income tax

NEW DELHI: The Income Tax department has issued refunds of over Rs 1.14 lakh crore in the first five months of this fiscal. “CBDT (Central Board of Direct Taxes) issues refunds of over Rs. 1.14 lakh crore to more than 1.97 crore…

The Sessions Court in Mumbai has set aside a plea in favour of the revenue department with the observation that the issuance of process against the former director of the company cannot be faulted even after they have resigned from the…

Huawei Telecommunications (India) chief executive officer Li Xiongwei told a Delhi court on Friday, "I am a Chinese (national) and not a terrorist," apparently borrowing a line from a Shah Rukh Khan movie. The remark was made by his…

A taxpayer who did not file income tax return in the past or missed to report correct income can now rectify the same by filing updated returns (ITR-U) by paying additional charge for the assessment years (AY) 2020-21 and 2021-22. The…

Income tax payers will not be allowed to enrol in the government's social security scheme Atal Pension Yojana (APY) from October 1, according to a notification. The government introduced APY on June 1, 2015, to provide social security to…

NEW DELHI: Suspecting large-scale round-tripping of black money, the Comptroller and Auditor General (CAG) which has tabled a report in Parliamenton Monday said India's import of diamonds and pearls during 2010 and 2020 has been more…

Any family receiving ex-gratia amount on account of death of a family- member due to Covid 19 from his employer or other person will be able to claim exemption only if the death was within a period of six months from his testing…

The Income Tax Department has unearthed "unaccounted" income of more than Rs 1,000 crore after it raided a Gujarat-based business conglomerate last month, the CBDT said Tuesday. "Unaccounted cash of Rs 24 crore and unexplained jewellery,…

Over 63.47 lakh income tax returns were filed till 10 pm on Sunday, the last day for filing ITR for the 2021-22 fiscal by salaried individuals, the Income-Tax department said. The deadline for filing I-T returns by those taxpayers who do…

Nearly 34 lakh income tax returns were filed till 4 PM on the last day of filing ITR for 2021-22 fiscal by salaried individual, the I-T department said on Sunday. The deadline for filing I-T returns, by those taxpayers who do not have to…