Income Tax Department

India Pesticides discloses Income Tax department search at its premises

India Pesticides Limited stated that it and its employees provide all necessary information and support to the Income Tax Department during the search operation.

Income Tax Department extends deadline for audit report filing for AY 2024-25

Bengaluru’s imperative: addressing the menace of Sindhi Finance through regulatory action

To effectively combat the Sindhi Finance phenomenon, it is crucial for statutory departments such as the Central Crime Branch (CCB), Enforcement Directorate (ED), and Income Tax Department to expedite their investigations. The longer the delay in probing this issue, the more businesses and individuals fall victim to its predatory practices.

Sindhi Finance: Bengaluru’s shadow economy exposed

The allure of Sindhi Finance lies in its accessibility and the speed with which transactions are conducted, often in cash, bypassing the formalities and scrutiny of traditional banking. However, this convenience masks a darker side.

Alkem Labs cooperates with Income Tax survey, ensures smooth operations

Alkem Laboratories’ resilience during an ongoing Income Tax Department survey, highlighting its robust operations and impressive financial performance.

Income Tax Department relaxes compounding offence rules

The Income-tax Act of 1961's prosecution provisions include a number of offences, and the Central Board of Direct Taxes (CBDT) has updated its Guidelines for Compounding of Offenses under the Act to reflect these changes.

Taxpayers now have more time to claim credits for taxes paid outside India

The Central Board of Direct Taxes (CBDT) amended tax rules to make it easier for taxpayers to claim Foreign Tax Credit (FTC).

CBDT amends the income tax rule for Foreign Tax Credit claims

The pre-amended Rule required the FTC claim to be filed by the due date of providing the Income Tax Return. The amendment operates retrospectively so that this benefit can be availed by all FTC claims filed during the current financial year.

Corporate tax collections increase 34% in the first four months of fiscal year 2022-23

According to the Income Tax Department, the corporation tax collection increased significantly by 34% in the first four months of the current fiscal year compared to the same period in FY 2021–2022.

IT Department raids pharma manufacturers in Haryana, Delhi-NCR, seizes Rs 4.2 crore cash

Income Tax Department raided pharmaceutical manufacturers & distributors in Haryana and Delhi-NCR and seized cash of Rs 4.2 crore.

Geetha Ravichandran takes charge of Principal Chief Commissioner of Income Tax Mumbai

Geetha Ravichandran, an IRS Officer of the 1987 batch, has taken the charge of the Chief Commissioner of Income Tax, Mumbai.

IT dept conducts raid on several locations of Hiranandani Group

IT raid is simultaneously being conducted at several locations including Mumbai, Bangalore, and Chennai.

Kevin Pietersen loses PAN card ahead of his trip to India

The former England batsman put out a tweet requesting help with getting a physical replacement for the card.

Around 6.17 crore ITRs filed on new e-Filing portal of Income Tax Department

More than 1.61 lakh other Tax Audit Reports (Form 10B, 29B, 29C, 3CEB, 10CCB, 10 BB) have been filed till 06.02.2022. Over 1.73 lakh Form 3CA-3CD and 15.62 lakh Form 3CB-3CD have been filed in FY 21-22.

Zomato and Swiggy discount schemes under scrutiny by the I-T Dept

The whole matter of the probe is about the discount coupons offered by the food delivery platforms on using a particular credit card, debit card or digital wallets as the mode of payments.