IT Deptt. all set to cut refund time to 10 days from this fiscal year
The revenue department is poised to roll out a system to cut the average processing and issuance time for tax…
Category: Income Tax News
I-T department to use AI regression model to find deviations
The Income Tax department is exploring usage of artificial intelligence (AI) to build regression models to identify deviations and errors in tax…
ITR Filing Due Date Extension : Will govt extend the deadline
Taxpayers are rushing to file their income tax returns in India before the July 31 deadline, with over 4 crore…
IT dept sends 100,000 notices over under-reported income
Finance Minister Nirmala Sitharaman Monday said that the income tax department has sent one lakh notices in cases where assesses…
Companies’ advance tax payments on income tax department radar
The income tax department is closely monitoring advance tax payments by scrutinising companies’ annual and quarterly balance sheets, as well…
Demonetisation and its effect on Income tax Collection
No study on effect of withdrawal of legal tender character of the Specified Bank Notes (SBNs) on Indian economy has…
Transactions worth Rs 12,000 crore by insurers under taxman’s lens
Transactions of more than ₹12,000 crore are under the scanner of the income-tax department that is probing several commission agents…
Income Tax Department likely to reopen old cases
The Income tax Department is likely to reopen old cases related to land deals and redevelopment where entities tried to…
Supreme Court ends large tax evasion in land, property deals
The Supreme Court has put an end to a rampant tax dodge, going on for decades, where land parcels, properties,…
Same PAN allotted to two persons, HC asks income tax deptt. to respond
The Delhi High Court has sought response of the Income Tax Department on a peculiar case where a man claimed…
Tax Audit Report due date should be extended till October,31st
A Representation to extend the due date of filing of Audit reports under Income Tax Act, 1961, from 30th September,…
IT Department widens scope of income tax return filing
The new conditions are notified under a provision in the Income Tax Act which allows the government to specify in…