issue

  Sreejith Moolayil, founder of Pune-based start-up True Elements raised Rs 1.5 crore for his venture from an angel investor in the year 2015. That would have been good news, except two years later, he received an order from the Income Tax department to pay Rs 40 lakh of that amount to the taxman as Angel Tax.

• 

  Companies May Have To Furnish April-September Income Estimates To Taxman

  The Central Board of Direct Taxes (CBDT) has come out with a draft notification seeking stakeholders' comment on filing of Form 28AA by giving details of income and advance taxes paid.

• 

  Taxman Asked To Include Service Charge In Tax Assessment

  The Centre had sent the guidelines to the Federation of Hotel and Restaurant Associations of India (FHRAI), National Restaurant Association of India (NRAI) and Hotel Association of India (HAI).

• 

  Tax Department Unearths Income Of Rs 5,400 Crore Post Notes Ban

  Last week, the Income Tax Department came out with the second list of 5.56 lakh account holders under its 'Operation Clean Money'.

• 

  Taxman Activates All Income Tax Returns For E-Filing

  The e-verification of ITRs can be done through the Aadhaar number which will allow them to complete all the formalities with a click on the computer.

• 

  Credit Card, Loan Payments Come Under Tax Department's Scrutiny

  Post-demonetisation, the government had provided a 50-day window beginning November 9, 2016 to deposit the junked notes in bank accounts.

• 

  Taxman Identifies 1,155 Shell Firms Used To Launder Rs 13,300 Crore

  Minister of State for Finance Santosh Kumar Gangwar said investigations conducted by the Income Tax department have led to identification of number of entities which existed and operated only in form but not in substance.

• 

  CBDT Asks Taxman To Make All Out Efforts To Recover Arrears

  Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra has shot of a letter to all his regional chiefs asking them to make "concerted" efforts to get the job done.

• 

  Soon, Faster PAN, An App For Filing Tax Returns

  The Central Board of Direct Taxes (CBDT), the policy-making body of the Income Tax department, is planning to roll out a faster method to obtain a PAN.

• 

  Taxman Gives 5 More Days To Explain Cash Deposits Above Rs 2.5 Lakh In Old Notes

  A detailed user guide and quick reference guide is available on the portal to assist the taxpayers in submitting online response.