Centre sees improvement in tax receipts for first 5 months of FY24

The central government has witnessed growth in revenue receipts during the first five months (April-August) of financial year 2023-24, as per data released by the Controller General of Accounts. Total receipts of the government in April-August 2023 stood at Rs 10.3 trillion, a 21.3% increase over the same period last year. This accounts for 38.8% […]

India’s income tax website revamped with new design

Income Tax Department said it has revamped its website, soon after implementing mega changes to the income tax e-filing website, incometax.gov.in. The new website, which will be available on incometaxindia.gov.in, has been designed with a user-friendly interface, value-added features, and new modules, the Central Board of Direct Taxes said. “This website serves as a comprehensive […]

Income Tax Dept freezes Mindtree shares of SM Krishna’s son-in-law & Cafe Coffee Day founder

The Income Tax Department has ‘provisionally attached’ Mindtree shares worth Rs 660 cr belonging to VG Siddhartha, the founder of Cafe Coffee Day and the son in law of former Congress leader and Karnataka Chief Minister SM Krishna. Mindtree said it received intimation from the Income Tax Department that it had provisionally attached about 75 […]

Income Tax dept identifies millions of non-tax payers using software

The income tax department has been able to identify millions of non-tax-filers and collect Rs 26,425 cr of self-declared tax by using software to analyze third party financial and transaction data over the last six years, the finance ministry said. The income tax department has been analyzing financial and transactional data since the year 2013 […]

No Income Tax on FCCB proceeds, SC rules on RCom

The Supreme Court on Monday dismissed the petition filed by the Income-Tax Department against Reliance Communications on taxing of the proceeds of Foreign Currency Convertible Bonds (FCCBs), said the telecom operator. The Supreme Court order has quashed contingent tax liability of RCOM for about Rs 4,800 crore. During Financial Year 2006-07, Reliance Communications had issued […]

Currency Trap: IT Dept moves in on cooperative banks

With bank withdrawals restricted, the Income Tax Department seems to be taking the opportunity to move in on a long-time target of tax evasion investigators — co-operative banks. Several co-operative banks in Kerala have got Income Tax Department notices seeking details of deposits. It is not known if banks in other states have also got similar notices. […]