Income Tax News

ITR Refunds are directly credited to the bank account of taxpayers, states FM

28 July 2021 at 06:26

As per the answer to Question no. 81 in the Rajya Sabha by FM on 27.07.2021, "Refunds are directly credited to the bank account of taxpayers making the end-to-end process from filing of ITR till receipt of refund seamless & fully electronic."

Posted in Income Tax | 6696 Views

Direct tax collection doubled for first quarter of current fiscal

27 July 2021 at 20:39

Shri Pankaj Chaudhary stated that the net direct tax collection in the 1st quarter of FY 2021-2022 is Rs. 2,46,519.82 crore as against Rs. 1,17,783.87 crore during the same period of previous FY 2020-21.

Posted in Income Tax | 1542 Views

Systemic measures by Government under Black Money Act detects undisclosed income of several crores

27 July 2021 at 06:29

In the recent years, the Government has taken a number of measures to bring back the black money stashed abroad 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015'.

Posted in Income Tax | 1893 Views

Message of FM Nirmala Sitharaman on the occasion of 161st Income Tax Day, 2021

26 July 2021 at 06:01

While witnessing the 161st Income Tax Day on 24th July 2021, Finance Minister Nirmala Sitharaman felicitated the Income Tax Department and said that "principles of equity, justice and fairplay in tax administration permeate our tax policy even today."

Posted in Income Tax | 9387 Views

161st Income Tax Day: A journey towards Nation Building

24 July 2021 at 17:47

The 161st anniversary of Income Tax Day was observed by the Central Board of Direct Taxes and all its field offices across India on 24th July 2021. As part of the observance, the field formations held a range of activities.

Posted in Income Tax | 1386 Views

IT Department conducts raid at media group Dainik Bhaskar

23 July 2021 at 12:03

On Thursday, 22nd July 2021, around 100 officials from the Income Tax Department conducted a raid at over 30 locations of the Media Group Dainik Bhaskar's offices in Madhya Pradesh, Maharashtra, Delhi, Rajasthan and Gujarat.

Posted in Income Tax | 2 comments | 10596 Views

Allegations of the IT Dept officials suggesting changes in media stories & taking editorial decisions denied

23 July 2021 at 06:32

Certain allegations have appeared in some sections of media that IT Dept officials were suggesting changes in stories & taking editorial decisions during their search on offices of Media Group Dainik Bhaskar.

Posted in Income Tax | 1 comments | 7245 Views

CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB

20 July 2021 at 18:38

Taxpayers can now submit Forms 15CA/15CB in manual format to the authorized dealers till 15th August 2021. Authorized dealers are advised to accept such Forms till 15th August 2021 for the purpose of foreign remittances.

Posted in Income Tax | 12039 Views

Tax exemption to ameliorate stress due to COVID-19

19 July 2021 at 21:45

The Government has decided to provide income tax exemption to the amount received by a taxpayer for medical treatment from an employer or from any person for treatment of COVID-19 during the financial year 2019-20 and subsequent years.

Posted in Income Tax | 3333 Views

Memorandum on the problems being faced in relation to New Income Tax Portal

17 July 2021 at 07:35

The District Taxation Bar Association (Direct Taxes), Ludhiana has written a Memorandum to FM Nirmala Sitharaman wherein, they have highlighted 22 problems that are being faced by them and the taxpayers at large, on the New Income Tax Portal.

Posted in Income Tax | 13 comments | 14595 Views