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Income Tax Dept allows Exemption to 120 Startups

The income tax department has confirmed that it has allowed tax exemption to 120 startups from paying taxes on funds raised from angel investors. An...

Late Filers can still submit their Income Tax Returns till 31st March with a Late Fee of Rs. 10,000:...

CBDT asks Income Tax Dept to withdraw Appeals by March-end

Angel Tax Relief for Start-Ups applicable from 19th February: CBDT

Income Tax Dept arrests Promoters suspecting Circular Trading

Women arrested for creating Fake Income Tax Account of Husband

A woman, said to be a Chartered Accountant has been arrested for accessing the income tax account of her estranged husband, Times of India reported. The woman allegedly created a fake profile of her...

Income Tax Department hits at Terror Financing activities in J&K Region

The head of a prominent organization allegedly indulging in anti-national activities along with his associates were covered in a sensitive search action by the Income Tax Department today. Search...

Income Tax Refund to be automatically credited to Bank A/c linked with PAN

The income tax refund process will be issued through online only from March 2019. The amount will be credited to the bank account linked with the Permanent Account Number (PAN). Further, the...

Income Tax Department to share Information with Ministry of Housing and Urban Affairs [Read Notification]

The Central Government today issued a notification empowering the income tax department to share information with the Ministry of Housing and Urban Affairs. The present notification by the Central...

Seven Years Rigorous Imprisonment to then Assistant Commissioner of Income Tax

The Special Judge, CBI Cases, Dehradun (Uttarakhand) has sentenced Shri Swetabh Suman(an IRS Officer of 1988 Batch), the then Additional Commissioner of Income Tax, Jamshedpur to undergo seven years...

Income Tax Assessment Error caused Loss of Rs. 6000 Cr Tax from Realty Firms: CAG Report

The Comptroller and Auditor General (CAG), in its report tabled in Parliament on Tuesday, found that the income tax department has caused a loss of Rs 6,093 crore to the exchequer due to 1,183...

Service of Notice for Re-Assessment is not mere Procedural Requirement: ITAT [Read Order]

The Income Tax Appellate Tribunal, Jaipur Bench held in the case Charan Singh Vs. ITO Ward- Bhiwadi that Service of notice for re-assessment is not a mere procedural requirement. The bench clarified...

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