Jaipur, April 9 (IANS) A major financial fraud has surfaced in Ajmer after the Income Tax Department issued a notice to a roadside clothes presser over transactions exceeding Rs 598 crore linked to diamond trading. The presser, Jitendra Kumar, who runs an ironing cart in the Ramnagar area, was left shocked and frightened upon receiving the notice on April 1, 2026. The transactions mentioned involved high-value diamond and jewellery deals far beyond his means.According to his lawyer, Rakesh…
Latest Income Tax Department News & Updates
Chennai, April 6 (IANS) The Madras High Court on Monday quashed criminal prosecution initiated by the Income Tax Department against filmmaker Gautham Vasudev Menon in connection with the alleged non‑filing of income tax returns by a Chennai‑based production company. Justice G.K. Ilanthiraiyan allowed the quash petition filed by Menon, which had been pending since 2023. The court, however, clarified that the relief was granted solely to the petitioner and that the prosecution against the r…
Kolkata, April 5 (IANS) Ahead of the West Bengal Assembly elections, Kolkata Police and Static Surveillance Team (SST) on Sunday seized a huge amount of unaccounted cash during a naka checking operation under the Netaji Nagar Police Station area. According to the police, the seizure was made at Plywood More on NSC Bose Road in the Tollygunge Assembly constituency in south Kolkata. A vehicle coming from the Alipore side was intercepted on suspicion. After searching the car, police officials recov…
New Delhi, April 2 (IANS) The Income Tax Department on Thursday launched a new website called ‘Kar Saathi’, aimed at making tax-related processes simpler and more user-friendly. The department said the platform brings all direct tax information under one roof and is designed to be easier to navigate and faster to use.Announcing the launch on X, Income Tax India shared that the new website will help taxpayers access all information in one place while introducing ‘Kar Saathi’, an AI-powere…
New Delhi, April 1 (IANS) India’s direct tax system entered a new phase on April 1, 2026, as the Income Tax Act, 2025 officially came into force. The Income Tax Department announced the rollout through a message on X, calling it a step towards a simpler and more user-friendly tax framework aligned with the vision of Viksit Bharat.The new law replaces the decades-old Income Tax Act, 1961, marking one of the biggest overhauls in India’s direct taxation system.The government has focused on maki…
New Delhi, April 1 (IANS) The Central Board of Direct Taxes (CBDT) has amended income tax rules to provide clarity on the applicability of General Anti-Avoidance Rules (GAAR), in a move aimed at reducing ambiguity around tax avoidance provisions.In its notification, the CBDT said that GAAR will not apply to income arising from the transfer of investments made before April 1, 2017. The amendment will come into effect from April 1, 2026.The clarification is expected to provide certainty to investo…
Kolkata, April 1 (IANS) The Income Tax Department has seized a large amount of foreign currency in Kolkata, said an official on Wednesday, adding that three people have been detained.A large amount of foreign currency — approximately Rs five crore in Indian currency — was seized during a raid in the Park Street police station area. The investigators have detained three people in connection with the incident.Acting on a confidential tip-off, officials from the Income Tax Department conducted a …
New Delhi, March 31 (IANS) State-owned Central Bank of India has received a tax demand notice of Rs 296.08 crore from the Income Tax Department for an alleged shortfall in tax payment for the financial year 2024-25, according to its regulatory filing on Tuesday.The public sector lender said that the notice relates to the assessment year 2024-25 and is linked to an alleged shortfall in tax payment.In the exchange filing, the bank said it received the assessment order dated March 28, 2026, under r…
Chennai, March 27 (IANS) A special CBI court in Chennai on Friday convicted and sentenced seven individuals, including a former senior tax assistant of the Income Tax Department, to four years of rigorous imprisonment along with a total fine of Rs 2.4 lakh in a tax refund fraud case, officials said.The case was investigated by the Central Bureau of Investigation (CBI), which had registered it on December 31, 2019, based on a complaint received from the Assistant Commissioner of Income Tax, Chenn…
Jaipur, March 26 (IANS) A roadside potter who received a whopping Rs 9 crore tax notice from the Income Tax Department last year is in extreme distress once again as the department has yet again issued a staggering tax demand of nearly Rs 9 crore from the poor man, leaving his family reeling with shock.Vishnu Kumar Prajapat, who earns a modest livelihood making and selling earthen pots, said the notice dated March 18 directs him to deposit Rs 8,98,79,260 within a month.Since receiving the commun…