10 ViewsIncome Tax Department carried out a search and seizure operation on July 20, 2022 on two business groups; one engaged in real estate, and the other in contracts related to road and railway construction. The search operation covered more than 30 premises located in and around Madurai and Chennai. As a result of search […]
163rd Income Tax Day: A journey towards Nation Building
48 ViewsThe 163rd anniversary of Income Tax Day was observed by Central Board of Direct Taxes (CBDT) and all its field offices across India today. As part of the celebrations, the field formations held a number of events and activities. The events by the field formations included outreach programmes for taxpayers recognising their contribution to […]
No plan to extend deadline for filing income tax returns: Revenue Secretary
1 ViewsThe government is not considering extending the last date for filing income tax returns as it expects most returns to come in by the due date of July 31, a top official said on Friday. Revenue Secretary Tarun Bajaj said over 2.3 crore income returns were filed by July 20 for fiscal 2021-22 and […]
CBDT issued FAQs on Annual Information Statement (AIS)
2 ViewsThe Central Board of Direct Taxes (“CBDT”) issued Frequently Asked Questions (“FAQs”) on the Annual Information Statement (“AIS”). Q-1 What is Annual Information Statement (AIS)? Ans. Annual Information Statement (AIS) is comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayer can provide feedback on information displayed in AIS. AIS shows both reported […]
India pushes for amendment to DTAA to stop double taxation of IT firms in Australia
3 ViewsIndia has called for an early amendment to the Double Taxation Avoidance Agreement (DTAA) with Australia, as Indian information technology firms operating in that country continue to pay more than the requisite amount of tax, the government said on July 14. Minister of State for Commerce and Industry Anupriya Patel told the visiting deputy […]
Income Tax Department conducts searches in Delhi and Mumbai
3 ViewsIncome Tax Department carried out a search and seizure operation on July 07, 2022 on a Delhi and Mumbai based group, engaged in the business of hospitality, marble, lights trading and real estate. A total of 18 premises across Delhi, Mumbai and Daman were covered during the search action. During the course of the […]
Income Tax Department conducts searches on a Pharmaceutical Group in Bengaluru
1 ViewsIncome Tax Department carried out search and seizure operations on July 06, 2022 on a major Bengaluru-based pharmaceutical group, engaged in the business of manufacturing and marketing of pharmaceutical products and Active Pharmaceutical Ingredients (API). The group has presence in over 50 countries. The search action covered around 36 premises spread across 9 States. […]
IT Dept. conducts searches on two real estate groups of Bengaluru and Hyderabad
1 ViewsIncome Tax Department carried out search and seizure operations on two leading real estate groups of Bengaluru and Hyderabad, engaged in the business of construction/sale/leasing of commercial/residential space, and educational and hospitality services. The search action covered more than 40 premises located in Bengaluru, Hyderabad and Chennai. During the course of the search operations, […]
Non-Fungible Tokens to be qualified as a virtual digital asset under Income-tax
5 ViewsThe CBDT vide Notification No. 75/2022 dated June 30, 2022 has issued the Income-tax (Twenty Eighth Amendment), Rules, 2022 to further amend the Income-tax Rules, 1962 (“the IT Rules”), in order to specify a Non-Fungible Tokens (“NFT”), to qualify to be a virtual digital asset, but shall not include a NFT whose transfer results […]
Income Tax penalty can’t be imposed for inadvertent and bonafide mistake: ITAT
2 ViewsThe Pune Bench of the Income Tax Appellate Tribunal (ITAT), headed by R.S. Syal (Vice President) and Partha Sarathi Chaudhury (Judicial Member), has deleted the penalty on the grounds that the excess claim of deduction was made due to a bona fide and unintentional mistake. The assessee/appellant debited to its profit & loss account: […]