MUMBAI: The income-tax department has asked several individuals to prove their non-resident status for assessment years 2013-14 to 2017-18. While filing their tax returns for the years in question, these persons had not disclosed their foreign assets by virtue of being non-resident. Unlike residents whose global income is taxed, foreign earnings of non-residents are not … Read more
New Delhi: The Income Tax department has issued refunds worth over Rs 1.26 lakh crore to over 39 lakh taxpayers this fiscal so far. This include personal income tax (PIT) refunds amounting to Rs 34,532 crore and corporate tax refunds amounting to Rs 92,376 crore during this period. “Rs 1,26,909 crore tax refunds issued. 39.14 … Read more
Search and seizure operations by the income tax department in Jammu & Kashmir in two separate cases unearthed tax evasion and unexplained investments amounting to as much as Rs 50 crore, the Central Board of Direct Taxes said in a statement Thursday. The operation conducted on a prominent hotelier led to seizure of incriminating documents … Read more
The Income Tax department on Friday said it has issued refunds worth Rs 88,652 crore to over 24 lakh taxpayers so far this fiscal. This include personal income tax (PIT) refunds amounting to Rs 28,180 crore issued to over 23.05 lakh taxpayers and corporate tax refunds amounting to Rs 60,472 crore to over 1.58 lakh … Read more
New Delhi: The Income Tax department has disposed of 7,116 cases under the first phase of faceless assessment system, an official source said. Since its launch on October 7, 2019 and implementation of first phase, faceless scrutiny assessment scheme has provided for assessment of income tax in electronic mode, where taxpayers need not see face-to-face … Read more