Ministry of Finance The Income Tax Department carried out searches on 17.03.2021 in the case of a prominent builder and developer group based in Mumbai. Searches were also conducted in the case of dealers engaged in the business of trading of mobiles accessories. In all, 29 premises located in Mumbai were covered under search operation,…...
Income Tax Department conducts searches in Haryana
Ministry of Finance The Income Tax Department carried out search on 17.03.2021 on a group engaged in the business of real estate, housing, hospitality and retail liquor trade. The search operation was carried out at 12 different premises located in Samalkha, Gurugram, Rohtak and Panchkula. The search action emanated due to non-compliance to faceless scrutiny…...
Income Tax Department conducts searches in Tamil Nadu
Ministry of Finance The Income Tax Department carried out searches on 11.03.2021 in the case of a group of individuals who are involved in handling huge amount of cash and routing unaccounted money through foreign entities and bank accounts of their related concerns. The search operation was carried out at 20 premises located in Chennai,…...
Clarification on continuation of concessional rate of tax on certain interest income of the FPIs
Ministry of Finance Section 115AD of the Income-tax Act, 1961 (the ‘Act’) inter alia contains provisions for taxation of income of FPIs. Proviso to section 115AD(1)(i) provides that the tax shall be chargeable at the concessional rate of 5% on interest income referred to in section 194LD. There are reports in certain section of media that the said…...
82,072 assessment cases completed in faceless manner till 10th March 2021
Ministry of Finance Income tax assessments are being done in a faceless manner, this was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today. The Minister further stated that income tax assessments are being done in a faceless…...
DGGI Gurugram officials arrest man for input tax credit fraud of more than Rs 43 crore
Ministry of Finance The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana, has arrested Shri Ravinder Kumar (aka Ravinder Garg), resident of New Delhi on charges of creating and operating fictitious firms on forged documents which were used in availing of and passing on Input Tax Credit on bogus Invoices without actual…...
Income Tax Department conducts searches in Kolkata
Ministry of Finance The Income Tax Department carried out search and seizure operation on 10.03.2021 on two separate persons based in Kolkata, who are engaged in handling of cash of others on commission basis. The search was carried out based on intelligence gathered by the Department. The search action has resulted in seizure of total…...
Income Tax Department conducts searches in Kolkata
Ministry of Finance The Income Tax Department carried out search and seizure operation on 09.03.2021 on various persons based in Kolkata, engaged in the business of Electrical equipment and trading of decorative lighting. The cases were developed through market intelligence and field enquiries. Search and seizure action was carried out at more than 3 premises…...
Income Tax Department conducts searches in Tamil Nadu
Ministry of Finance The Income Tax Department carried out searches on 04.03.2021 in the case of two Chennai based groups, one of which is a leading bullion trader in Tamil Nadu and the other is one of the biggest jewellery retailers in South India. The search operation was carried out at 27 premises located in…...
Income Tax Department conducts searches in Tamil Nadu
Ministry of Finance The Income Tax Department carried out search and seizure operations on 03-03-2021on two groups of civilcontractors in Southern Tamil Nadu. Searches and surveys were conducted in 18 premises mainly in Madurai and Ramnad districts. Based on intelligence inputs about the existence of cash, which is likely to be distributed for election purposes,…...