Income Tax News

CBDT Chairman Forecasts India to Surpass Rs 18.23 Lakh Crore Direct Tax Collection Target

17 November 2023 at 08:44

In a positive development, Central Board of Direct Taxation (CBDT) chairman Nitin Gupta announced on Wednesday that the government is on track to exceed the ₹18.23 lakh crore direct tax collection target set for the current fiscal year

Posted in Income Tax | 2481 Views

IT Department Seizes Unexplained Cash Ahead of Key Assembly Elections in Five States

17 November 2023 at 08:41

In the lead-up to the upcoming Assembly elections in five states, the Income Tax Department has significantly increased its efforts to curb the flow of unexplained cash.

Posted in Income Tax | 5676 Views

Apple, Amazon and Google Face Legal Heat Over Alleged Rs 5000 Crore Income Tax Evasion

15 November 2023 at 08:39

Tech Giants Face Scrutiny for Potential Tax Non-Payment

Posted in Income Tax | 5424 Views

Bombay HC Declares Reassessment Proceedings Invalid for Non-Existent Entity with Active PAN

14 November 2023 at 08:37

In a recent judgment, the Bombay High Court has ruled against the validity of reassessment proceedings conducted by the tax department against non-existent entities, even though the Permanent Account Number (PAN) remained active.

Posted in Income Tax | 5553 Views

Gross Direct Tax Collections Surge to Rs. 12.37 Lakh Crore, Marking 17.59% YoY Growth in FY 2023-24

11 November 2023 at 08:44

The Gross Direct Tax collections are at Rs. 12.37 lakh crore, which is 17.59% higher than the gross collections for the corresponding period of last year. Direct Tax collection

Posted in Income Tax | 2331 Views

Bombay HC Orders Income Tax Refund of Rs 1128 Crores to Vodafone Idea

10 November 2023 at 16:00

In a significant legal victory for Vodafone Idea Ltd, the Bombay High Court has ruled in favor of the telecom giant, ordering the Income Tax Department to refund INR 1,128.47 crores in taxes paid during the assessment year 2016-17, along with interest.

Posted in Income Tax | 5979 Views

Gov Releases Rs 72,961.21 Crore Tax Devolution in Record Time

09 November 2023 at 08:46

Union Government authorises release of tax devolution of ₹72,961.21 crore to all State Governments for November, 2023; three days ahead of the usual date of 10th November

Posted in Income Tax | 2007 Views

IT Dept enables E-filing of Form 56F for AY 2023-24

08 November 2023 at 08:53

In a significant move to enhance the ease of tax compliance for businesses and individuals, the Income Tax Department has enabled the electronic filing of Form 56F for the Assessment Year (A.Y.) 2023-24

Posted in Income Tax | 4557 Views

CBDT Notifies New Changes in Form ITR-7

02 November 2023 at 08:54

Central Board of Direct Taxes (CBDT) notified the Income Tax (Twenty-Seventh Amendment) Rules, 2023 on October 31, 2023 (Notification No. 94/2023). These amendments came into effect from April 1, 2023.

Posted in Income Tax | 7308 Views

Record 7.85 crore ITRs filed for all Assessment Years up to 31st October, 2023

02 November 2023 at 08:51

The Income Tax Department registered a record number of filing of Income Tax Returns (ITRs) till 31st October, 2023

Posted in Income Tax | 4206 Views