The Income Tax department on Saturday searched premises linked a real estate developer in Noida and Greater Noida over suspected tax evasion, officials said. “The searches were carried out by sleuths of the North Western Region of the department on the premises of Orris Group and its lined companies, an official said.’ Searches on the […]
Advance tax collections rise 20% ; Rs. 3.54 lakh crore in kitty till September 15.
Advance tax collections in the first half of 2023-24 have increased 20% year on year to Rs.3.54 lakh crore, people privy to the development said. Collections could go up further in the final tally as the numbers reflected calculations till 11.30 pm on September 15 – the last day for paying advance tax Read more […]
Income-Tax Department sends 22,000 intimation notices for mismatch of ITRs
The Income-Tax Department has sent out intimation notices to 22,000 taxpayers, including salaried and high networth individuals and trusts whose deductions do not match the information furnished in their Form 16 or Annual Information Statement (AIS) or the data available with the Income Tax Department. All these intimation notices were sent for the tax returns […]
Average processing time of income tax return (ITR) after verification reduced to 10 days: CBDT
The average processing time for Income tax returns after verification has been decreased to 10 days for returns filed in fiscal year 2023-24, according to a Press Information Bureau (PIB) release dated September 5, 2023. The average processing time was 16 days in fiscal year 2022-23 and 82 days in fiscal year 2019-20, stated the […]
ITR: Late fee that you have to pay if you fail to verify income tax return before August 31
The last day to file the Income Tax Returns for the financial year 2022-23 has already passed as the due date was July 31, 2023. However, just filing the Income Tax Return is not enough as taxpayers also need to verify their ITR within 30-days of filing the returns. While the Income Tax Department has […]
Six foreign tours companies under tax scanner
The Income tax department is looking into tax evasion by about six companies providing foreign tour packages for under-reporting of income, non-deduction of the prescribed tax and their involvement in remitting money abroad through the hawala racket or unofficial fund transfer. The department sent show cause notices to these companies between June and July, ET […]
CBDT order provides relief, but Income Tax department may reopen big old cases
CBDT guided by a Supreme Court (SC) order issued in April, has sent out comprehensive instructions to tax officials regarding reopening of past cases under the income-tax (IT) Act. The instructions dated August 23 – aimed at ensuring a uniform practice – state that there will be no reopening and reassessment of completed cases only […]
Income tax refund: Govt plans to reduce refund processing time
The Income tax department is planning to reduce the average processing time for getting tax refunds. As per a report in Business Standard, the tax department is mulling over the reduction of days to 10 from the current 16 days. The report says that the new timeline is expected to be implemented during the current […]
Income tax department all set to cut refund time
The revenue department is poised to roll out a system to cut the average processing and issuance time for tax refunds from the current 16 days to just 10 days, a newspaper report has said. More importantly, the new timeline is expected to be implemented during the current fiscal year. “In 2022-23, the average time […]
Moonlighting employees under tax scanner
The income-tax department has sent notices to many professionals who have earned income outside their regular salary but did not declare in their tax returns. Most of the notices issued were for financial years 2019-2020 and 2020-2021, people familiar with the matter told ET. In a number of cases, the income from the so-called moonlighting, […]