« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Dial a tax preparer and file returns in a jiffy... Minister cautions against bill-less trading... » I-T reading pvt colleges' books July, 26th 2007 Educational institutes having exorbitant fee structures have caught the attention of taxmen. The income-tax department has decided to scrutinise cases of all private educational institutions, schools and universities that have annual gross receipts of more than Rs 10 crore in big cities and more than Rs 5 crore in small cities. The receipts would also include donations received by the institutions. A large number of private schools, both pre-primary and higher education institutes, mushroomed in the country in last few years. Most of the centres claiming tieups with foreign institutes have outrageous fee tags even in the pre-primary segment. In fact, some of the institutions have a tendency to take part-payment of admission charges in cash. The intelligence wing of the department recently collected information like fee structures and number of students about select private institutes in a few cities. The data collected will be passed on to field formations who could use it in their assessments and to keep a tab on evasion, a department source said. The income-tax department is also planning to closely scrutinise the returns of institutes that have annual receipts of more than Rs 10 crore in cities like Delhi, Mumbai Chennai, Kolkata, Pune, Hyderabad, Bangalore and Ahmedabad and Rs 5 crore in other cities. The department has turned its focus towards non-traditional sectors that have seen a rapid rise in the last few years. Sources said the education sector could be one such area that could be tracked for potential tax evasion. Increased scrutiny of returns is part of the exercise as it helps the department detect concealed income in a non-invasive way.