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Income Tax returns

31 Dec 2021

5.62 crore returns have been filed till now; 20 lakh ITRs filed today

Bajaj also said that income tax return filing is going on smoothly till now. The last date to file the income tax returns for FY21 is December 31. Taxpayers who miss the deadline will need to pay a penalty if they file income tax returns anytime later than Dec 31.

19 Nov 2021

Cryptocurrency gains could attract tax as Govt plans to change laws in Budget

Revenue Secretary Tarun Bajaj said the government is mulling changes to bring cryptocurrencies under the tax net. Bajaj said some people are already paying capital gains tax on the income from cryptocurrency. The law is "very clear" that the rate would be applicable as those in case of other services, he added.

Lok Sabha election 2019

09 Apr 2019

Election Commission calls CBDT chairman, Revenue Secretary to discuss IT raids

EC has called Revenue Secretary A B Pandey and CBDT Chairman P C Mody to explain the raids amid Congress' claims that enforcement agencies are being used by BJP to target the party ahead of the Lok Sabha poll. Watch this video to know more.

08 Oct 2017

New limit for reporting gold transactions soon: Govt

The government had on Friday reversed its August order of bringing gems and jewellery dealers under the purview of the reporting requirement of the Prevention of Money Laundering Act (PMLA).

Income tax collection

04 Apr 2017

Government exceeds 2016-17 tax target, highest in last 6 years

The central government on Tuesday reported a total tax collection of Rs 17.10 lakh crore during 2016-17 -- an increase of 18 per cent over 2015-16.

02 Apr 2017

Education, healthcare to be out of GST

Education, healthcare and pilgrimages will continue to be out of service tax net even under the GST?regime as the Centre is against giving any shock in the first year of the rollout by bringing in new services.

06 Feb 2017

I-T dept to levy 100% penalty even for receiving cash over Rs 3 lakh: Hansmukh Adhia

In a bid to check generation of black money, a steep penalty awaits those accepting cash in excess of Rs 3 lakh, beginning April 1, to settle any transaction.

04 Feb 2017

Personal I-T base must be up before corporate tax cut: Hasmukh Adhia

Two years after it announced plans to reduce corporate tax rate to 25 percent, the government on Saturday said any such reduction can come after the spread of personal income tax is increased and more people pay taxes.

Revenue Secretary

02 Feb 2017

File returns by December or lose tax exemptions: Govt to political parties

Donations to political parties via electoral bonds will be confidential, donor's identity not to be disclosed, Adhia said.

31 Jan 2017

I-T department all set to question 18 lakh dubious bank depositors starting tomorrow

Demonetisation of old notes of Rs 500, and Rs 1,000 has brought in around 18 lakh people under the scanner of the income tax department, who will begin receiving emails and SMSs from the Income Tax department starting Wednesday.

Automobile Industry

07 Nov 2016

Auto industry meets Revenue Secretary Hasmukh Adhia; cess, luxury car definition in focus

The auto industry today discussed with Revenue Secretary Hasmukh Adhia, the rate of cess and definition of luxury cars under the GST regime, which is likely to kick in from April next.

01 Jul 2016

Rs 43,000 crore undisclosed income unearthed in 2 years, says govt

The Income Tax Department has unearthed undisclosed income of Rs 43,000 crore in the last two fiscals, Union Revenue Secretary Hasmukh Adhia said on Friday.

01 Jul 2016

Govt checking if any blackmoney returned to India: Revenue Secy

In the wake of deposits held by Indians in Swiss banks dropping by 33 percent, Revenue Secretary Hasmukh Adhia on Friday said the government is checking if any of the blackmoney has been routed back to India.

18 Jun 2016

No target of 10 crore tax base: Government

In the wake of confusion over whether Prime Minister Narendra Modi had set a target of doubling the income tax base to 10 crore, government on Saturday came out with a statement correcting an earlier press release and saying no specific target has been prescribed.

17 Jun 2016

Scope for expansion of tax base: Hasmukh Adhia

A day after Prime Minister Narendra Modi spoke about near-doubling of taxpayer base to 10 crore, Revenue Secretary Hasmukh Adhia on Friday sought to contextualise the statement saying he was talking about "scope for expansion" and getting to that mark is "impossible".

Exemption from service tax

12 Jun 2016

Sebi seeks service tax exemption with retrospective effect

After securing exemption from service tax this fiscal onwards, capital markets regulator Sebi has asked the government to exempt it from this liability with retrospective effect from July, 2012.

Revenue Secretary

10 Jun 2016

Direct tax collection picks up 18% to Rs 43,391 crore in Apr-May

What comes out as a good news for the economy, a jump of 18 percent to Rs 43,391 crore was registered in net direct tax collections during the first two months of the current fiscal, the government said on Friday.

Revenue Secretary

30 Apr 2016

Wrap up probes early, improve conviction rate: Hasmukh Adhia to Enforcement Directorate

Concerned over "very poor" conviction rate in money-laundering cases, Revenue Secretary Hasmukh Adhia today asked the Enforcement Directorate (ED) to step up and complete probes as early as possible.

05 Apr 2016

Panama papers expose: Govt kicks off probe, 5-member team to meet on April 7

A five-member government team will meet on April 7 over monitoring and investigation into the cases of 500 Indians being named in the leaked 'Panama Papers'.

03 Mar 2016

PoEM postponed for convenience of accounting: Adhia

The rules for determining place of effective management of a company have been deferred till April 2017 so as to give corporates sufficient time to prepare accounts according to their place of residency under the new norms, Finance Ministry said today.

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