Income Tax Department News

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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 2023
Videos

India 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 2023
News

CBDT 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 2021
News

HC 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 2021
News

I-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 informationShe, 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 2021
News

I-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 2021
Companies

ITAT 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 2020
News

Tax 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 2020
News

I-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 2020
Politics

I-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 JuneFrom 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 2020
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