Advance tax payment is a monetary liability that individuals and companies in India, that earn a specific type of income, must fulfil. This guide explains advance tax and related aspects. We also discuss the … READ FULL STORY
The government, which usually notifies forms for filing income tax returns by individuals in April every year, on January 3, 2020, notified the tax return forms for assessment year 2020-21 (income earning year April … READ FULL STORY
The CBDT, on November 11, 2019, said that raids by the Income Tax Department have unearthed large tax evasion, involving ‘leading corporate houses’ in the infrastructure sector. The raids were conducted in the first … READ FULL STORY
A politician involved in the real estate business in Karnataka, has been arrested for defaulting on tax of Rs 5.4 crores, the Income Tax (I-T) Department said, on March 27, 2019. The politician, who … READ FULL STORY
The Income-Tax (I-T) Department informed the Madras High Court on January 24, 2019 that the Poes Garden residence of late chief minister J Jayalalithaa in Chennai, which was proposed to be converted into a … READ FULL STORY
A real estate firm, Ms Raghava Constructions, promoted by Telangana Rashtra Samithi (TRS) parliamentarian P Srinivasa Reddy, has admitted to having over Rs 60 crores as undisclosed income, after multiple raids were conducted against … READ FULL STORY
The Income Tax (I-T) Department has provisionally attached four immovable assets of diamantaire Nirav Modi, including a farm house in Alibaug, near Mumbai, valued at Rs 13 crores, a 5.24 MW solar power plant … READ FULL STORY
The Income Tax (I-T) Department is matching the tax profiles of all property registrations of above Rs 30 lakhs, under the provisions of the anti-Benami Act, as action against illicit asset holders is set … READ FULL STORY
The Delhi High Court, on October 11, 2017, asked the Income Tax (I-T) Department whether it intended to examine, under the new benami law, all accommodation entries made prior to 2016 when it came … READ FULL STORY
Officials privy to the benami assets probe against RJD chief Lalu Prasad Yadav and his family, have revealed that the Income Tax (I-T) Department has issued an attachment order, against a firm allegedly involved … READ FULL STORY
In fresh trouble for the jailed former deputy chief minister of Maharashtra, the Income Tax (I-T) Department has issued notices for the provisional attachment of assets of Bhujbal, his son Pankaj and nephew Sameer … READ FULL STORY
Earlier, whatever interest that a borrower paid against a housing loan, was allowed to be completely adjusted from the income, as a deduction. Now, this deduction has been capped to Rs 2 lakhs and … READ FULL STORY
The Income Tax (I-T) Department has charged six family members of Rashtriya Janata Dal (RJD) chief Lalu Prasad Yadav, under the new and stringent anti-benami assets Act, and also served notices of attachment of … READ FULL STORY
