Income Tax department

Income Tax department News

I-T Dept proposes new norms for taxing MNCs with permanent India base

The Income-Tax Department said multinational companies that are incurring global loss, or profit margin of less than 2%, will be deemed to have made a profit of 2% of Indian revenue or turnover and will be taxed accordingly.

Karnataka: I-T department conducts raids at dozen locations

The raids are being conducted in state capital Bangalore, Hassan and Mandya and the department said the action is aimed against tax evaders and blackmoney generators. 

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I-T searches at construction firm, other locations in Tamil Nadu

While previous searches were on premises of opposition DMK leaders, sources in the I-T Department said Friday’s raids were on premises whose owners allegedly have links with ruling AIADMK as well.

Legitimate action against corruption not vendetta: Arun Jaitley

Most recently, the Income Tax Department has carried out searches on premises of aides and relatives of Madhya Pradesh Chief Minister Kamal Nath on charges of suspicious movement of unaccounted money.

I-T claims Rs 281-crore racket after Kamal Nath kin raids, BJP has advance estimate

Narender Saluja, Media Coordinator of Madhya Pradesh Chief Minister Kamal Nath, alleged the searches were carried out at the instance of the BJP and were “aimed at maligning the image of the Congress during elections”.

Jalandhar: Father Anthony Madassery to submit proof to I-T department today

Father Anthony told The Indian Express, “I was to submit the details to I-T department on Wednesday, but my Charted Accountant (CA) could complete entire required documents by today evening only."

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'Modi's real surgical strike': Kumaraswamy on IT raids at Karnataka minister's residence

Puttaraju has been assigned to oversee the election campaign of his son Nikhil Kumaraswamy, who is fighting his maiden election from the Mandya Lok Sabha seat.

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.

Income-Tax officer arrested for sexual assault of 13-year-old help

A day after the arrest of the Deputy Commissioner of Income Tax Department, Veerabhadram Vislavath, Gamdevi police have learnt that in 2013, he had been booked for alleged molestation, extortion and criminal conspiracy, by Bala Nagar police in Hyderabad. On Thursday, the deputy commissioner was arrested for allegedly sexually assaulting his 13-year-old help in his […]

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.

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Government Suspects Tax Evasion In Deposits In Banks Post Demonetisation

As it analyses bank deposits post-demonetisation, the government has found that an estimated Rs 3-4 lakh crore of tax-evaded income could have been deposited during 50-day window provided to get rid of junked Rs 500/1000 notes. A senior official said Income Tax Department has been asked to scrutinise details and send notices to depositors of […]

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