Income Tax Department conducts searches in Assam, Meghalaya and West Bengal

RELEVANT EXTRACT  The Income Tax Department carried out search and seizure operationson 05.10.2021 in the case of two groups based in the North-East Region and West Bengal. A total of 15 premises were covered in the search action, which was spread across Kolkata, Guwahati, Rangia,

Income Tax Department conducts searches on certain businessmen/middlemen in Maharashtra

RELEVANT EXTRACT  The Income Tax Department carried out a search operation that commenced on 23.09.2021 on a big syndicate involving certain businessmen/middlemen of Maharashtra and some persons holding public offices. The intelligence was developed over 6 months. In all, 25 residential and 15 office premises

Income Tax Department conducts searches in Maharashtra, Karnataka & Uttar Pradesh

RELEVANT EXTRACT  The Income Tax Department carried outa search and seizure operation on 30.09.2021 on 37 premises spread across multiple cities including Mumbai, Pune, Noida& Bangalore. These groups/individuals were in varied businesses such as cable manufacturing, real estate, textile, printing machineries, hotels, logistics etc. During

Press Release : Cases pertaining to ‘Pandora Papers’ to be investigated

RELEVANT EXTRACT  On 3rd October, 2021, the International Consortium of International Journalists (ICIJ) has come out with what is claimed to be a 2.94 terabyte data trove that exposes the offshore secrets of wealthy elites from more than 200 countries and territories. The investigation is

Income Tax Department conducts searches in Ahmedabad

RELEVANT EXTRACT  The Income Tax Department carried out search & seizure operations on  28.09.2021 on a real estate developer group and the brokers connected with this group.  Total of 22 residential and business premises were covered in the operation. In the case of the real

CBDT notifies Rules for implementing the amendments made by the Taxation Laws(Amendment) Act, 2021

RELEVANT EXTRACT  The Taxation Laws (Amendment) Act, 2021 (2021 Act), inter-alia, amended the  Income-tax Act, 1961 (Income-tax Act) so as to provide that no tax demand shall be  raised in future on the basis of the amendment to section 9 of the Income-tax Act made 

Income Tax Department conducts searches in Maharashtra

RELEVANT EXTRACT  The Income Tax Department carried out a search and seizure operation on  23.09.2021 on a group of four major Steel Rolling Mills based in Jalna, Maharashtra.  These companies are engaged in the business of manufacturing steel TMT bars and  billets mostly using steel

Press Release : Gross Direct Tax collections for the Financial Year (FY) 2021-22 register a growth of 47%

RELEVANT EXTRACT  Gross Direct Tax collections for the Financial Year (FY) 2021-22  register a growth of 47% Net Direct Tax collections for the FY 2021-22have grown at over 74% Advance Tax collections for the FY 2021-22 stand at Rs. 2,53,353 crore as on  22.09.2021 which

Income Tax Department conducts searches in Gujarat

RELEVANT EXTRACT  The Income Tax Department carried out search and seizure operations on  22.09.2021 on premises of a leading Diamond manufacturer and exporter from Gujarat,  based on intelligence input about tax evasion. Apart from the diamond business, the  group was also in the business of

Income Tax Department conducts searches in Tamil Nadu

RELEVANT EXTRACT  The Income Tax Department carried out search and seizure operations on  23.09.2021 on two private Syndicate Financing groups based in Chennai. The search  operation was carried out at 35 premises located in Chennai. The evidence found in the premises of the financiers and

Income Tax Department conducts searches in Delhi, Punjab and West Bengal

RELEVANT EXTRACT  The Income Tax Department carried out a search and seizure operation on  18.09.2021 on a leading business house of India involved in manufacture of textile and  filament yarn having corporate offices in Delhi, Punjab and Kolkata. During the course of the search operation,

Income Tax Department conducts searches in West Bengal

RELEVANT EXTRACT  The Income Tax Department carried out a search and seizure operation on  17.09.2021 on a prominent group engaged in manufacturing of steel products. 25  premises consisting of 8 residences, 9 offices and 8 factories, spread over Kolkata,  Durgapur, Asansol and Purulia and other

Central Government relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of the section of 10(26) of the Act

RELEVANT EXTRACT  The Central Government in exercise of the powers conferred by sub-section(1F) of  section 197A of the Income-tax Act, 1961(“the Act”) notified that no deduction of tax shall  be made on the following payment under section 194A of the Act, namely payment in the 

Meeting of BRICS Heads of Tax Authorities and Experts on Tax Matters held virtually under Chairship of India

RELEVANT EXTRACT  The Heads of Tax Authorities of the BRICS countries, namely the Federative  Republic of Brazil, the Russian Federation, the Republic of India, the People’s Republic of  China and the Republic of South Africa held a virtual meeting on 15th September,  2021under the Chairship

Income Tax Department conducts searches in Ahmedabad

RELEVANT EXTRACT  The Income Tax Department carried out a search and seizure operation on  08.09.2021 on a group based in Ahmedabad. The group is among one of the prominent  business houses of Gujarat engaged primarily in the media and real estate sectors. The  media arm

CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment

RELEVANT EXTRACT  Finance Act, 2021 has amended section 72A of the Income-tax Act, 1961 (the  Act) to inter alia provide that in case of an amalgamation of a public sector company  (PSU) which ceases to be a PSU (erstwhile public sector company), as part of