Income Tax News

RBI includes International Credit Card usage in LRS, mandates 20% TCS w.e.f 1st July 2023

19 May 2023 at 08:38

Spending in foreign exchange through international credit cards will be covered under the RBI's LRS, under which a resident can remit money abroad up to a maximum of $2.50 lakh per annum without the authorisation of the Reserve Bank

Posted in Income Tax | 13023 Views

IT department launches raids on edible oil business group in West Bengal and Assam

17 May 2023 at 08:47

Income Tax Department conducted search and seizure operations on a business group operating largely in North Bengal region of the State of West Bengal.

Posted in Income Tax | 5907 Views

IT department considers imposing tax on Netflix's India Operations

13 May 2023 at 08:50

India is taking steps to impose tax on income generated by Netflix Inc's from streaming services in the country.

Posted in Income Tax | 6786 Views

IT dept launches Excel-based utility of ITR-2 for AY 2023-24

13 May 2023 at 08:48

Excel Utility of ITR-2 for AY 2023-24 is available for filing

Posted in Income Tax | 4314 Views

Formation agents of companies, LLPs to be covered under PMLA

10 May 2023 at 08:47

The government on Tuesday amended the anti-money laundering law to bring individuals acting as formation agents of companies and others under its ambit.

Posted in Income Tax | 7035 Views

Income Tax Department conducts raids on builders in Pune

05 May 2023 at 08:36

The Income Tax Department has initiated raids in Pune's Aundh area this morning, targeting builders suspected of malpractices. Sindh Society in Aundh, along with three other locations, has been raided by the department.

Posted in Income Tax | 6591 Views

IT department added new Functionality 'Download CSI File' for TAN based Payment

05 May 2023 at 08:35

A new feature has been added to the Income Tax Department portal - The ability to download CSI files for TAN-based payments.

Posted in Income Tax | 5121 Views

IT dept to soon notify modified valuation rules, investor classes for taxing foreign investments in unlisted companies

01 May 2023 at 08:41

The Income Tax Department will soon notify rules specifying the class of investors and norm of valuation for implementation of the Budget provision of taxing foreign investment in unlisted companies.

Posted in Income Tax | 4473 Views

Form No. 70 made available for filing on IT portal

29 April 2023 at 08:33

Income Tax Department issued an update regarding - Form No. 70 notified vide Notification No.111/2022 dated 28-Sep-2022, is available for filing on the portal.

Posted in Income Tax | 7332 Views