Filing Date Of Income Tax Return Extended By Finance Ministry
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.
Tags: Income Tax, COVID-19 outbreak
Courtesy: India TV
Head Of Islamic Centre Of India Demands Pilgrimages Like Hajj To Be Tax-Free
Islamic Centre of India's head Maulana Khalid Rashid Firangi Mahali has put forward three "small" demands related to Hajj pilgrimage, before the government through a letter. The demands included cheaper transportation options, exemption from GST, and removal of IT return requirement. He further urged the government to provide "financial consideration" to Hajj pilgrims. Though the request gained support from the Samajwadi Party, it was… read-more
Tags: Hajj, Income Tax, GST, Narendra Modi
Courtesy: India Today
IT Department Finds Unaccounted Rs 1000 Crores In A Chennai Based Firm
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
Tags: Income Tax, Raid, Chennai, Madurai
Courtesy: The Times Of India
CBDT Extends Deadline for ITR Filing, Self-Assessment Tax Payment
Central Board of Direct Taxes (CBDT) stated that the deadline for filing Income Tax Returns (ITR) has been extended till December 31, 2020. For ITRs which require a report on international and domestic transactions, the deadline has been pushed to January 31, 2021. The extension has been announced for a second time to provide relief to the self-assessment tax payers.
Tags: Income Tax, IT-Returns, Self-Assement Taxes, Finance
Courtesy: Live Mint
VK Sasikala-owned Assets Worth Rs 2,000 Crore Seized By Income Tax Deptt
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.
Tags: Tamil Nadu, Jayalalitha, AIADMK, Income Tax
Courtesy: India Today
Madras High Court Issues Notice to AR Rahman for Evading Tax
Music composer AR Rahman on September 11 has received a notice from the Madras High Court for evading income tax on Rs 3.47 crore for the year 2011-12. The Income Tax department has alleged that Rahman diverted his remuneration of Rs 3.47 crore to his charitable trust instead of his own account. Reportedly, the sum was paid to Rahman for composing ringtones for a UK-based telecom company.
Tags: AR Rahman, Income Tax, Madras High Court, evadingtax
Courtesy: India Today
IT Dept to Create Profiles of Taxpayers by Analyzing Digital Behaviour
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.
Tags: Income Tax, Taxpayer, India
Courtesy: Gadgets Now
IT Department Searches Chinese Entities Over Hawala and Money Laundering
After the Income Tax Department conducted a search operation against some Chinese entities, evidences gathered indicated that they were involved in money laundering and "hawala" transactions involving Hong Kong and US dollars. "Search action revealed that, at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs.1000 crores over the period," said CBDT … read-more
Tags: Income Tax, Raid, Chinese goods, Hawala
Courtesy: CNBCTV18