Hyderabad: In a bid to ease the filing of I-T returns by the taxpayers, the Income Tax Department has set up 12 counters for the verification of preliminary details like Permanent Account Number (PAN), assessing office code among others. These counters came up after the IT Department decided to accept the returns for the current year only at the Ayakar Bhavan at Basheerbag. The last date of filing the returns...
04:00 PM, Jul 28, 2012
New Delhi: The government has announced a new scheme under which any tax payer can seek online help or call an expert home for a nominal fee to help file income tax returns. The expert, called Tax Return Preparer, can charge a maximum of Rs 250 for preparing a tax return. The new Tax Return Preparer Scheme is an initiative of the income tax department to help small and marginal...
10:53 AM, Jul 26, 2012
New Delhi: In a major drive to help taxpayers file returns, the Income Tax Department on Tuesday offered to provide expert services at door-steps in the four metros and some major cities like Bangalore, Jaipur and Patna. Also, it has started 'Online Tax Help' to provide professional services to resolve tax-filing related queries by tax experts through email or phone within 24 hours. To avail these facilities, a taxpayer will...
07:46 PM, Jul 24, 2012
Mumbai: Bombay High Court recently dismissed an Income Tax department appeal against an order in favour of actor Amitabh Bachchan, holding that the plea did not involve any substantial question of law. On October 13, 2002, Bachchan had filed his income tax return, declaring his earnings to be Rs 14.99 crore, for the assessment year 2002-2003. On March 31, 2002, he filed a revised return of income on the basis...
11:23 AM, Jul 24, 2012
New Delhi: Salaried employees earning up to Rs 5 lakh a year need not file income tax returns from this year, the Finance Ministry said on Friday. The exemption from filing I-T returns is applicable only if "the total income of the employee does not exceed Rs 5 lakh ... (and) the annual interest earned from savings bank account is less than Rs 10,000" for assessment year 2012-13. Filing I-T...
11:28 PM, Jul 20, 2012
New Delhi: As the July 31 deadline for filing income tax returns looms, there is usually a huge rush among the taxpayers. To avoid the long queues and complications, most people prefer to delegate the task to tax consultants or chartered accountants. But filing of income tax returns online has emerged as a better option and is becoming increasingly popular. The number of electronic tax returns almost doubled to as...
09:46 AM, Jul 16, 2012
Mumbai: The income tax department on Thursday reacted to the IBN-Cobrapost investigation on the black money trail in Bollywood, with the I-T Commissioner of the film circle promising that those featured in the sting would be scrutinised. I-T Commissioner Akhilesh Ranjan hailed the sting operation, saying it had been very helpful. Ranjan further said, "The investigation throws up fairly big names and we will be scrutinising these individuals." He, however,...
04:29 PM, Jul 12, 2012
The IRS comprises of IRS " Customs and Central Excise (C&CE) and IRS " Income Tax (IT). It is one of the Group a Central Civil Service of India. The cadre controlling authority for IRS is Ministry of Finance, Department of Revenue, Central Board of Excise and Customs (CBEC) / Central Board of Direct Taxes (CBDT). The Service was formed during the year 1946. The selected candidates go through training...
05:17 PM, Jul 10, 2012
BCCI has banned TP Sudhindra, Shalabh Srivastava, Mohnish Mishra, Amit Yadav and Abhinav Bali over IPL spot-fixing. ...
01:29 PM, Jul 01, 2012
New Delhi: Consultancy services taken from the elite IIMs and IITs and cash payments made to surgeons of large multi-speciality hospitals have come under the tax scanner as a country-wide Income Tax department probe has found that these transactions are largely escaping the tax net. An elaborate 'analysis probe' conducted by the I-T department's snoop apparatus has found that a number of services, which also includes large and small Public...
04:41 AM, Jun 18, 2012
Kochi: Eleven months after Income-Tax department officials searched superstar Mohanlal's houses in Kochi, a case has been registered against him for keeping an elephant tusk at his home, said a Kerala forest department official on Thursday. The Kodanad forest office, under which the Kochi town falls, filed documents related to the offence before Perumbavoor Judicial Magistrate Thursday. The case against the actor was registered by the forest department on Tuesday...
08:06 AM, Jun 15, 2012
New Delhi: Income Tax department authorities may soon approach the Swiss government to obtain fresh information on the investments and finances of arms dealer Abhishek Verma for its probe against him and his associates for alleged tax evasion. The IT may approach the Central Board of Direct Taxes (CBDT) to activate the provisions of the revised Double Taxation Avoidance Agreement (DTAA) with the alpine nation after Verma was recently arrested...
02:53 PM, Jun 10, 2012
Hyderabad: The CBI, which is probing the corruption charges against YSR Congress chief YS Jaganmohan Reddy on Sunday continued to question him as part of his two-day custodial interrogation, that will end on Sunday evening. CBI officials, who took custody of the Kadapa MP from Chanchalguda Central prison, where he is under judicial custody till June 11, are said to have been grilling him over the "conspiracy that had been...
01:59 PM, Jun 10, 2012
New Delhi: Another top official has come under scrutiny in Kanpur's alleged bribery case, in which top Income Tax officials were arrested. Sources say the Central Bureau of Investigation (CBI) will soon be interrogating top IRS official SS Bajpayee. He is the Director General for Investigations in UP and Uttarakahand. Reacting to the report, Bajpai said, "I have no role in the case. I am responsible for all approvals. I...
10:23 AM, Jun 06, 2012
New Delhi: The Central Bureau of Investigation (CBI) has arrested Four senior Income Tax officers in an alleged bribery case. Those arrested included Director (Investigations) Kunal Singh of the Indian Revenue Service who is currently posted as the Director (Investigations) in Kanpur. The agency arrested IRS officer Kunal Singh, Joint Director Investigations Ratan Singh, also an IRS officer, Assistant Commissioner Uma Kant and Income Tax inspector Harish Daundiyal, CBI sources...
03:09 PM, Jun 04, 2012
New Delhi: Providing comfort to worried foreign investors, Finance Minister Pranab Mukherjee on Wednesday said that the Income Tax Department will not reopen cases where assessment proceedings had been finalised before April 1, 2012. "I gave a commitment in Parliament with regard to retrospective amendments that CBDT (Central Board of Direct Taxes) will issue a policy circular to clarify that in cases where assessment proceedings have become final before first...
04:19 PM, May 30, 2012
New Delhi: The I-T department on Tuesday reportedly froze the bank accounts of Kingfisher Airlines, allegedly over part payment of dues. Sources said that the airlines had been slapped with a notice of Rs 342 crore. The airlines had to repay Rs 9 crore every week. KFA made a part payment of Rs 4.5 crore for two weeks. Since November 2011, the Service and Income Tax departments have frozen as...
05:10 PM, May 29, 2012
Mumbai: Sahil Peerzada has been summoned by the Mumbai Income Tax department just days after he was in the news in connection with the alleged molestation row in the Indian Premier League. The I-T notice for Sahil Peerzada is for an alleged gold fraud four years ago. Peerzada along with another man, Raees Khan, had allegedly defrauded a metal scrap trading corporate of Rs 464 crore. The gold fraud co-accused,...
01:33 PM, May 28, 2012
According to preliminary reports, the I-T authorities had only visited the business premises of the franchises. ...
07:42 PM, May 23, 2012
Pune: The Income Tax Department is conducting an enquiry at the office of Indian Premier League (IPL) team Pune Warriors India. The enquiry follows a sting operation where some Pune Warriors India players allegedly took money for spot-fixing during the IPL matches. The money is alleged to have been paid in cash and Income Tax officials say that players shown in the sting operation could also be questioned. The sting...
12:20 PM, May 23, 2012
