Income Tax

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.

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.

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.

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.

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.