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Gross Direct tax collection grows 30% to Rs 8.36 lakh crore in FY 2022-23

Direct tax collections continue to grow at a robust pace, a clear indicator of the revival of economic activity post pandemic, as also the result of the stable policies of the Government,...

Banks exempted from 10% TDS for one-time loan settlement, CBDT clarifies

The income tax department on Tuesday clarified that the recently introduced tax deducted at source (TDS) provisions will not apply to loans waived through one-time settlements...

Over 1.55 lakh updated ITR (ITR-U) submitted till 2nd September

The Income Tax Department had notified that Over 1.55 lakh updated Income-tax returns (ITR-U) have been filed up to 2nd September 2022....

150 Income Tax officers raid 35 premises of Gurmail Medical Stores Ludhiana

An Income Tax raid has been conducted at the Gurmail Medical Stores in Ludhiana today. Highly placed sources in the department confirmed that about 150 IT sleuths...

Income Tax Dept searches in Gujarat; Unaccounted cash sales, fake loans & bogus share capital detected

The search conducted earlier this month covered 36 premises spread across Rajkot, Morbi, Ahmedabad, Raipur, Guwahati, Gurgaon and Kolkata. ...

Tax Evasion of Rs 420 Cr: Notice issued to Anil Ambani early this month, response awaited

The Income Tax Department has issued notice to industrialist Anil Ambani to prosecute him under the Black Money Act for allegedly evading Rs.420 crore in taxes...

Income Tax Dept to monitor transactions that exceed the cash limit

The income tax department will be monitoring cash transactions in hospitals, banquet halls and businesses to prevent tax evasion....

Income Tax Portal Update: CBDT releases JSON Schema for Form 10B, 10BB

The Income Tax Department has released the JSON Schema for Form 10BB on Income-tax e-filing portal....

Strictness of Income Tax Department, Tax Collection rise by 40%

For the current financial year 2022-23, the government has managed to meet only one-third of the income tax collection target for the four months between April and July. Income tax collection has also...

Income Taxpayers Cannot Join Atal Pension Yojana Scheme From 1st Oct

In the changed Atal Pension Yojana rules, an income tax payer will not be eligible to open Atal Pension Yojana account from 1st October 2022....

Raid Season:  Income Tax Officials came to Jalna saying 'Dulhan Hum Le Jayenge' and SEIZED Assets Worth Rs 390 Crore

Jalna Raid: The officials of the Income Tax Department conducted raids at different places simultaneously through different teams...

Income Tax Officials Raid Healthcare Provider Groups In Haryana & Delhi-NCR; 48 Premises Covered

The Income Tax Department carried out search and seizure operations on several groups engaged in the healthcare services by running hospitals...

Today Is Last Day For Filing ITR, What Happens If You Miss

It\'s fine if you have already submitted the return or can do so before the deadline. But what happens if you don\'t submit the ITR by the deadline of July 31...

LLP Incorporation: CBDT Lays Down Procedure Of PAN Application & Allotment Through Simplified Proforma

Procedure of PAN application & allotment through Simplified Proforma for incorporating Limited Liability Partnerships (LLPs) electronically {Form: FiLLiP} of Ministry of Corporate Affairs....

ITR Filing: Sales Tax Bar Association Requested FM Nirmala Sitharaman To Extend Due Date

The Sales Tax Bar Association has requested Hon’ble Finance Minister Nirmala Sitharaman to Extend the Due Date for the Submission of Income Tax returns for FY 2021-22 from 31st July 2022 to 31st Aug...

ITR Filing: CBDT Enabled Excel Offline Utility For ITR-6 For AY 2022-23

The Central Board of Direct Taxes(CBDT) has enabled Excel Offline Utility for Preparing and Filing ITR-6 for AY 2022-23....

Various Associations Seeks Extension In ITR Filing Deadline

Considering the difficulties in filing taxes and the glitches in the online portal, Various Associations requested Union finance minister Nirmala Sitharaman to extend the due date for filing income ta...

Direct Tax Committee Of ICAI Urged CAs Not To Take Pressure During ITR Filing Period

Committee is not in favour of making representation for extension of due date. Taxpayer who are subjected to costs, their associations may represent....

163rd Income Tax Day: A Journey Towards Nation Building

The 163rd anniversary of Income Tax Day was observed by Central Board of Direct Taxes (CBDT) and all its field offices across India today....

No Plan To Extend ITR Filing Due Date: Govt

The Central Government has clarified that there will not be any extension for the income tax return filing for the year 2022-23....

Fake Income Tax Raid In Delhi; 4 Arrested

Three men and a woman were arrested on Monday for allegedly posing as income tax officials and stealing cash, phones and jewellery from a house in Shahdara,...

Income Tax Changes Effective From 1st July 2022

With July comes a few new changes to income tax rules applicable to different taxpayers. Read more...

Updated ITR (ITR-U) Is Now Available On Income Tax Portal

E-filing of Updated ITR u/s 139(8A) has been enabled for AY 2020-21 and AY 2021-22 using Excel utility for ITR 1 and 4....

Govt Appoints IRS Officer Nitin Gupta As New CBDT Chairman

IRS officer Nitin Gupta has been appointed as the new CBDT chairman, a recent government order said....

3 IT Officials Siphoned Off Crores Through Fake TDS Refunds

CBI has registered a case against three Income-Tax officials and nine beneficiaries for allegedly facilitating fraudulent refunds of Tax Deducted at Source (TDS)....

Income Tax Raids On Businessmen Punit Poddar And His Associates Premises

Since the morning of Thursday, the IT team is raiding the houses and offices of businessmen in Kanke Road, Church Complex on Main Road and Upper Bazar....

TDS Rate On Virtual Digital Assets (VDA) Continues To Be 1%, Govt Clarifies

The IT department clarified on Twitter that the TDS rate on virtual digital assets (VDA) continues to be 1%....

Link PAN-Aadhaar Card Service Enabled On Income Tax E-Filing Portal

Link Aadhaar- PAN option has been enabled at income tax e-filing portal and the same can be accessed by clicking Here...

UDIN Breaking: CBDT Further Extends Last Date To Update UDIN Till 30th June 2022

To give more time to CAs to correctly verify and upload UDIN, CBDT has extended the timeline to update UDIN till 30th June 2022....

IT Department Initiates Probe Against Kanpur Based Perfume Businessman Piyush Jain

The Income Tax Department has started the investigation against Kanpur-based perfume businessman Piyush Jain. DGGI had recovered over Rs 194.45 crore cash from the Piyush Jain in December 2021....

Tax Audit Update: Offline Utilities For Filing Form 3CA-3CD & 3CB-3CD For FY 21-22 Released

Offline Utilities for filing Statutory Income Tax Form 3CA-3CD & 3CB-3CD for FY 21-22 have been released on Income Tax Portal....

UDIN Breaking: CBDT Extends Last Date To Update UDIN Till 31st May 2022

To give more time to CAs to correctly verify and upload UDIN, CBDT has extended the timeline from 30th April to 31st May 2022...

West Bengal Professional Tax: Last Date Of Filing PT Return For 21-22 Extended To 31st May 2022

Directorate of Commercial Taxes (West Bengal) extended the last date of filing return by one month i.e from 30.04.2022 to 31.05.2022...

Form 26A, 27BA, 10BD, and 10BE Are Available For Filing On Income Tax Portal

The Income Tax Department notifies on the E-filing portal that a few income tax forms are now available for filing on the portal. Read more...

UDIN update functionality is enabled for Forms filed from June 2021 onwards

The functionality for updating UDIN against the Audit reports submitted by CA users has been enabled at the e-filing portal. Read more...

Income Tax portal will not be accessible due to maintenance from Mar 05, 10 PM to Mar 06, 08 AM

The Income Tax Department says that the website will not be accessible due to a scheduled maintenance activity. Read more...

Around 6.17 crore ITRs and about 19 lakh major TARs filed on new e-Filing portal

Around 6.17 crore ITRs and about 19 lakh major TARs filed on new e-Filing portal...

Income Tax Dept issued a guidance document on uploading of manually submitted Form 15CA and Form 15CB

The Income Tax Department issued Guidance Document uploading of manually submitted Form 15CA and Form 15CB with authorized dealers. Read more...

Finance Ministry notifies e-advance ruling scheme 2022, allows filing e-mail application

The finance ministry has notified the e-advance rulings Scheme, enabling taxpayers to file their application for advance ruling through e-mail...

Tax audit update: CBDT issues clarification on Form 10CCB

CBDT issued a clarification on Form 10CCB to avoid errors in form filing and verification. Read more...

CBDT issues clarification on form 3CA-3CD, 3CB-3CD

CBDT issued a clarification on forms 3CA-3CD, 3CB-3CD in order to avoid errors in form filing and verification....

Income Tax: Officials raid mobile manufacturing companies

The Income Tax Department carried out search and seizure operations pan-India in the case of certain foreign controlled Mobile Communication & Mobile Hand-set Manufacturing Companies...

No proposal to extend the date for ITR filing: Revenue Secretary

As per the recent tweet of ANI, There is no proposal to extend the date for income tax return filing:...

Income Tax Department conducts searches in Chhattisgarh

The search action covered more than 35 premises spread over Raipur, Korba, Bilaspur and Raigarh districts of Chhattisgarh....

Another representation for extension of due date for filing income tax returns

Direct Taxes Professionals Association (DTPA), Kolkata Representation Committee has sent a Memorandum to FM for Extension of Due Dates till 28TH Feb 2022 for filing of ITRs...

Net Direct Tax collections for the FY 2021-22 grown at robust pace at more than 60%

The figures of Direct Tax collections for the Financial Year 2021-22, as on 16.12.2021 show that net collections are at Rs. 9,45,276.6 crore...

3.59 crore Income Tax Returns filed on the new e-filing portal of the Income Tax Department

The number of ITRs filed per day has crossed 6 lakh and increasing everyday as the extended due date of 31st December, 2021 is approaching....

More than 3 crore Income Tax returns filed on new e-Filing portal - Finance Ministry

More than 3 crore Income Tax Returns have now been filed on the new e-Filing portal. The number of ITRs filed is 4 lakh per day and increasing every day as the extended due date of 31st December 2021...

Income Tax Department conducts search operations in Rajasthan

Income Tax search action covered more than 50 premises at different locations in and around Jaipur....

Income Tax Ludhiana: Department conducts search operations on two major real estate developers

Investigations have also revealed that unaccounted cash expenditure has been incurred on construction of residential house of one of the key persons....

Shri Yogi Adityanath and Smt Nirmala Sitharaman inaugurate new Income Tax office ‘Pratyaksh Kar Bhawan' at Lucknow

The Income Tax Department new Office at Lucknow was inaugurated by Chief Minister of Uttar Pradesh Shri Yogi Aditya Nath and Union Finance& Corporate Affairs Minister Smt Nirmala Sitharaman...

Income Tax Department conducts searches in Gujarat

The search action covered more than 20 premises spread over Vapi and Sarigam in Gujarat, Silvassa and also in Mumbai....

Income Tax Department conducts searches in Gurugram

The search action has led to the detection of estimated unaccounted income to the tune of Rs 600 crore. Total cash amounting to Rs 3.54 crore have been seized....

Taxpayers Lounge of Income Tax Department set up at Trade Fair, 2021

A Taxpayers Lounge has been set up by the Income Tax Department in India International Trade Fair at Pragati Maidan, New Delhi from 14th – 27th November 2021...

Income Tax raid on construction group in Karnataka

The raid has led to detection of unaccounted income of more than Rs 70 crore which has been admitted as undisclosed income by the assessee...

Income Tax Department conducts searches in Tamil Nadu

The search action has resulted in seizure of unaccounted cash of Rs. 3.3 crore and detection of unaccounted income exceeding Rs. 300 crore....

Roll out of new Annual Information Statement (AIS)

Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer...

Income Tax Department conducts searches in Bihar and Jharkhand

The searches revealed that the group has been suppressing its profits by inflating expenses on purchase of materials. Such excess material is sold in the market in cash...

Income Tax Department conducts searches in Nashik

During the search, substantial amount of unaccounted cash was found stored in several private vaults and unaccounted cash of Rs 23.45 crore has been seized...

IT Department conducts searches on groups engaged in the business of Digital Marketing & Waste Management

Incriminating evidence found reveals that the group has been engaged in obtaining accommodation entries using an entry operator. The entry operator has admitted to have facilitated transfer of cash...

Over 2 crore Income Tax Returns filed on new e-Filing portal

The e-filing portal of the Income Tax Department has marked receipt of more than 2 crore Income Tax returns as on 13th October 2021. ...

Cash seizure of over Rs 142 crore in searches by IT Department in Hyderabad

During income tax department searches, issues relating to discrepancies in purchases made from bogus and non-existent entities were detected. ...

IT raids in various locations of different individuals; Rs 750 crore parked in foreign bank accounts detected

The raids resulted in the detection of Rs 750 crore parked in foreign bank accounts in the name of dubious foreign companies/ trusts...

Income Tax raid on 22 premises of real estate group; Unaccounted transactions of Rs 500 crore detected

Income Tax officials conducted raids in Ahmedabad in 22 premises of a real estate developer group and the associated brokers....

Income Tax searches in Chennai, Undisclosed income of Rs 300 crore detected

Income Tax Department conducts search and seizure operations on 35 premises of two private Syndicate Financing groups based in Chennai...

CBDT issues Direct Tax collection figures for FY 2021-22

CBDT issues a press release today stating that Direct Tax collections for the current fiscal (FY 2021-22) have registered a growth trend....

New Income Tax Portal facilitating over 2.5 lakh return filing on a daily basis: Infosys

Infosys issues a press release on income Tax Portal working claiming that the portal is facilitating over 2.5 lakh returns filing daily and ITRs are now available for filing...

IT team unearths unaccounted funds of 350 cr after raid on leading textile manufacturer

IT team carried out a search operation on a leading business house of India involved in manufacture of textile and filament yarn having corporate offices in Delhi, Punjab...

Income Tax officials raid in Nagpur

The Income Tax officials on 17.09.2021 carried out searches at more than 30 premises of a prominent public figure in Nagpur and his family members. ...

Relaxation in provisions of TDS u/s 194A in view of section 10(26) of Income Tax

The Govt notified that no deduction of tax shall be made on the following payment under section 194A of Income Tax namely payment in the nature of interest...

CBDT extends timelines of certain compliances under Income Tax

The Central Government decided to extend the time limit for intimation of Aadhaar number to the Income-tax Department and due date for completion of penalty proceedings...

CBDT issues clarification on carry forward of losses in case of change in shareholding

CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment. Read more...

IT Dept raids in Punjab and Haryana

The Income Tax Department conducted search and seizure operations on 08.09.2021 on three prominent Commission agent groups based in Punjab.....

CBDT allows taxpayers an opportunity to file application for settlement

t has been decided that applications for settlement can be filed by the taxpayers by 30th September, 2021 before the Interim Board subject to certain conditions......

Finance Ministry issues stats of new Income Tax website

Over 8.83 crore unique taxpayers have logged in till 7th September, 2021 with a daily average of over 15.55 lakh in September, 2021. The Income Tax Return (ITR) filing has increased to 3.2 lakh...

Shri G. S. Pannu appointed as President of ITAT in officiating capacity

G. S. Pannu, who is presently a Vice-President of ITAT, is appointed as President of ITAT in officiating capacity with effect from 6th September 2021 till the appointment of regular President...

Income Tax raid in Delhi & Gujarat, detected bogus Unsecured Loans of Rs 380 crore

The Income Tax Department carried out a search and seizure operation on 01.09.2021 on a manufacturer and distributor of synthetic yarns and polyester chips having corporate office in Delhi...

Due date of payment without any additional amount under Vivad se Vishwas Act extended

Considering the difficulties being faced in issuing and amending Form no 3 under Vivad se Vishwas Act, CBDT decides to extend the last date of payment of the amount (without any additional amount) to ...

IT Dept searches 40 premises of real estate builder in Rajkot

The income tax department on Tuesday conducted raids at the 40 premises of a real estate builder based in Rajkot. Unaccounted cash of more than Rs. 6.40 crore and jewellery amounting to Rs. 1.70 crore...

Income Tax evasion of Rs 175 crore exposed after raids in Maharashtra & Goa

IT team conducted searches at the 44 premises of a steel group based in Maharashtra and Goa and a total of Rs 175.5 crore of unaccounted income has been exposed during the raid....

CBDT invites comments on framing rules for implementing the amendments made by The Taxation Laws (Amendment) Act, 2021

The Central Board of Direct Taxes (CBDT) has invited comments on framing rules for implementing the amendments made by the Taxation Laws (Amendment) Act, 2021....

IT Dept raids Visakhapatnam based group

IT Department has carried out searches at 17 different premises linked to a Visakhapatnam-based group and detected undisclosed transactions worth Rs 40 Crore....

Income Tax Portal Glitches: Finance Ministry summons Infosys

Between the controversies relating to the technical issues in the new income tax portal, the Finance Ministry has summoned Infosys CEO Salil Parekh...

IT Dept raids on a trading company in NCR

The Income Tax Department conducted searches on a company engaged in trading of telecom equipment and installation and servicing of these items for various telecom players...

Technical glitches in Income Tax portal to be fixed very soon - FM Sitharaman

Finance Minister Nirmala Sitharaman said technical glitches in the new income tax e-filing portal will be largely fixed in the next couple of weeks...

Income Tax dept launches three emails for filing grievances under Faceless Scheme

the Income Tax Department creates dedicated e-mail ids for registering grievances in respect of pending cases under the Faceless Scheme. ...

Vivad Se Vishwas scheme: Government settled disputed tax of Rs 99,756 crore

The scheme Vivad Se Vishwas is a voluntary scheme for resolving pending direct tax disputes amicably with the taxpayers no targets were fixed by the Government...

IT dept raids on a real estate group in Jharkhand

Income Tax Department carried out a search operation on 28.07.2021 on a prominent group in Jharkhand dealing in building construction and real estate...

IT dept. detects Rs 2200 cr fictitious transactions in raids on a prominent group

During the search, cyclical trading and transfer of funds among group companies engaged in unrelated businesses to the tune of Rs 2,200 crore has been found....

Bengaluru IT Dept detected concealment of income of 880 crores

Income Tax Department carried out a survey operation on two business premises in Bengaluru on one of India leading manpower services provider.....

IT Dept unearths tax evasion of Rs 300 crore after raids at Hyderabad based firm

Income Tax Department carried out a search and seizure operation on 06.07.2021 on a group based in Hyderabad. The group is engaged in real estate.....

CBDT released refund of Rs 37,050 crore between April 2021 to July 2021

CBDT released refund of Rs 37,050 crore between April 2021 to July 2021...

Income Tax: Further relaxation in electronic filing of form 15CA/15CB

Taxpayers can now submit the form 15CA or 15CB in manual format to the authorized dealers till 15th July, 2021...

Hawala racket exposed after Income Tax Raid in Raipur

IT Department carried out search and seizure action on 21.06.2021 on a Raipur based hawala operators. Unaccounted cash amounting to approximately Rs. 6 crore has been seized...

Clarification on section 206AB and 206CCA

Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which takes effect from the 1st day of July 2021...

Highlights of FM meeting with Infosys on glitches in new Income Tax Portal

A meeting was held between senior officials of the Finance Ministry and Infosys on 22.06.2021 on issues in the new Income Tax Portal....

Income Tax collections of Rs 1,85,871 crore for FY 2021-22

Net Direct Tax collections for the Financial Year 2021-22 have grown at over 100%. Advance Tax collections for F.Y. 2021-22 stand at Rs. 28,780 crore ...

Cost Inflation Index(CII) for FY 2021-22 and subsequent years is 317

This notification shall come into force with effect from the 1st day of April 2022 and shall accordingly apply to the Assessment Year 2022-2023 and subsequent years...

New Income Tax portal issues: FM officials to hold meeting with Infosys on 22nd June

The new income tax website has upset taxpayers with several technical glitches. Finance Ministry will hold an interactive meeting with Infosys on 22nd June 2021...

Relaxation in electronic filing of 15CA/15CB

Due to difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal, Authorized dealers are advised to accept such Forms till June 30th, 2021...