Hela April 20, 2019

Mumbai: Every year in March, the income tax department chases tax collections in order to fulfil targets for the financial year. But this year the department had kicked up the collection drive a notch. According to multinational companies, tax consultants and chartered accountants, the taxman has been uncharacteristically aggressive. “In the last quarter of every financial […]

Hela April 14, 2019

The Income Tax department recently carried out raids at over 50 locations in Delhi and Madhya Pradesh. BHOPAL:  The Madhya Pradesh Lokayukta has refused to share details on search operations conducted by the Income Tax department against corrupt public servants of the state government citing an exemption clause under the RTI Act. RTI activist Ajay […]

Hela March 2, 2019

The I-T department has been given a target of Rs. 11.5 lakh crore in direct tax collections for 2018-19 NEW DELHI:  The Income Tax Department should pull up its socks to “maximise” revenue collection and enlarge the basket of tax-paying people in the country, the newly-appointed chairman of the Central Board of Direct Taxes (CBDT) said in […]

Hela February 17, 2019

A Karnataka-based businessman has been jailed for six months for allegedly not filing his income tax arrears and interest of around Rs 7.35 crore despite reminders, an official said on Saturday. “The defaulter was arrested on Friday for failing to pay his tax arrears and produced before the Tax Recovery Officer (TRO) from where he […]

Hela February 15, 2019

CBIC Chairman Pranab Kumar Das, who assumed charge last month, said with compliance going up and tax net widening, it won’t be difficult to meet the revenue targets. GST revenue shortfall drags down tax revenue estimates (Representational Image)  |  Photo Credit: Thinkstock New Delhi: Shortfall in GST revenue of an estimated Rs 1 lakh crore has forced […]

Hela February 15, 2019

Apple is one of several American technology giants in the line of fire in Europe over their tax strategies, which see them route their income through low-tax nations such as Ireland or Luxembourg. Apple agrees 500-million-euro tax settlement with France  |  Photo Credit: Indiatimes Apple said Tuesday it had reached an agreement with French authorities to […]

Hela February 15, 2019

The Modi government had implemented the anti-benami transactions law. Confiscated benami assets worth Rs 6,900 crore: Income Tax Department  |  Photo Credit: BCCL New Delhi: The Income Tax Department has confiscated assets worth Rs 6,900 crore till now as part of its action under the anti-benami transactions law, the agency said in a public advertisement on Tuesday. […]

Hela February 15, 2019

Budget 2019: The BJP government is all set to present the Interim Budget on Friday. This might be government’s last chance to woo the salaried and the middle-class and they might dole out these tax incentives. Representative Image  |  Photo Credit: Times Now New Delhi: President Ram Nath Kovind’s address to a joint sitting of Parliament marked […]