Income Tax Department News
IT Department uses AI to identify fake donation claims | Mint Primer | Mint
Saving On Taxes By Resorting To Fake Donations And Deductions May Soon Be A Thing Of The Past With The Income Tax Department Now Assessing Income Tax Returns (Itrs) Using Artificial Intelligence (Ai). The Department Is Currently Conducting Reassessments Of A Significant Number Of Income Tax Returns. Specifically, It Is Placing Emphasis On Cases Where Taxpayers Have Claimed Deductions For Donations Made To Charitable Trusts And Political Parties During The Fiscal Year 2019.
3 Jul 2023India To Tax Netflix; IT Dept. Working On A Plan
India is moving to put taxes on the revenue earned by Netflix Inc.'s India operations. According to a draft order, the tax authorities estimated that Netflix's Indian permanent establishment (PE) earned around ₹55 crore ($6.73 million) during the assessment year 2021–2022.
12 May 2023CBDT claims ₹2,200-cr 'fictitious transactions' after I-T raids on media group
While CBDT did not name the group, official sources identified it to be the Bhopal headquartered Dainik Bhaskar group which is involved in various business sectors
3 min read24 Jul 2021HC orders CBI probe in IT Dept's claim against authenticity of email to assessee
In its order, the court noted that an email similar to the one sent in the present case had been sent to another petitioner-assessee in another case and it could not be a co-incidence
3 min read19 Jul 2021I-T Dept furnishes 'contradictory' response to RTI on political parties' income tax returns
The Income Tax Department's Central Public Information Officer stated that it is not mandated by extant rules to maintain this information She, however, went on to list laws and court orders to establish that this information, which she does not possess, was exempt from disclosure
2 min read29 Jun 2021I-T Dept issues ₹26,276 cr refunds in 2 months of FY22
Of this, personal income tax refunds worth ₹7,538 crore have been issued in 15,02,854 cases, whereas corporate tax refunds of ₹18,738 crore have been issued in 44,531 cases
1 min read4 Jun 2021ITAT dismisses ₹152 crore undisclosed income addition on Flipkart founders
The Bangalore Income Tax Appellate Tribunal dismissed an income tax appeal of adding ₹152 crore of undisclosed on Flipkart founders’ when they exited ‘UrbanTouch.com’ in 2012
2 min read10 Sep 2020Tax department unearths benami properties in Bhopal
The searches held at various places in Bhopal on Thursday revealed unaccounted cash was invested in these properties, it said
1 min read21 Aug 2020I-T Dept detects money laundering racket linked to Chinese firms
Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than ₹1,000 Crore
1 min read11 Aug 2020I-T to push for taxpayer compliance
The process was disclosed by the Centre in clarifications published on Saturday to tax rules that are effective from 1 June From now on, the tax department is set to flag taxpayers a detailed list of transactions that it expects to be reflected in the reported taxable income
2 min read20 Jul 2020Popular Topics
Budget
The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared