Income tax rules have been amended to insure that notices, summons or any other communication issued by the department is delivered through post or e-mail.

Income Tax Department has alleged that senior officials with US bank accounts will be in bull’s eye. Tax authorities have started acting on the information shared by the US with India under the Foreign Account Tax Compliance Act (FATCA). Enquiry notices have been sent to individuals with US bank accounts and potentially opening them up … Continue reading “Senior officials with US bank accounts to be on Income tax department bull’s eye”

Searches were conducted at over 25 locations in Delhi and the National Capital Region by Income Tax Department. These locations are believed to be in connection with its tax evasion probe into the Panama Papers leak cases. The department had recovered about Rs 4 crore cash and jewelry during the ongoing searches in Delhi, Ghaziabad … Continue reading “Several Locations raided by Income Tax Department in Delhi NCR”

The Income Tax Department has selected 20,572 Income tax returns for detailed investigation. Reason being there were discrepancies in income before and after demonetization. Moreover, as per an official, the department has identified 1 lakh cases of tax evasion for detailed investigation. The I-T Department initiated the first phase of the Operation Clean Money+ on … Continue reading “Detailed investigation by Income Tax Department for 20,572 Income Tax Returns”

The Income Tax Department said taxpayers to link their Aadhaar with their PAN, using an SMS-based facility.

The Income Tax Department has introduced a new e-facility for linking PAN number with Aadhaar card. Explain that the government has mandated the Aadhaar card number along with PAN number for filing income tax return.