Hyderabad Police recovered cash of Rs 1.64 "Hawala Money" during a fire mishap. In wee hours of May 15, a fire incident occurred at one Srinivas' residence in Regiment Bazar when during fire control, the Hyderabad Police found cash of Rs 1.64 crores, and some gold, silver ornaments. Although there were no casualties or injuries, Srinivas is now in trouble of Income Tax (IT) as further investigation will happen.
Courtesy: New Indian Express
The Central Government is mulling taxing Netflix, the OTT Platforms earnings in India. With this, the American OTT platform is under the income tax (IT) scanner of the officials. As per a draft report, the tax authorities attributed an income of about 550 million rupees ($6.73 million) to Netflix's Indian permanent establishment (PE) in the assessment year 2021-2022. The officials said, the Indian set up is liable for tax.
The Enforcement Directorate (ED) filed a case against BBC Office in India under the Prevention of Money Laundering Act (PMLA.) The chargesheet has been filed of tax evasion and other financial irregularities on the side of the BBC. As per sources, after the recent raid and IT Survey at the BBC, the Income Tax department found lapses and irregularities, leading to a case against the BBC office in India.
In a major announcement for taxpayers, under the Union Budget 2023-2024, FM Nirmala Sitharaman announced no tax for those with an income up to Rs 7 lakhs, annually. Those earning above Rs. 15 lakhs per year would need to pay 30% tax. Furthermore, under the new tax slab regime, the surcharge rate has been reduced to 25% from the… read-more
Courtesy: Hindustan Times
The Income Tax Department said there will be no extension in IT-Return filing. Notably, the Government decided not to extend the last ITR filing date which is July 31, as the Union Government wants to bring normalcy, disturbed amid Covid-19 pandemic. Tarun Bajaj, Secretary, Revenue said, "Hats off to taxpayers and professionals who burnt the midnight oil to file IT returns". Till July 31, over 56 million ITRs were filed.
Courtesy: Business Today
The Income tax department has issued a set of FAQs (Frequently-Asked Questions) regarding tax payment, especially when the deadline is July 31. In the FAQs, taxpayers' queries while filing their ITRs have been answered. It also said that a taxpayer should check their book of records and provide information in the I-T return. The IT officials said, "The DSC should be linked to the PAN of the taxpayer".
Courtesy: Press Trust of India
The Income Tax department conducted raids in 27 locations in Mumbai and Delhi NCR on July 5, said Union Finance Ministry on July 26. The search was on a group engaged inagro and textile business, mostly involved in the manipulation of performance of certain group companies on stock markets. Furthermore, the Union Ministry also confirmed unaccounted cash of Rs 1.4 crore has been seized during the search operations.
Income Tax department raided the office and residence of Shiv Sena leaders and Maharashtra ministers Aaditya Thackeray, Anil Pranab. The raid was carried out in Mumbai and Pune. Besides ministers, Pranab's chartered accountant's house was also raided at Bandra. Before this, IT also conducted raids at many BMC contractors properties. The Shiv Sena Government criticised the BJP and lashed out at these baseless raids against the Maharashtra… read-more
The deadline for filing income tax returns will not be extended beyond the current deadline of December 31, said the Central government. Informing the development, Revenue Secretary Tarun Bajaj said people have so far filed more returns than the previous year. Reportedly, if anyone didn't meet the deadline, the'll have to pay a penalty. Notably, the government has already extended the deadline two times earlier in the year.
Courtesy: Zee News
Income Tax department recovered Rs 150 crore cash in a raid from the offices and premises of businessman Piyush Jain in Uttar Pradesh's Kanpur, on December 23. Jain was reportedly in close relations with ex CM Akhilesh Yadav and is also known for launching Samajwadi Attar (perfume). Besides, the team also conducted a raid at the premises of betel trader KK Agarwal in Kanpur.