The government has launched the new Faceless Assessment and Appeals Scheme for all taxpayers under the campaign of ‘Transparent Taxation’ in August this year. While faceless assessments became effective from August 13 itself, faceless appeals shall be effective from September 25, 2020. The Faceless Scheme has now formally found its way to the statute vide […]Continue Reading..
To deal with the irregularities in income tax payment, the tax department has started taking stern actions against the offenders. The Income Tax Department has started sending notices on non-payment of taxes or irregularities. The notices are being sent for big and small amounts Zee Business’ Brajesh K. Mishra has the full report. In the […]Continue Reading..
The Income-tax department on Monday denied that a large amount of transactions made in a financial year will come under the scrutiny of the Income-tax department and the taxpayers will be required to disclose their details in a statement of financial transactions (SFT). This has put an end to the ongoing controversy among the taxpayers. […]Continue Reading..
The Income Tax (I-T) department on September 2 said it has launched a functionality for scheduled commercial banks to check status of income tax returns filed by entities based on their Permanent Account Number (PAN). The I-T department has already provided a functionality ‘Verification of applicability u/s 194N’ for banks and post offices since July […]Continue Reading..
The Income Tax Department said on Wednesday that it has started the facility for scheduled commercial banks to view the income tax returns filed by any of its customers. Banks will be able to get information about the return filed by the customer according to the Permanent Account Number (PAN). Income Tax Department will help […]Continue Reading..
If you have opened multiple bank account in many banks without any reason then now you can come on the radar of Income Tax Department. If you are not using an account, then close it. Otherwise, it is possible that you come to the Income Tax Department’s radar for this reason. Let us tell you […]Continue Reading..
Pan Card is the most important for any financial transaction. With ten digits of PAN card, you can easily do many things like opening bank accounts, buying or selling properties, buying or selling a car, filing ITR, buying jewellery worth more than Rs 2 lakh, but nowadays there are many cases of fake PAN cards. […]Continue Reading..
The Income Tax Department said on Friday that so far a refund of Rs 95,853 crore has been issued in the current financial year. This refund has been received by over 25.55 lakh taxpayers. According to the statement released by the Central Board of Direct Taxes (CBDT) on Wednesday, a refund of Rs 29,361 crore […]Continue Reading..
MyGov, the government’s citizen engagement platform, tweeted on 14 August that it will bring specific transactions under its scanner. But the post was later deleted. According to the tweet, companies and institutions will report to the income tax department the details of around 12 specific transactions, such as hotel bills of over ₹20,000, health insurance premium […]Continue Reading..
Income tax payers will not be required to provide information about transaction of large amount in their income tax return. Officials aware of this development gave information about this. An official said that ‘there is no proposal to amend the Income Tax Return Form’. He said this about some media reports. In media reports it […]Continue Reading..