IT Search in Assam detects evasion of Income above Rs. 200 crores
IT Deptt. has conducted Searches at 20 locations of 3 leasing business houses in Assam, which has resulted in detection of tax evasion in respect of Income above Rs. …
Category: Income Tax
Time Limit Reduced for Re-opening Income Tax Proceedings proposed in Budget 2021
Reduction in Time Limit has been proposed in Budget 2021 for Re-opening of Income Tax Proceedings within 3 years, as against existing limit of 6 years, except in serious …
Enhanced Tax Audit Exemption limit of Rs. 10 crore for Digital Turnover, proposed in Budget 2021
Enhanced Tax Audit Exemption limit of Rs. 10 crore, as against existing limit of Rs. 5 crore, has been proposed in Budget 2021, for taxpayers having 95% or more …
0.1% TDS on Purchase of Goods above 50 lacs proposed in Budget 2021
TDS of 0.1% on transaction of purchase of goods exceeding Rs. 50 lakh in a year has been proposed in Budget 2021 to widen the TDS base, applicable in …
ITR filing exemption for Senior Citizens (75 or above) proposed in Budget 2021
ITR filing exemption has been proposed in Budget 2021 for Senior Citizens (age 75 years or more) having only pension/ interest income, to reduce their compliance burden.
IT search of Kolkata Group detects concealment of Rs. 309 crore income
IT Deptt conducts search at 25 premises of Kolkata based Iron & Steel Manufacturing Group, which has resulted in detection of concealment of income amounting to Rs. 309 crore.
Vivad se Vishwas Scheme further extended upto 28/02/2021
CBDT further extends Vivad se Vishwas Scheme from 31/01/2021 to 28/02/2021, vide Notification 04/2021.
IT Search of Jaipur Groups reveals 1400 crores Unaccounted Transactions
IT Deptt conducts Search/ Survey of various premises of three Jewellery/ real Estate Groups in Jaipur and detects unaccounted/ unrecorded transactions of more than Rs. 1400 crore including unaccounted …
IT Search of Thane Builder reveals 520.56 crores Unaccounted Transactions
IT Deptt. conducts search at premises of Thane Builder reveals unaccounted income/ cash/ accommodation entries/ assets of Rs. 520.56 crore. Also lockers are yet to be opened.
CBDT Clarification on Fund Managers Remuneration u/s 9A(3)(m)
CBDT has clarified the issue of amount of fund managers remuneration prescribed under section 9A(3)(m) of the Income Tax Act, 1961, vide Circular 01/2021 dt. 15th January 2021.