Its exempt when Central Government exempts such income u/s 10(6C). Section 10 of the Income Tax Act, 1961 lists down the incomes that are not to be included in the total income while computing the total income of any person. Further Clause 6C gives Central Government the power to notify in the Official Gazette to...
A 24-year-old man named Dinesh Kumar allegedly posed as an income tax commissioner and demanded Rs 30 lakh from a businessman in return of closing a fictitious complaint against the victim has been arrested by the crime branch of Delhi Police last Friday from the Millennium Park area in southeast Delhi. According to police , [...]
The credit of tax paid -tds or TCS or advance tax or self assessment tax - is the single most reason for grivance by taxpayer from the income tax department. These days, it is common to get a notice of demand , when actually you had claimed Refund in your return. The reason why demand is created by the department is that NSDL does not show the tax deducted from your income or advance tax paid by you
The CIB wing of the Income Tax department has responsibility to collect information from various sources -mainly from AIR information which are then disseminated to field officials for action. Recently ,CIB, Mumbai’s director A.C. Tejpal had alleged that 11.4 crore pieces of information collected in the last five years were not disseminated. He is now suspended ! [...]
Director General of Income Tax (Inteligence) , a recently formed directorate in the Income Tax Department are handling the data provided by US, Finland, Japan, Korea, Denmark and New Zealand on entities in these countries having made payments to Indians. It is reported that the data was provided in May 2010.