Income Tax News

Income Tax Department Unveils Suite of Tax Tools to Aid Taxpayers

16 September 2023 at 10:26

The Income Tax Department has released a number of tax tools for taxpayers to help them with their tax planning and compliance. These tools can be used to calculate tax liability, estimate advance tax payments and generate income tax returns.

Posted in Income Tax | 13155 Views

Income Tax Department issues Advisory on Bank Account Validation Status for Refunds

15 September 2023 at 08:51

Income Tax Department issued an advisory on September 13, 2023, regarding the validation status of bank account numbers for refunds.

Posted in Income Tax | 19722 Views

Income Tax Department Conducts Raids on Azam Khan's Trusts and Properties

14 September 2023 at 14:06

The Income-tax department carried out raids at more than 30 premises in Uttar Pradesh and Madhya Pradesh. These raids are part of a tax evasion investigation involving Samajwadi Party leader Azam Khan and individuals associated with him.

Posted in Income Tax | 3354 Views

CBDT Grants Sec 47(viiab) Exemption to Investment Trust Units and IFSC ETFs

14 September 2023 at 08:53

The CBDT (Central Board of Direct Taxes) has amended the notification No. 16/2020 dated 05-03-2020 to enhance the scope of section 47(viiab) exemption.

Posted in Income Tax | 3282 Views

CBDT Resolves 53,000 Grievances in Special Campaign 2.0 for Swachhata

12 September 2023 at 08:45

CBDT resolves more than 46,000 public grievances and 7,000 grievance appeals between December, 2022 till July, 2023 under Special Campaign 2.0 for Swachhata and disposal of pending matters

Posted in Income Tax | 2772 Views

Income Tax Department Investigates Startup Investments for Compliance

11 September 2023 at 08:45

Income Tax Department issues notices to certain startups, including those in Ashneer Grover's portfolio, requesting information about their shareholders and seeking to verify the creditworthiness of those investors.

Posted in Income Tax | 7290 Views

Income Tax Department Unveils Advance Tax Calculator for FY 2023-24

09 September 2023 at 08:36

Income Tax Department has released the Advance Tax Calculator for the Financial Year 2023-24, as amended upto the Finance Act of 2023. The calculator is available on the Income Tax Department website.

Posted in Income Tax | 10224 Views

Income Tax Department Issues Intimation Notices to 22,000 Taxpayers for ITR Mismatch

08 September 2023 at 09:12

The Income Tax Department has sent intimation notices to over 22,000 taxpayers as deductions do not match the information furnished in their Form 16 or AIS or the data available with the Income Tax Department.

Posted in Income Tax | 15138 Views

New Tax Rates Unveiled for AY 2023-24 and AY 2024-25

08 September 2023 at 09:10

Income Tax Department has released the tax rates for all taxpayers for the Assessment Year 2023-24 and Assessment Year 2024-25.

Posted in Income Tax | 15066 Views

Income Tax Dept Rolls Out Enhanced Offline Utility for Forms 3CA-3CD and 3CB-3CD

08 September 2023 at 09:09

Income Tax Department has released an updated offline utility for Forms 3CA-3CD and 3CB-3CD on September 6, 2023. The utility can be downloaded from the Income Tax Department's website.

Posted in Income Tax | 3129 Views