Income Tax Return: The Income Tax Department may soon take strict action against those who give wrong information about their income in ITR. CBDT chief Nitin Gupta on Monday said that 68,000 cases have been taken up for e-verification by the Income Tax department for under- or under-reporting of income in tax returns for the …
Income Tax Return: If you also file Income Tax Return (ITR Filing) every year, then from this time you need to be alert. The Income Tax Department is going to make a big change for the tax payers. The department’s eye will now be specially on those who buy expensive flats, form houses and luxury …
Big update for taxpayers, Income Tax Department came into action Read More »
The Income Tax department’s ‘survey’ at the BBC office here continued for the third straight day on Thursday as officials gathered financial data from select staffers and made copies of electronic and paper data of the news organisation. The operation that began at the British Broadcasting Corporation (BBC) offices in Delhi and Mumbai around 11:30 …
Trending: Income Tax ‘survey’ operations at BBC offices continues for third day Read More »
The Union Budget 2023-24 has proposed certain changes to the Income Tax search and seizure provisions in view of the increased use of technology and digitisation in the management and maintenance of accounts, digitisation of data, cloud storage and other associated aspects. Section 132 of the Income-Tax Act pertains to the procedure for the search …
Government has proposed amendments to ensure that during the course of I-T search Read More »
“Taxpayers, in general, are issued income tax notices under Section 139(9), 143(1), 143(2), 143(3), 245, 144, 147 and 148 of Income Tax Act, 1961 regarding non-filing of ITR, concealment of taxable income, claiming an in genuine tax refund, computing excessive tax losses, long term capital gains (LTCG), scrutiny etc.” Here are 10 common reasons taxpayers can get …
Top 10 reasons why you may get a notice from the income tax department Read More »
Income tax return (I-T return) has been filed, the tax department sends an intimation under section 143(1) to highlight any discrepancy that might arise from a lower tax paid than what was meant to be paid. Individuals are supposed to file their income tax returns on or before July 31 of the assessment year. After …
The Income Tax Department had conducted a search and seizure operations on a diversified business group engaged in the manufacturing of plywood/plyboard, MDF board, inverter and vehicle batteries, and in the refining of lead on 11.01.2022. More than 30 premises spread across the cities of Yamuna Nagar, Ambala, Karnal, and Mohali have been covered in …
Income Tax Department Conducts Search And Seizure Operations in Haryana Read More »
Introduction:- The principles of natural justice forms an integral part of procedural fairness and justness, thereby excluding the scope of arbitrariness. Even though the right of hearing, which forms a part of the principles of natural justice, before an order is passed under some of the provisions of the Income-tax Act 1961, is not specifically …
Right Of The Assessee To Cross Examine in Income Tax Search And Seizure: An Analysis Read More »
Legality of roping in an unconnected third party in the rigors of an Income Tax Search and Seizure action (including bank lockers of such unconnected third parties) Introduction:- The authority and power to conduct search and seizure operations is strident and caustic power authorized by law to be taken recourse to when the conditions mentioned …
Bank Lockers And Income Tax Search & Seizure: A Study By CA Mohit Gupta Read More »
Introduction: Section 153A provides the procedure for completion of assessment in case of a person where a search is initiated under Section 132 or books of account or other documents or any assets are requisitioned under Section 132A after 31st May, 2003 but on or before the 31st Day of March’2021. In such case, the Assessing Officer …
A Study Of Incriminating Material Found During The Course Of Income Tax Search Read More »
Introduction: Authority and power to conduct search and seizure operations is strident and caustic power authorized by law to be taken recourse to when the conditions mentioned under different clauses of Section 132 (1) of the Act are satisfied. The jurisdictional facts that have to be established before a search under Section 132 (1) of …
The Income Tax Department carried out a search operation that commenced on 23.09.2021 on a big syndicate involving certain businessmen/ middlemen of Maharashtra and some persons holding public offices. The intelligence was developed over 6 months. In all, 25 residential and 15 office premises were covered under the search, while 4 offices were covered under …
Introduction: Section 132 of the Income Tax Act’1961 prescribes that the competent authorities are empowered to permit the authorized officers to enter, search, break open, seize, place marks of identification and take other steps as contemplated under sub-clauses (i) to (v). However, such powers can be exercised against a person upon fulfilment of certain conditions. …
Business Concept’s Daily E-News Letter- 22nd September 2021 Please Click on News Heading to Read Full News Note: Only TC VIP Users can Access It For New User- More information, Please Visit Here [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] GST How to File Form GST PMT-09 on GST Portal To file Form GST PMT-09, Please Navigate …
Business Concept’s Daily E-News Letter- 22nd September 2021. Only for TC VIP Users Read More »
Actor Sonu Sood Evaded Over Rs 20 Crore In Taxes: Income Tax Department CBDT, in its official press release after Income Tax search on Sonu Sood’s premises, said that: The Charity Foundation incorporated by the actor on 21st July, 2020 has collected donations to the tune of Rs 18.94 crore from 01.04.2021 till date, out …
The Institute of Chartered Accountants of India (ICAI), the regulatory body of chartered accountants, New Delhi has imposed a fine of Rs 50,000 on Suresh Kumar Goklani, CA of Jodhpur. Also, licenses have been suspended for 3 months. CA Goklani has been found guilty of filing ITR on the basis of false facts and making …
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, while 14 premises …
The searches, so far, have resulted in the detection of undisclosed income of more than Rs. 1,000 crore. Unaccounted cash of Rs. 1.2 crore has been seized so far.
Income Tax Department Conducts Searches in Hyderabad The Income Tax Department carried out search & seizure operations on 24.02.2021 on a major Pharmaceutical group based out of Hyderabad. This Pharmaceutical group is engaged in the business of manufacturing of intermediates, Active Pharmaceutical Ingredients (APIs) and formulations. Majority of the total manufactured products are exported to …
Income Tax Department Conducts Searches in Hyderabad Read More »