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The Income-Tax Department has found organised rackets operated by some returns preparers and intermediaries across the country, filing income-tax returns (ITRs) on behalf of their clients -- including employees of multinational companies, public sector firms, government bodies, academic institutions, and entrepreneurs -- to fraudulently claim exemptions and refunds, the Finance Ministry said. The department is now poised to take stern action against continued fraudulent claims, including penalt ...Read More >
* Tax, Legal & Accounting * 1 min read I-T dept conducts raids in bogus tax deductions case The Income-Tax Department initiated multi-city raids targeting entities facilitating bogus deductions in tax returns. The investigation focuses on false claims related to political donations, medical insurance, tuition fees, and certain loans. This action follows the discovery that some taxpayers didn't correct their ITRs despite the department's outreach under the NUDGE campaign. New Delhi, The Income ...Read More >
New Delhi [India], July 14 (ANI): The Income Tax Department initiated a large-scale verification operation across multiple locations in the country on Monday, targeting individuals and entities facilitating fraudulent claims of deductions and exemptions in Income Tax Returns (ITRs). This action follows a detailed analysis of the misuse of tax benefits under the Income-tax Act, 1961, often in collusion with professional intermediaries, as per a statement from Central Board of Direct Taxes. Also ...Read More >
New Delhi: With stricter checks and new rules for tax returns, more and more people in India are running into trouble with their Income Tax Returns (ITR). Many are getting notices about "defective returns" under Section 139(9) of the Income Tax Act. This can mean delays in getting your refund, possible penalties, or even your return being declared invalid if you don't fix the problem quickly. One common issue is with the ITR-1 form. In the past, if you had any capital gains (even if they were t ...Read More >
New Delhi [India], July 14 (ANI): The Income Tax Department is conducting raids on more than 200 locations, in connection with false deductions under various heads, including political donations, tuition fees, and medical expenses, sources told ANI. This stern action from the Income Tax Department came after they found several bogus bills claimed by several intermediaries under section 80GGC. This section of the Income Tax Act offers taxpayers a deduction for donations made to political parties ...Read More >
New Delhi [India], July 10 (ANI): The central government has granted tax-saving status to PSU renewable projects financing company IREDA Ltd's bonds under Section 54EC of the Income Tax Act. This will facilitate low-cost fundraising for renewable energy and offer capital gains tax exemption to investors. The Central Board of Direct Taxes (CBDT) under the Ministry of Finance has notified bonds issued by the Indian Renewable Energy Development Agency Ltd. (IREDA) as 'long-term specified asset' u ...Read More >
New Delhi [India], July 10 (ANI): The central government has granted tax-saving status to PSU renewable projects financing company IREDA Ltd's bonds under Section 54EC of the Income Tax Act. This will facilitate low-cost fundraising for renewable energy and offer capital gains tax exemption to investors. Also Read | Ad Legend Prasoon Pandey Turns Film Director: MovieVerse Studios and Ellipsis Entertainment To Produce His Mythological Thriller. The Central Board of Direct Taxes (CBDT) under th ...Read More >
New Delhi: Taxpayers now have more time to file their Income Tax Returns (ITR), as the deadline has been extended to September 15, 2025. While many have already completed the process, others are still getting their documents in order. To make your ITR filing hassle-free, here are 8 important documents you should keep handy. 1. Form 16 Form-16 is a must-have if you're a salaried employee. It gives a detailed summary of your salary, along with the tax deducted by your employer during the year. ...Read More >
NEW DELHI - India's Prime Minister Narendra Modi's expected visit to the G7 Summit in Kananaskis, Canada, has stirred strong debate in political and diplomatic circles. This move comes despite ongoing tensions between Ottawa and New Delhi, especially following the fallout from the killing of Sikh leader Hardeep Singh Nijjar in Canada. The invitation to Modi, sent by newly elected Canadian Prime Minister Mark Carney, hints at a possible, if cautious, improvement in a relationship that has seen l ...Read More >
Pune: State govt is set to conduct a comprehensive verification of beneficiaries under the Mukhyamantri Mazhi Ladki Bahin Yojana, leveraging income tax return data from the Central Board of Direct Taxes (CBDT) to ensure that the monthly Rs 1,500 aid reaches only economically weaker women.A notification issued by the CBDT on June 3 authorises the secretary of the state women and child development (WCD) department to access income tax (I-T) data under Section 138 of the Income Tax Act, 1961. The d ...Read More >
New Delhi: The advance tax payment deadline is just three days away -- December 15. If you miss this date, you might have to pay penalties and interest for the delay. Wondering what happens if you don't pay on time? Here's everything you need to know to stay stress-free and avoid extra charges. If your estimated tax liability exceeds Rs 10,000 after accounting for tax deducted at source (TDS), you are required to pay advance tax. This rule is outlined under Section 208 of the Income Tax Act, 19 ...Read More >
day after the Cabinet Committee on Economic Affairs approved the PAN 2.0, the Income Tax Department on Tuesday issued a detailed clarification on the project based on a list of 11 frequently asked questions (FAQs) to provide taxpayers with a deeper insight into the new system. PAN 2.0 Project is an e-Governance project of the Income Tax Department for re-engineering the business processes of taxpayer registration services. The objective of the project is to enhance the quality of PAN services t ...Read More >
New Delhi, Nov 26: A day after the Cabinet Committee on Economic Affairs approved the PAN 2.0, the Income Tax Department on Tuesday issued a detailed clarification on the project based on a list of 11 frequently asked questions (FAQs) to provide taxpayers with a deeper insight into the new system. 1. What is PAN 2.0? PAN 2.0 Project is an e-Governance project of the Income Tax Department for re-engineering the business processes of taxpayer registration services. The objective of the project is ...Read More >
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