IT department cancels 6 Tata Trusts’ registrations

The income tax department has cancelled registration of six Tata Trusts, including Jamsetji Tata Trust, R D Tata Trust and Tata Education Trust, following their decision to surrender the same. The Tata Trusts said the cancellation was a culmination of the decision taken by these six Trusts in 2015 to surrender their registration and to not claim the associated income tax exemptions. Continue Reading

After raid, I-T intensifies probe into Kalki ashram dealings

A day after conducting raids at places linked to self-styled godman Kalki Bhagavan and his son Krishna, the Income Tax department has intensified its probe into the financial and property dealings of the ashram and its associates. Continue Reading

Congress leader Shivakumar’s daughter appears before ED

Karnataka Congress leader D K Shivakumar’s daughter Aishwarya appeared before the Enforcement Directorate here today in connection with its money-laundering probe against him, officials said. Continue Reading

I-T dept running amok to meet India’s revenue shortfall: Rahul

‘The FM (Nirmala Sitharaman) said in her budget speech that an elephant should take just 2 pounds of rice & not trample the entire paddy field,’ Rahul said in a tweet. ‘Meanwhile, the IT dept elephant is running amok in a bid to meet India’s revenue shortfall,’ he said. Continue Reading

Demon effect: CBDT says 1.07 cr new taxpayers added in FY18

The Central Board Of Direct Taxes (CBDT) said 6.87 crore income tax returns (ITRs) were filed during FY 2017-18 as compared to 5.48 crore ITRs filed during FY 2016-17, translating into a growth of 25 per cent, in its recent statement. Continue Reading

Financial discipline

‘It has been reported in some sections of the media that those PANs which are not linked with Aadhaar number by March 31, 2019 may be invalidated. The matter has been considered by the Central government and now the cut-off date for intimating the Aadhaar number and linking PAN with Aadhaar is September 30, 2019 unless specifically exempted.’ Continue Reading