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A cashier checks rupee notes inside a room at a fuel station in Ahmedabad on September 20.(REUTERS)

Average income of salaried, non-salaried, corporate taxpayers rises over last 3 years: CBDT

New Delhi | By Press Trust of India
UPDATED ON OCT 22, 2018 06:14 PM IST
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.
The policy-making body of the IT department said the number of individual taxpayers earning over Rs 1 crore annually had seen a growth of about 68 per cent.(Reuters File Photo)
The policy-making body of the IT department said the number of individual taxpayers earning over Rs 1 crore annually had seen a growth of about 68 per cent.(Reuters File Photo)

Number of crorepatis in India has risen by 60%, says tax body

New Delhi | By Press Trust of India
PUBLISHED ON OCT 22, 2018 06:13 PM IST
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.
The number of taxpayers earning above Rs 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 per cent, the Central Board of Direct Taxes (CBDT) said Monday.(Reuters File Photo)
The number of taxpayers earning above Rs 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 per cent, the Central Board of Direct Taxes (CBDT) said Monday.(Reuters File Photo)

Number of crorepatis has risen by 60 % in India: CBDT

New Delhi | By Press Trust of India
UPDATED ON OCT 22, 2018 04:42 PM IST
“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.
Income Tax department portal(HT File Photo)
Income Tax department portal(HT File Photo)

Deadline for filing Income Tax return, audit report extended to October 31

Press Trust of India | By Press Trust of India
UPDATED ON OCT 08, 2018 09:51 PM IST
This is the second extension within a fortnight of the Central Board of Direct Taxes (CBDT), earlier extending the deadline for tax payers whose accounts have to be audited from September 30 to October 15.
The Central Board of Direct Taxes extended the due date for filing of Income Tax Returns from July 31, 2018 to August 31.(File photo)
The Central Board of Direct Taxes extended the due date for filing of Income Tax Returns from July 31, 2018 to August 31.(File photo)

Centre extends income tax returns filing deadline till August 31

New Delhi | By Press Trust of India
UPDATED ON JUL 26, 2018 06:43 PM IST
The new income tax return forms were notified early in April and taxpayers (whose accounts are not liable for audit) were allowed to e-file their ITRs till July 31 .
Online portal of the Income Tax department. Till March, 2017, tax disputes worth Rs 7.6 lakh crore were stuck in various stages of litigation in tribunals and courts.(File Photo)
Online portal of the Income Tax department. Till March, 2017, tax disputes worth Rs 7.6 lakh crore were stuck in various stages of litigation in tribunals and courts.(File Photo)

Government hikes threshold for tax litigation, over 29,000 cases to be withdrawn

New Delhi | By Press Trust of India
UPDATED ON JUL 12, 2018 05:14 PM IST
To reduce tax litigation, the government on Wednesday hiked the threshold limit for filing appeals in tribunals to Rs 20 lakh, while the same for High Courts and the Supreme Court has been raised to Rs 50 lakh and Rs 1 crore.
Refunds in 45.07 lakh cases have been issued during April-June, 2018, which is 9 lakh more than the refunds issued during the same period last year, it added.(Pradeep Gaur/Mint)
Refunds in 45.07 lakh cases have been issued during April-June, 2018, which is 9 lakh more than the refunds issued during the same period last year, it added.(Pradeep Gaur/Mint)

Income tax refunds worth Rs 70,000 crore issued, 99% claims processed: CBDT

Press Trust of India, New Delhi | By Press Trust of India
UPDATED ON JUL 04, 2018 04:56 PM IST
The Income Tax Department had observed a dedicated fortnight from June 1-15, which was later extended to June 30 in certain regions, to expeditiously clear pending matters of appeal effect and rectification.
The new PAN, obtained by this mechanism, will have the same name, date of birth, gender, mobile number and address that is present in the individual’s Aadhaar, said an income tax advisory.(Pradeep Gaur/Mint)
The new PAN, obtained by this mechanism, will have the same name, date of birth, gender, mobile number and address that is present in the individual’s Aadhaar, said an income tax advisory.(Pradeep Gaur/Mint)

Generate ‘instant’ PAN using Aadhaar on I-T dept website, facility available for limited period

Press Trust of India, New India | By Press Trust of India
UPDATED ON JUL 01, 2018 04:01 PM IST
“This facility is free of cost and instant allotment of e-PAN is available only for a limited period on first-come-first-serve basis for valid Aadhaar holders”, the income tax department said in an advisory.
Income tax department says the reward amount for information under the Foreign Black money Act has been kept high at Rs 5 crore to make it “attractive to potential sources” in foreign countries.(Mint File Photo)
Income tax department says the reward amount for information under the Foreign Black money Act has been kept high at Rs 5 crore to make it “attractive to potential sources” in foreign countries.(Mint File Photo)

Share info on undisclosed black money with I-T dept, earn up to Rs 5 crore

Press Trust of India, New Delhi | By Press Trust of India
UPDATED ON JUN 01, 2018 04:51 PM IST
The tax department assured full confidentiality of the informer for all the reward schemes saying that the identity of the persons giving information will not be disclosed.
The Income Tax Department had on April 10 amended the income tax rules to allow transgenders be recognised as an independent category of applicants for obtaining a Permanent Account Number (PAN) for their tax-related transactions.(Reuters File Photo)
The Income Tax Department had on April 10 amended the income tax rules to allow transgenders be recognised as an independent category of applicants for obtaining a Permanent Account Number (PAN) for their tax-related transactions.(Reuters File Photo)

No supporting document required for gender for PAN under transgender category: I-T dept

Press Trust of India, New Delhi | By Press Trust of India
UPDATED ON MAY 09, 2018 03:10 PM IST
The CBDT effected the change in view of representations received by it in this context, as transgenders were facing problems in getting a new PAN or transacting using their old PANs.
An informant is expected to furnish the Aadhaar number and other information in the prescribed format to the prescribed authorities only if he/she desires to receive an award.(Pradeep Gaur/Mint File)
An informant is expected to furnish the Aadhaar number and other information in the prescribed format to the prescribed authorities only if he/she desires to receive an award.(Pradeep Gaur/Mint File)

Aadhaar must for informers of benami property, tax evasions to claim rewards from IT dept

Hindustan Times, New Delhi | By Jeevan Prakash Sharma
UPDATED ON MAY 08, 2018 07:24 PM IST
Income tax department says the move will remove the hurdle in establishing the identity of an informant at the time of disbursing the final award money which often takes several years.
The seizures have been made since the Election Commission announced on March 27 the schedule for the assembly election in Karnataka.(Hemant Mishra/Mint File Photo)
The seizures have been made since the Election Commission announced on March 27 the schedule for the assembly election in Karnataka.(Hemant Mishra/Mint File Photo)

Rs 2000, 500 notes make up 97% of cash seized in Karnataka before elections

PTI, Bengaluru | By HT Correspondent
UPDATED ON APR 21, 2018 02:32 PM IST
The announcement comes in the backdrop of cash crunch reported across various regions in the country as a number of ATMs had gone dry.
Income Tax officials believe that a strong network of informers could help uncover more benami transactions.(AFP File)
Income Tax officials believe that a strong network of informers could help uncover more benami transactions.(AFP File)

Income Tax dept to increase reward money for informers, widen network

Hindustan Times, New Delhi | By Jeevan Prakash Sharma and P Suchetna Ray
UPDATED ON APR 06, 2018 06:05 PM IST
Under current guidelines, an informer gets Rs 1 lakh as an instant reward if the tip-off leads to tax recovery. The rest of the reward money – 10% of the total tax liability with a maximum cap of Rs 15 lakh – is subject to the final settlement of the case.
The CBDT had received representations as to whether a taxpayer, who receives pension from his former employer, shall also be eligible to claim this deduction.(Representative image)
The CBDT had received representations as to whether a taxpayer, who receives pension from his former employer, shall also be eligible to claim this deduction.(Representative image)

Pensioners can claim Rs 40,000 standard deduction from ex-employers

PTI, New Delhi | By HT Correspondent
UPDATED ON APR 05, 2018 07:04 PM IST
Budget 2018-19 introduced Rs 40,000 standard deduction for salaried employees and pensioners in lieu of the exemption in respect of transport and medical expenses that was given till last financial year (2017-18).
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