Ministry of Finance The Government of India and the Asian Development Bank (ADB) today signed a $500 million loan to expand the metro rail network in Bengaluru with construction of two new metro lines totaling 56 km in length. The signatories to the agreement for Bengaluru Metro Rail Project were Mr. Rajat Kumar Mishra, Additional Secretary,…...
CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961
Ministry of Finance CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961 Posted On: 03 AUG 2021 8:21PM by PIB Delhi On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962…...
Income Tax Department conducts searches in Jharkhand
Ministry of Finance Income Tax Department carried out a search operation on 28.07.2021 on a prominent group in Jharkhand dealing in building construction and real estate. The search began on 28.07.2021 in Ranchi and Kolkata. More than 20 premises were covered. During the search, it was found that the group was not maintaining regular books of account.…...
161st Income Tax Day: A journey towards Nation Building
Ministry of Finance The 161st anniversary of Income Tax Day was observed by Central Board of Direct Taxes (CBDT) and all its field offices across India here today. As part of the observance, the field formations held a range of activities. Reflecting the Income Tax Department’s spirit of cohesion, competence, cooperation and constructive engagement, the…...
Income Tax Department conducts searches PAN-India in a prominent group having diversified businesses
Ministry of Finance Income Tax Department carried out a search operation under section 132 of the Income - tax Act, 1961 on 22.07.2021 on a prominent business group, which is involved in businesses in various sectors, including Media, Power, Textiles and Real Estate, with a group turnover of more than Rs. 6,000 crore per annum.…...
Income Tax Department conducts searches in Uttar Pradesh
Ministry of Finance Income Tax Department carried out a search operation on 22.07.2021 on a group in Uttar Pradesh dealing in Mining, Hospitality, News Media, Liquor and Real Estate. The search began in Lucknow, Basti, Varanasi, Jaunpur and Kolkata. Cash of more than Rs. 3 crore has been seized and 16 lockers have been placed…...
Tax exemption to ameliorate stress due to COVID-19
Ministry of Finance The Government has decided to provide income tax exemption to the amount received by a taxpayer for medical treatment from an employer or from any person for treatment of COVID-19 during the financial year 2019-20 and subsequent years. This was stated by Minister of State for Finance Shri Pankaj Chaudhary in a…...
Income Tax Department conducts surveys in Bengaluru
Ministry of Finance Income Tax Department conducts surveys in Bengaluru Posted On: 13 JUL 2021 7:48PM by PIB Delhi Income Tax Department carried out a survey operation on 08.07.2021 on two business premises in Bengaluru on one of India’s leading manpower services provider. The assessee has been claiming huge deduction u/s 80JJAA of Income-tax Act,…...
Notification No. 79/2021
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th July, 2021 S.O. 2804(E).—In exercise of the powers conferred by clauses (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961) read with rules 5C and 5D of the Income-tax Rules, 1962, the Central…...
Notification No. 78 /2021
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 9th July, 2021 S.O. 2774(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Haryana Building and Other…...