Income Tax

Considering the hardships faced by the taxpayers due to the COVID-19, the deadline to file income tax return (ITR) for FY 2019-2020 has been extended. The Finance Ministry on December 30 stated that the taxpayers who do not require auditing or usually file their ITR using ITR-1 or ITR-4 forms can now file it before January 10, 2021. Besides, the individuals who require auditing can file ITR before February 15, 2021.

Following raids at various locations in Chennai and Madurai, the IT department found unaccounted income of Rs 1,000 crore in relation to a case of a Chennai-based IT infrastructure group. Officials also found evidence relating to investments made in a Singapore-registered company.  Authorities said despite having nominal investment the company holds 72% share. Proceedings have been initiated under the Black Money Act and prohibition of the… read-more

Income Tax Department seized assets worth Rs 2,000 crore owned by AMMK's VK Sasikala on October 7. Reportedly, the assets, seized under the Benami Prohibition Act, include two properties amounting to Rs 300 crore that are registered under the names of Sasikala, Ilavarasi and Sudhakaran. Sasikala, considered close to Tamil Nadu's late ex-CM Jayalalitha, is serving a 4-year sentence in a corruption case since 2017.

The Income Tax (IT) Department is now going to analyze and map out the digital behaviour of the taxpayers and create profiles. With the introduction of the "faceless scrutiny assessment," taxpayers now can resolve their issues with a single notice of demand. “A lot has changed. Now you're leaving a digital footprint," said Smita Jhingran, Chief Commissioner of Income Tax at Regional e-Assessment Centre, Delhi.