Income Tax Department Archives

16 Feb

Income Tax Department conducts searches in Mumbai

The News Horizon0 CommentsState NewsIncome Tax Department, Mumbai

Mumbai : The Income Tax Department carried out search and survey operations on a group based in Mumbai on 08.02.2021. This group is mainly engaged in the business of manufacturing of Gutkha, Pan masala and allied substances, besides having operations in hospitality sector. The searches were carried out across many locations in India and concluded on 13.02.2021. The search and seizure action has led to detection of foreign assets lying with a company registered in tax-haven British Virgin Islands (BVI) with an office in Dubai and controlled and managed by the Chairman of the group. The net worth of the…

01 Jan

Income Tax Department conducts searches in Kolkata

The News Horizon0 CommentsFinance/MoneyIncome Tax Department, Kolkata

Kolkata : The Income Tax Department carried out search and seizure action on two Kolkata-based Groups engaged in manufacturing & trading of Steel, trading of marbles & stones, food grains etc. The search action has resulted in unearthing of incriminating evidences revealing various shell entities being used for raising bogus share capital/unsecured loans, discrepancies in stock and out of the books cash transactions. The Groups have accepted that they used paper/shell companies to route back their own unaccounted money. A total concealment of income amounting to Rs. 178 crore has been detected so far including excess stock of Rs. 38…

31 Dec

Extension of time limits for income tax returns

The News Horizon0 CommentsFinance/MoneyIncome Tax Department, income tax returns, ITR 2020

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia, extended various time limits. The Ordinance has since been replaced by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act. The Government issued a Notification on 24th June, 2020 under the Ordinance which, inter alia, extended the due date for all Income Tax Returns for the FY 2019-20 (AY 2020-21) to 30th November,…

26 Dec

Income Tax Department conducts searches in Guwahati

The News Horizon0 CommentsFinance/MoneyGuwahati, Income Tax Department

New Delhi : Income Tax Department started a Search and Survey action on 22.12.2020 in the cases of three leading contractors of North Eastern India. One of the groups is also into Hospitality business. The Search and Survey actions are being carried out at 14 locations in Guwahati, Delhi, Silapathar and Pathsala (Assam). The main allegations against the three groups are that they have taken accommodation entries in the form of non genuine unsecured loans and also securities premium from dubious Kolkata based shell companies. The three groups have suppressed their net profits across the years and routed back into…