94% of the income tax scrutiny for AY 2018-19 were in individual category

5,87,21,477 returns were checked against consistency rules and 5,87,13,458 returns meeting the consistency rules were used for statistical analysis, stated the CBDT. 5,52,60,219 ITRs were in the individual category.

ITR filing: Penalty, if you miss the deadline

The last date for your ITR filing for assessment year 2019-20 is August 31, so procrastinators are now beginning to run out of time. Delaying tax filing can prove costly.

Govt firm on its stand to tax super rich: Nirmala Sitharaman

Indicating no roll back of the income tax surcharge on the super rich imposed in the budget, Finance Minister Nirmala Sitharaman on Thursday ruled out any adverse impact of it on investor confidence and said the fears of flight of capital are unfounded.

Government to scrutinize residential status of NRIs

Government is taking strict actions by adding provisions to the ITR forms that would now require Non-Resident Indians to furnish details such as account numbers in overseas banks.

Is squeezing taxpayers the way to revive India’s economy?

With an economy in disarray, the budget highlights an effort to rack up resources and tackle the fiscal deficit by hiking taxes – and it squeezes the honest salaried taxpayer.

IT dept. corners Kamal Nath’s PA; opens bank lockers

IT department opened bank lockers of Kamal Nath’s PA in New Delhi The Income Tax (I-T) Department has opened some bank lockers of Rajendra Kumar Miglani, the personal assistant of Madhya Pradesh Chief Minister Kamal Nath, sources have said. “Miglani’s…

Rs 6.5 lakh unaccounted cash seized by ECI

Maharashtra: ECI flying squad seizes over Rs 6.5 lakh unaccounted cash A flying squad of the Election Commission of India (ECI) seized Rs 6.5 lakh unaccounted cash from a man in Ulhasnagar town of Thane district on Saturday. The seizure…

IT Dept started surgical strike on cash transaction, after failing to meet 12 lakh cr target

After failing to meet Rs 12 lakh cr target, I-T Dept sets eyes on cash transactions to increase tax collection Failing to meet direct tax collections target, the Income Tax (I-T) Department has started surgical strikes against cash transactions. The…

Naidu: Special ED, IT teams created to raid opposition party leaders

Special ED, IT teams created to raid opposition party leaders, claims Chandrababu Naidu Andhra Pradesh Chief Minister N Chandrababu Naidu has claimed that special teams comprising of Enforcement Directorate (ED) and Income Tax (IT) officials have been created to raid…

1.7 Cr seized in an IT raid on a road contractor in Bhopal

Income tax sleuths seized over Rs one crore in cash and jewellery worth Rs 70 lakh after raiding the properties of a road contractor on Tuesday in Bhopal. The IT sleuths made the recovery after raiding four locations of road…