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The Allahabad High Court on Wednesday imposed a fine of Rs. 10,000 on an Income Tax Department officer for not adhering to the natural justice while terminating the previous Assessment Order and initiating fresh proceedings under Section 263 of the Income Tax Act, 1961. The petitioner’s assessment was conducted under Section 143(3) of the Income […]
According to those with knowledge of the situation, the income tax (I-T) department has concluded its investigation into suspected irregularities in the payment of commissions by insurance companies and discovered evasion of more than Rs 15,000 crores. They estimated that the tax on this will be over Rs 4,500 crore. The investigative wing of the […]
The Calcutta High Court has rejected the appeal submitted by the Income Tax Department concerning low tax effects. A two-member bench comprising Chief Justice T.S. Sivagnanam and Justice Ajay Kumar Gupta has noted that the aggregate tax was below Rs. 1 crore, which the Central Board of Direct Taxes (CBDT) sets the threshold limit. The […]
The Income Tax Department, under the Ministry of Finance, Government of India has recently launched the Young Professional Scheme. Under this scheme, the aim is to strengthen the resources and streamline tax litigation management. The scheme will open opportunities for young graduates in Law and Accountancy to learn and acquire precious knowledge of the domain. […]
Many employees practice moonlighting for earning some extra money while working with their current organisation. They have been sent notices by the Income Tax Department as they are earning more than their regular salary and were not disclosing the income in tax returns. Among these notices, most of them were related to the financial years […]
If you receive a message showing that your income tax refund has been approved, whether it be for Rs. 15,490 or any other sum, and it asks to update or verify your bank account in order to collect the refund, ignore it as a fraud and refrain from replying. A large number of taxpayers are […]
The Income Tax Department is employing Artificial Intelligence (AI) to detect and identify suspected taxpayers. The AI will assist in catching fraudsters who have claimed deductions for house rent and housing loan interest rates. As per some reports, most of the discrepancies in Income tax returns are found relating to home loans and house rent. […]
Approx 70% of taxpayers who filed income tax returns in FY23 reported zero tax liability, Finance Minister Nirmala Sitharaman presented the data to the Parliament in writing in response to a question. According to the data, 74 million people submitted income tax returns in FY23, while 51.6 million declared zero tax liability. This accounts for […]
Finance Minister Nirmala Sitharaman, on Monday, said that around one lakh notices have been sent by the Income Tax Department in relation to the cases of not declaring or underreporting income. Without providing further details about the department’s move, she added that all these cases are of old returns filed 4-6 years earlier and the […]
