Government of India today announced that it has removed about 70 out of the 100 deductions and exemptions that tax-payers could avail of to reduce their tax liability, and will deal with the remaining 30 in the coming year. The exact details of the exemptions and deductions that are being removed will be published soon. […]
The Income Tax Department has ‘provisionally attached’ Mindtree shares worth Rs 660 cr belonging to VG Siddhartha, the founder of Cafe Coffee Day and the son in law of former Congress leader and Karnataka Chief Minister SM Krishna. Mindtree said it received intimation from the Income Tax Department that it had provisionally attached about 75 […]
The income tax department has been able to identify millions of non-tax-filers and collect Rs 26,425 cr of self-declared tax by using software to analyze third party financial and transaction data over the last six years, the finance ministry said. The income tax department has been analyzing financial and transactional data since the year 2013 […]
The number of income tax e-filings increased by 19.5% this year compared to last year as demonetization forced many people declare their hitherto undeclared incomes. A total of 3.89 cr e-filings were recorded in the current financial year as of Nov 7, compared to 3.25 cr in the same period of the previous year, the […]
Shares of New Delhi Television Ltd spiked another 10% today to Rs 62.40, prompting the BSE to write to the company to seek clarification on any undisclosed development. With this, the total gain in NDTV shares in the last four days is 76%. The company, however, said it was not aware of any development that […]
The government has cleared 98% of income tax refunds below Rs 50,000 in the current financial year, the finance ministry said. 67% of the refunds were issued within one month of filing the return, and 90% were issued within 60 days, the ministry said in a statement. Typically, tax refunds used to take several months […]
The number of people who have given their responses under the government’s ‘Operation Clean Money’ has reached 8.38 lakh as of Mar 9, slightly less than half the 17.92 lakh people to whom questions have been sent. The questions were sent in late January and early February, and were supposed to have been replied to last […]
Finance Minister Arun Jaitley said he is slashing Income Tax paid by individuals by as much as 50% in some slabs. In the starting slab of 2.5-5.0 lakh per year, the income tax rate has been brought down from 10% of income above Rs 2.5 lakh to 5% of income above Rs 2.5 lakh. “If […]
Sand miner Shekar Reddy has been arrested, two weeks after the seizure of crores of rupees and gold in an income tax raid. The arrest has come hours after Income Tax officials conducted a raid on Tamil Nadu’s top bureaucrat chief secretary P Rama Mohana Rao at his home. It was speculated that Rao’s home […]
The Supreme Court on Monday dismissed the petition filed by the Income-Tax Department against Reliance Communications on taxing of the proceeds of Foreign Currency Convertible Bonds (FCCBs), said the telecom operator. The Supreme Court order has quashed contingent tax liability of RCOM for about Rs 4,800 crore. During Financial Year 2006-07, Reliance Communications had issued […]
The country’s biggest bank State Bank of India saw nearly Rs 40,000 cr deposited by the public in its branches in the first two days of the ongoing currency swap. A total of Rs 1,666 cr worth of notes were exchanged. Under the ongoing currency swap, bank customers can get up to Rs 4,000 worth […]
Thanks to technology, the Income Tax department is now able to track all your bank accounts in all the banks in India, and show you the details on its website. The details of your accounts can be seen on incometaxindiaefiling.gov.in — the portal used to file your income tax returns. As of now, only those […]
With bank withdrawals restricted, the Income Tax Department seems to be taking the opportunity to move in on a long-time target of tax evasion investigators — co-operative banks. Several co-operative banks in Kerala have got Income Tax Department notices seeking details of deposits. It is not known if banks in other states have also got similar notices. […]
