Income Tax Department conducts search in Jharkhand and West Benga Ministry of Finance The Income Tax Department has carried out search and survey operations on 25th September, 2020 at around 20 residential and business premises of a prominent group having operations in Jharkhand and West Bengal. The group is engaged in trading of various commodities,…...
Income Tax Department carries out searches in Jammu & Kashmir
Income Tax Department carries out searches in Jammu & Kashmir Ministry of Finance The Income Tax Department carried out a search and seizure operation on a prominent Hotelier, owning a chain of Hotels at Srinagar, Gulmarg, Sonamarg and Pahalgam with another hotel under construction at Leh. Various incriminating documents and materials evidencing unexplained investments in…...
Measures to promote growth, investment and create new employment opportunities through amendments in the Income Tax Act 1961
Measures to promote growth, investment and create new employment opportunities through amendments in the Income Tax Act 1961 Ministry of Finance In September 2019, the Government announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961 and the Finance Act (No. 2), 2019. This was…...
Income Tax Department conducts searches in Bhopal
Income Tax Department conducts searches in Bhopal Ministry of Finance The Income Tax Department carried out a search and seizure operation on 20.08.2020 at various locations in Bhopal. The key person of one of the groups covered used to run a bangles shop. Another person covered is a property builder/developer and is also running a…...
Income Tax Department conducts search on premises of Chinese entities
Income Tax Department conducts search on premises of Chinese entities Ministry of Finance Based on the credible information that few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through series of shell entities, a search action was mounted at various premises of these Chinese entities, their close confederates and…...
Finance Minister Smt. Nirmala Sitharaman lauds IT Department for being responsive to people as CBDT observes 160th Income Tax day towards Nation Building
Finance Minister Smt. Nirmala Sitharaman lauds IT Department for being responsive to people as CBDT observes 160th Income Tax day towards Nation Building Ministry of Finance The Central Board of Direct Taxes (CBDT) and all its field offices across India today observed the 160th anniversary of Income Tax Day. In her message on the 160th Income Tax…...
CBDT to start e-campaign on Voluntary Compliance of Income Tax for FY 2018-19 from 20th July, 2020
CBDT to start e-campaign on Voluntary Compliance of Income Tax for FY 2018-19 from 20th July, 2020 Ministry of Finance The Income Tax Department is all set to start an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers from Monday, the 20th of July, 2020. The 11 days campaign ending on…...
Growth Trajectory of Direct Tax Collection & Recent Direct Tax Reforms
Growth Trajectory of Direct Tax Collection & Recent Direct Tax Reforms Ministry of Finance Growth Trajectory of Direct Tax Collection & Recent Direct Tax Reforms There are reports in a certain section of media that the growth of direct taxes collection for the FY 2019-20 has fallen drastically and buoyancy of the direct tax collection…...
Clarification in respect of residency under section 6 of the Income-tax Act, 1961
Ministry of Finance Clarification in respect of residency under section 6 of the Income-tax Act, 1961 Section 6 of the Income-tax Act, 1961 (the Act) contains provisions relating to residency of a person. The status of an individual as to whether he is resident in India or a non-resident or not ordinarily resident, is dependent, inter-alia, on…...
New procedure for registration, approval, etc. of certain entities deferred to 1st October, 2020
Ministry of Finance In view of the unprecedented humanitarian and economic crisis, the CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be deferred to 1st October, 2020. Accordingly, the entities approved/ registered/ notified under section 10(23C), 12AA, 35 and 80G of the Income-tax Act, 1961 (the Act)…...