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Tag Archives: Income Tax Department

CBDT discovers discrepancies in income of certain politicians

The Central Board of Direct Taxes (CBDT) told the Supreme Court on September 11 that a prima facie verification of election affidavits by the Directors General of Income Tax has indicated discrepancies in the income disclosures made by seven Lok Sabha members and 98 MLAs. It did not disclose their…

Catch 89 for IRS (IT) officers: 1988 & 89 batches skeptical about empanelment

The 1988 & 1989 batch IRS (IT) officers have been facing these days a peculiar situation which many describe as a ‘Catch 89’ situation. Even though the countdown for empanelment to Principal Commissioners (IT) started with the DPC on 26 July, the officers concerned are highly skeptical whether it would be…

Tragedy of IT Dept – Only 02 PCCITs against 26 sanctioned strength

The Income Tax Dept is suffering from a shortage of senior functionaries.  Against the sanctioned posts of 26 Principal Chief Commissioner (PCCIT post in Apex Scale), it has currently only two functional posts, of which one may fall vacant on August 31 with the retirement of K C Jain (PCCIT)….

12 IRS (IT) officers (1982 batch) may soon get Apex Scale

12 IRS (IT) officers from the 1982 batch may soon be empanelled for the post of Principal Chief Commissioner (IT) – the Apex Scale post. The DPC for the same was held on 31 July 2017 which may soon be cleared by the Appointments Committee of the Cabinet. In addition…

IT department launches new tax module

FILE PHOTO

To make the process of tax filing simpler and easier, the Income Tax Dept (CBDT) on 10 July launched the Tax Payer Services Module and “Aaykar Setu Mobile App”. The new system compiles various tax tools, live chat facility, dynamic updates, and important links to various processes within Income Tax…

ACC set to clear the appointment of 11 Principal CCITs

Indianmandarins has reliably learnt that the Appointment Committee of the Cabinet is all set to clear the appointment of 1981 batch IRS (IT) officers to the post of Principal Chief Commissioner, Income Tax (PCCIT). Reportedly, the orders are expected this week. It may be noted that out of sanctioned 26…

C&AG slams Income Tax Department

A report by the Comptroller and Auditor General (C&AG) on direct taxes, tabled in Parliament last week, has taken the I-T department to task for being selective in picking up cases. It slammed the department for ignoring thousands of shell companies engaged in money laundering in the commercial hub of…

Forensic experts roped in to track money laundering

The income-tax department is said to have engaged the services of forensic experts from three of the Big Four accounting firms to investigate suspected money laundering by politicians, bureaucrats and businessmen. Experts from EY, KPMG and PricewaterhouseCoopers are said to be working with tax officials to examine the evidence collected…

IT Dept.’s warning on New Income Disclosure Scheme

The Income Tax Department has strongly advised that each and every person having black money generated from legal activities to avail the last opportunity given by the government and come clean by paying taxes under the new proposed scheme.  And they should not even think of declaring any black money…

Electoral trusts barred from receiving funds from PSUs, foreign sources

  The income tax department has barred PSUs and foreign sources such as trusts and foundations from contributing money to electoral trusts that are formed to fund political parties. Amending the Rule 17CA of I-T Act, CBDT said in a statement that an electoral trust will not be allowed to…

IT notice and AG’s anger: Computers are not so innocent

  Income Tax rules make exceptions but its departmental computers don’t know how to be biased or unbiased. Goolam Vahanvati used to come under IT scrutiny in Mumbai regularly when he was AG. He accepted it as his fate and never showed his anger or objected to it. A former…

Tax collections rise to Rs 5.25 lakh crore between April-Aug 2016

  The Centre’s tax receipts rose to Rs 5.25 lakh crore by end-August 2016. The data released by the Finance Ministry on Monday revealed that direct tax collections grew 15.03 percent up to August 2016 to amount to Rs 1.89 lakh crore of the net collection. While gross corporate tax…

IT department to act on high value non-PAN transactions

The Income Tax Department has decided to act on certain high-value non-PAN transactions that were reported to it under the annual information returns. Letters will be issued to the parties of 14 lakh non-PAN transactions — forming part of identified 7 lakh high risk clusters — that are being scrutinised…

IT department tracking advance tax payments

The Income Tax Department has been strategizing to track tax payments by companies as well as review sectoral growth trends and quarterly balance sheets of India Inc. The move is triggered by a meagre growth in first quarter corporate tax collections. Advance tax payments by real estate companies, banks, state…

IT department goes for technology to fulfill its mandate

The Income Tax Department on Tuesday signed a contract with L & T Infotech Ltd for implementation of Project Insight.  The Project will be rolled out in three phases and the first phase is expected to go live in May 2017. A new Compliance Management Centralized Processing Centre (CMCPC) will…

No leave for three months, CBDT officials on high alert (Updated- 11:03 PM)

The CBDT has ordered regulation of leave of all Income Tax department officials over the next three months. It has issued a special order in this regard to all the field offices of IT department asking supervisory authorities to sanction leave to officials only under “pressing circumstances” and to keep…

List of registered asset valuers put on IT Department website

The Income Tax department on Friday published a country-wide list of registered asset valuers for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month. The exhaustive list, uploaded on the official web portal of the department, includes…

No special move against wilful defaulters, says IT Dept (Updated: 09:43 PM)

Meenakshi J Goswami,Commissioner of Income Tax (Media and Technical Policy) and official Spokesperson, CBDT, on Tuesday, clarified that the Income Tax Department has not issued any statement regarding the arrest of wilful defaulters. She added that though the provisions for arrest and detention by the Tax Recovery Officers in respect…

Bank unions, IBA favour disclosing names of defaulters

Bank unions and the Indian Banks’ Association (IBA) are in favour of disclosing the list of wilful defaulters so as to name and shame those who are responsible for putting the banking system under strain. While the All India Bank Officers’ Association (AIBOA) says the RBI’s stand of not disclosing…

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