« 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 «  Indirect tax mop-up rises 23% in Q1... Easy times ahead of large tax-payers... » No further queries from taxman August, 10th 2006 Further scrutiny by the taxman is on hold. Reeling under data overload on high-value transactions, the finance ministry has decided against additions to the list of items requiring annual information return filings for the time being. We want the system to stabilise before we burden officials with more information, said a finance ministry official. In the budget, FM P Chidambaram had said government will amend items for which AIR has to be filed. A committee set up by the revenue department recommended including items like the purchase of cars worth over Rs 5 lakh. But with the sale of B-segment cars on the rise, the department would have been flooded with more information. In fact, the revenue department is contemplating changes to the existing list itself, by seeking to drop information on low value purchase of mutual funds, deposits and credit card transactions. The information overdose has also meant that the department is not looking to expand the coverage of PAN to other transactions. AIR, which was to be submitted from last year, requires credit card companies to submit information on cardholders who spend over Rs 2 lakh in a year. Similarly, mutual fund purchases of Rs 2 lakh have to be reported to the government, while the names of those who purchase property worth over Rs 30 lakh have to be submitted to the revenue department. Those depositing over Rs 10 lakh cash in banks annually or investing over Rs 5 lakh in RBI bonds too face scrutiny.