Income Tax News

Fake Alert: No Approval for Rs 15,490 Income Tax Refund, Authorities Confirm

05 August 2023 at 08:57

Recently, a viral message surfaced claiming that a recipient has been approved for an income tax refund of ₹ 15,490. This message is FAKE.

Posted in Income Tax | 51621 Views

Income Tax Dept Raids Kalpataru Group Premises in Multiple States

05 August 2023 at 08:54

Income Tax department raided several premises of Kalpataru Group on August 4, 2023. The searches were conducted at around 30 premises in four states, including Maharashtra, Gujarat, Rajasthan, and Karnataka.

Posted in Income Tax | 7608 Views

Govt launches Vivad se Vishwas-II Scheme for Speedy Contractual Dispute Resolution

03 August 2023 at 08:49

Government launches a one-time settlement Scheme Vivad se Vishwas - II (Contractual Disputes) to effectively settle pending contractual disputes, as announced in the Union Budget 2023-24

Posted in Income Tax | 3597 Views

Over 6.77 Crore ITRs Filed by July 31, 2023, with Record 16.1% YoY Growth

02 August 2023 at 08:50

New record of over 6.77 crore Income Tax Returns (ITRs) filed till 31st July, 2023; record growth of 16.1% Year-on-Year

Posted in Income Tax | 3000 Views

CBDT Issues SOP for Recomputation of Co-operative Sugar Manufacturers' Income u/s 155(19) of IT Act

31 July 2023 at 08:43

CBDT vide Circular No. 14 of 2023 dated July 27, 2023 issued SOP for making application for recomputation of total income of a co-operative society engaged in the business of manufacture of sugar, as provided for in the sub-section (19) of section 155

Posted in Income Tax | 2910 Views

IT Dept to Utilize AI Regression Model for Detecting Deviations: Tax Official

31 July 2023 at 08:42

The usage of artificial intelligence (AI) by the Income Tax department to build regression models is aimed at identifying deviations and errors in tax filing.

Posted in Income Tax | 30909 Views

IT Department Conducts Raids on Haier Offices in Noida, Mumbai and Pune

29 July 2023 at 12:06

Income Tax Department (I-T) is currently conducting searches at multiple locations in Mumbai, Pune, and Noida, including the offices and premises of promoters of Chinese home appliance company Haier.

Posted in Income Tax | 5304 Views

Over 5 crore ITRs filed for AY 2023-24 by 27th July breaking last year's record

29 July 2023 at 10:32

The fact that over 5 crore ITRs have already been filed till 27th July 2023, as compared to 30th July last year, shows a commendable commitment to meeting tax obligations promptly.

Posted in Income Tax | 14025 Views

CBDT issued clarification in respect of Rule 114F (5) of IT Rules

28 July 2023 at 08:49

CBDT, Foreign Tax & Tax Research Division has issued vide F. No. 500/34/2019-FT&TR-III(Pt.)/1 dated July 26, 2023 issued clarification in respect of Rule 114F (5) of the Income Tax Rules, 1962.

Posted in Income Tax | 7365 Views

CBDT Condones Delay in Filing Returns Claiming Deduction u/s 80P for AY 2018-19 to AY 2022-23

28 July 2023 at 08:48

CBDT issued Circular No. 13/2023 dated July 26, 2023 regarding condonation of delay in filing returns of income claiming deduction under section 80P of the IT Act for various assessment years from AY 2018-19 to AY 2022-23.

Posted in Income Tax | 11301 Views