Income Tax department

Income Tax department News

Sonia, Rahul Gandhi income tax case: SC agrees to hear their plea on Dec 4

The Income Tax matter against the Congress leaders is linked to the National Herald case in which they are also facing a criminal case.

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Income Tax Department lists out 7 exceptions to e-assessments

The CBDT in an instruction dated August 20 has said that e-assessment will not be mandatory for assessments framed under Sections 153A, 153C, 147 and 144 of the Income-tax Act.

Funding: Angel investors in start-ups get income tax exemption

The decision to give investors in start-ups exemption from income tax was aimed at addressing a key issue faced by angel investors who put money during early growth stage, and would also provide level-playing field for all investors.

I-T Department receives 15-25 lakh PAN applications per week, govt informs Parliament

The allotment of PAN is being carried out by the tax department through two service providers, NSDL e-Gov and UTIITSL, which collect applications, process them, digitise the data and submit the same to ITD for final allotment of PANs.

I-T dept attaches benami properties worth Rs 3,500 crore

The tax department said that the provisional attachments of benami properties, amounting to more than Rs 150 crore have been confirmed by the Adjudicating Authority in five cases.

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I-T turns gaze to cryptocurrency, finds 6 lakh active traders, most under 35 years

The survey found that crypto- currency worth Rs 17,800 crore has been traded on the exchanges.

I-T searches 130 premises of south India-based jewellery chains

The action is being carried out against Kerala-based jewellery group Joyalukkas and another firm connected with it

Last date to submit third installment of advance tax is December 15

Advance tax, also known as "Pay as you earn tax" is payable in installments within the due dates set by the IT department. As the name suggests, advance tax is paid in advance, instead of a taxpayer making a lumpsum payment at the end of the financial year.

Panama Papers : I-T dept slaps criminal charges under anti-black money Act

Under the new anti-black money law cases of overseas illegal assets, which till recently were probed under the regular and civil Income Tax Act of 1961, attract a steep 120 per cent tax and penalty on undisclosed foreign assets and income besides carrying a jail term of up to 10 years.

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