income tax department

In order to discourage and monitor cash transactions, the government amended Section 194N of the Income-tax Act with effect from July 1, 2020. According to the revised provision, a bank is required to deduct TDS at 2% when cash…

The Income Tax Department has seized cash and jewellery worth Rs 22 crore after it recently raided two "leading" real estate groups based in Bengaluru and Hyderabad, the CBDT said on Monday. A total of 40 premises were covered during the…

The appellate tribunal’s order, dated July 5, came after an appeal was filed by Cairn UK Holdings Ltd against the Sebi order. “The impugned order passed by Sebi cannot be sustained and is quashed. The appeal is allowed. “We are of the…

NEW DELHI: As taxpayers face issues in accessing the e-filing portal, the Income Tax department on Saturday said software provider Infosysis taking "proactive measures" to deal with the 'irregular traffic' on the portal. "It has been…

The Income Tax department has detected over Rs 400 crore in tax evasion by Chennai-based MGM Group, a diversified conglomerate with business interests in alcohol, logistics, amusement parks and consumer product, sources told FE. The…

The income tax department on Thursday said it has issued revised instruction, which provides for initiation of suitable administrative action against the officer concerned, in cases of high-pitched assessments. In 2015, the Central Board…

The Income Tax Department has notified the cost inflation index for the current fiscal to calculate long-term capital gains arising from the sale of immovable property, securities and jewellery. The cost inflation index (CII) is used by…

In a major win for the income tax (IT) department, the Kolkata high court (HC) has allowed the department’s plea against a batch of 90 appeals filed by entities entities that had allegedly misused capital gains provisions to evade Rs…