Blackmoney declarants cannot pay tax from undeclared income
The government on Thursday clarified that blackmoney declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability and such acts will not get any immunity.
Jul 14, 2016, 14:04 PM IST
Cairn Energy seeks $5.6 billion compensation from India for raising retrospective tax demand
British explorer Cairn Energy has sought USD 5.6 billion in compensation from the Indian government for raising a retrospective tax demand of Rs 29,047 crore on 10-year old internal reorganisation of its India unit.
Jul 12, 2016, 12:45 PM IST
Black money window: CBDT issues notification to ensure secrecy
CBDT on Monday issued a fresh notification making it clear that information about those who declare their black money under the compliance window, ending September 30, will be kept secret.
Jul 11, 2016, 17:25 PM IST
Panama Papers: I-T dept approaches dozen nations to widen probe
Faced with resistance in disclosures by those named in the Panama Papers, the Income Tax department has made foreign references to about a dozen countries in order to obtain actionable evidence against such Indian entities.
Jul 10, 2016, 17:56 PM IST
Income tax to increase strictness on Property trades
Share Bazar, Mandi Live, Aap Ka Bazar, First Trade, Big Debate etc.
Jul 07, 2016, 15:11 PM IST
Finance Minister Arun Jaitley to meet industry chambers, CAs on black money window
Finance Minister Arun Jaitley will meet industry associations tomorrow to clear doubts about the four-month window provided to holders of undeclared wealth to come clean.
Jun 27, 2016, 13:58 PM IST
Panama paper leaks: I-T dept may go to court, seek SIT to probe 7-year old cases
The Panama Papers are a set of over 11 million confidential documents detailing information about more than 214,000 offshore companies compiled by Panamanian corporate service provider Mossack Fonseca.
Apr 27, 2016, 09:35 AM IST
Now, income tax e-notices to have official phone number, email of taxman
The department has recently launched a first-ever pilot project to begin an email based scrutiny assessment of taxpayers in select cities.
Dec 24, 2015, 13:12 PM IST
FinMin raises monetary limit for filing appeals in tax cases
Seeking to reduce tax litigation by about 50 percent, the Finance Ministry today raised the monetary limit for filing appeals to Rs 10 lakh in appellate tribunal, and Rs 20 lakh in High Courts.
Dec 15, 2015, 23:28 PM IST
Huge income tax relief! No HC appeal for monetary limit below Rs 20 lakh
The monetary limit for filing appeals or Special Leave Petitions in the Supreme Court have been kept unchanged at Rs 25 lakh.
Dec 14, 2015, 12:05 PM IST
I-T Dept simplifies online rectification of TDS in ITR
Aimed at making life easier for tax payers, the I-T department on Thursday said it simplified the process of online rectification of incorrect details of tax deducted at source (TDS) filed in the income tax return (ITR).
Dec 10, 2015, 17:59 PM IST
CBDT notifies emails as new communication mode with taxpayers
The CBDT has notified use of emails as the new mode of communication between the taxman and taxpayers.
Dec 06, 2015, 18:49 PM IST
Income Tax dept debuts on Twitter
The handle "incometaxindia_" is aimed to keep taxpayers and other users updated about the activities of the department.
Nov 07, 2015, 19:58 PM IST
New performance appraisal proforma for I-T officials on cards
Modi said this year, 91 percent of electronic returns were processed within 90 days as compared to 46 percent last year.
Nov 06, 2015, 16:16 PM IST
CBDT looks to connect with taxpayers online in smaller cases
The Income Tax Department has started a pilot project of using e-mails for sending notices, getting replies as well as carrying out tax assessments in an attempt to make sure taxpayers don't have to visit I-T offices physically in smaller cases.
Oct 20, 2015, 13:40 PM IST
I-T department slaps fresh tax notice on Nokia India
The Finnish telecom firm, however, wants the fresh demand to be included in the ongoing negotiations between India and Finland to resolve the Rs 2,000-crore tax dispute.
Oct 09, 2015, 16:55 PM IST
CBDT to issue pre-filled ITR forms to ease e-filing
As part of efforts to popularise the electronic mode of filing Income Tax Returns (ITRs), the CBDT is planning to provide "pre-filled" return forms to filers which will have an automatic upload of data on income and other vitals of a taxpayer.
Sep 24, 2015, 16:32 PM IST
No juniors, only senior I-T officials to depose before AAR: CBDT
In order to present the revenue side more effectively in high-value and important cases before the AAR judicial forum, CBDT has decided to stop the practice of sending junior-level Income Tax officials to these hearings and has ordered their seniors to take up the task.
Aug 19, 2015, 16:21 PM IST
CBDT to clarify on bank a/c disclosures under black money law
As per the rules released by the I-T department in July, CBDT had asked persons having undisclosed foreign bank accounts to provide sum total of credits since the opening of the account.
Aug 17, 2015, 16:07 PM IST
Small bank licence: RBI asks I-T dept to verify applicants' credentials
CBDT has asked its investigation and regular assessment ranges across the country to "quickly" collect the data and submit them so that RBI can take a final view on the grant of licences to eligible parties.
Jul 26, 2015, 11:32 AM IST
