Income Tax News

Income Tax Scanner on 89 High-Value Foreign Remittance Cases

05 April 2023 at 08:38

The income tax department has identified 89 "high-risk foreign remittance" cases with suspected tax evasion of over Rs 100 crore each.

Posted in Income Tax | 7698 Views

CBDT amends Section 10(26AAA) of IT Act 1961 by Finance Act 2023

05 April 2023 at 08:37

Following the Hon'ble Supreme Court's decision in Writ Petition (C) No. 59/2013 with 1283/2021, certain amendments have been made in clause (26AAA) of section 10 of the Income-tax Act, 1961 by the Finance Act, 2023.

Posted in Income Tax | 8991 Views

Direct tax collections for FY 2022-23 exceed budget estimate by nearly 17%

04 April 2023 at 08:33

Direct Tax collections (provisional) for the Financial Year (FY) 2022-23 exceed the Union Budget Estimates by Rs 2.41 lakh crore i.e. by 16.97%

Posted in Income Tax | 2481 Views

CBDT releases procedure, format and standards for e-filing of Form No. 15C/15D through TRACES

01 April 2023 at 08:47

Procedure, format and standards for filling an application in Form No. 15C or Form No. 15D for grant of certificate for no-deduction of income-tax under sub-section (3) of section 195 of the Income Tax Act, 1961 through TRACES

Posted in Income Tax | 8901 Views

Non-resident taxpayers without PAN can file Form 10F manually till 30th September

30 March 2023 at 08:40

Non-residents not having PAN and not required to have it under the provisions of the Income-tax Act, 1961 to file Form 10F manually till 31st March 2023. The same has been further extended till 30th September 2023.

Posted in Income Tax | 10155 Views

TDS on virtual digital assets aggregates to Rs 157.9 crore for FY 2022-23

29 March 2023 at 08:44

Direct tax deducted at source from transfer of Virtual digital Assets aggregates to Rs. 157.9 crore upto 20th March 2023 for FY 2022-23

Posted in Income Tax | 5187 Views

Last date for linking of PAN-Aadhaar extended to 30th June 2023

28 March 2023 at 15:10

In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been extended to 30th June, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions.

Posted in Income Tax | 40677 Views

10 new income tax rules w.e.f 1st April 2023 for taxpayers

28 March 2023 at 08:45

There are many changes in the income tax rules effective from this financial year

Posted in Income Tax | 1 comments | 24621 Views

FM moves amendment to Finance Bill in Parliament to correct STT rate

28 March 2023 at 08:44

Finance minister Nirmala Sitharaman on Monday moved an amendment to the Finance Bill in Rajya Sabha to correct the figures with regard to rate of Security Transaction Tax (STT) to be levied on sale of options as well as futures.

Posted in Income Tax | 4389 Views

Use of data analytics, big data and AI/ML in tax administration to make it more effective

28 March 2023 at 08:40

Both direct and indirect tax departments employ data analytics, big data and Artificial Intelligence/Machine Learning in tax administration to make it more effective, free of official discretion, business and taxpayers friendly

Posted in Income Tax | 5520 Views