Income Tax News

IT Department Set to Challenge HC Ruling in Supreme Court Over Validity of Orders

05 December 2023 at 08:55

Income Tax Department Contemplates Supreme Court Appeal After Delhi HC Deems Assessments Without DIN Invalid

Posted in Income Tax | 4377 Views

SC Defers Gandhi Family's IT Assessment Case Hearing till 13th December

02 December 2023 at 14:22

Supreme Court Defers Hearing on Gandhi Family and AAP's Income Tax Assessment Transfer Challenge

Posted in Income Tax | 4653 Views

Income Tax Department enables Discard ITR Option for Unverified Original/Belated/Revised ITRs Starting from AY 2023-24

29 November 2023 at 08:54

The Income Tax Department has introduced a new feature on its website that enables taxpayers to discard unverified original, belated, or revised Income Tax Returns (ITRs) for Assessment Year (AY) 2023-24 onwards.

Posted in Income Tax | 5331 Views

Deadline Approaches for Updated ITR-U Filings for AY 2021-22 by 31st March 2024

25 November 2023 at 08:46

Urgent Reminder for Taxpayers: File Your Updated Income Tax Return by March 31, 2024

Posted in Income Tax | 9867 Views

Survey: Over 50% of Individuals Receive IT Refunds in a Month

24 November 2023 at 08:44

Indian Taxpayers and Businesses Celebrate Expedited Refunds, Reveal CII Survey

Posted in Income Tax | 4536 Views

CBDT Appoints Deputy Director General of UIDAI as Authority u/s 138 of the IT Act

23 November 2023 at 08:48

The Central Board on Direct Taxes (CBDT) has designated the Deputy Director General (Tech Development Division) of the Unique Identification Authority of India (UIDAI) as an authority under Section 138 of the Income Tax Act, 1961.

Posted in Income Tax | 2601 Views

IT Department Unearths Rs 10,000 Crore Tax Evasion by Online Sellers on Instagram and Facebook

23 November 2023 at 08:44

Income Tax department has uncovered a major tax evasion scandal, amounting to nearly Rs 10,000 crore over a three-year period, involving e-tailers selling goods through popular social media platforms such as Instagram and Facebook.

Posted in Income Tax | 7359 Views

CBDT Issues Corrigendum for SFT Guidelines on Mutual Fund Transactions by Registrar & Share Transfer Agent

22 November 2023 at 08:48

CBDT issued a Corrigendum to Notification No. 4 of 2021 dated November 15, 2023, concerning the Format, Procedure, and Guidelines for the submission of the SFT for Mutual Fund Transactions by Registrar & Share Transfer Agent.

Posted in Income Tax | 4725 Views

TCS Exemption for Rs 7 Lakh International Card Spend Expected in Interim Budget

21 November 2023 at 08:51

Anticipated Tax Relief: Government Set to Exempt Overseas Card Spending from TCS Up to ₹7 Lakh

Posted in Income Tax | 5253 Views

Industry Alleges Chaos and Legal Logjam Amid Faceless Tax Assessment System Implementation

18 November 2023 at 07:56

In an effort to enhance the efficiency of the faceless tax assessment facility introduced by the Income Tax Department, the industry has reached out to the CBDT, urging the implementation of key modifications to mitigate chaos and legal complexities.

Posted in Income Tax | 4146 Views