The officials said the government is considering providing relief to some sectors, which mostly deal in cash. read more

The action came after the department found that the transaction was made through shell companies involving a suspect in the AgustaWestland chopper scam, government officials said. read more

CBDT further clarified that the updating of utility do not hamper filing of return as the taxpayers are allowed to file using the utility which is available at that point of time. For example, more than 85 lakh taxpayers have filed returns in ITR-1 till... read more

Granting such income tax exemptions date back to 1922 and were among the incentives the British offered to make military services lucrative for Indians. read more

“Earlier, banks did not deduct tax at source for total income not exceeding Rs 4.5 lakh; that included Rs 3 lakh under tax-exempt category and Rs 1.5 lakh tax benefit under [section] 80C,” the first official said. read more

Revenue Secretary A B Pandey and CBDT Chairman P C Mody have been called to explain the raids amid allegations by the Congress that the ruling BJP was using enforcement agencies to target it during the poll season. read more

It said that meticulous records of collections and disbursement of cash had also been found in the form of hand-written diaries, computer files and excel sheets which had been found and seized. read more

In June last year, the government had said that PAN has to be linked with the biometric ID by March 31. read more

The CBDT’s (Central Board of Direct Taxes) disappointment at this situation and has asked the supervisory tax officials to pull up their socks and ensure no stone remains unturned to achieve the target. read more

Under the Income Tax Act, tax collection at source (TCS) is levied at 1 per cent on purchase of motor vehicles above Rs 10 lakh, jewellery exceeding Rs 5 lakh and bullion over Rs 2 lakh. TCS is also levied on other purchases at different rates. read more

The government has already sanctioned Rs 4,200 crore last month for upgradation of information technology infrastructure of Central Board of Direct Taxes (CBDT) for processing returns, refunds, faceless scrutiny and verification. read more

Quoting father’s name in PAN application won’t be mandatory: I-T department read more

CBDT Chairman Sushil Chandra said that the contribution of direct taxes to the total revenue kitty in the country is the highest and stands at 52 per cent at present. read more

CBDT Chairman Sushil Chandra said these numbers were a result of putting in a number of legislative, informative and enforcement efforts by the tax department over the last four years. read more

“While 88,649 taxpayers had disclosed income above Rs 1 crore in assessment year 2014-15, the figure was 1,40,139 for AY 2017-18, which is a growth of about 60 per cent,” the CBDT said. read more