Income Tax News

IT department issued important update on Form 26AS and AIS

11 March 2023 at 08:50

The Income Tax Department has issued an update on Form 26AS and Annual information statement ("AIS") stating that from Assessment Year ("AY") 2023-24 onwards, Form 26AS display only TDS/TCS data.

Posted in Income Tax | 14877 Views

Centre releases Rs 1.40 lakh crore tax devolution amount to states

11 March 2023 at 08:48

Union Government releases 14th instalment of tax devolution to State Governments amounting to ₹1,40,318 crore to strengthen hands of States to accelerate their capital and developmental expenditure

Posted in Income Tax | 2973 Views

CBDT notified Insolvency and Bankruptcy Board of India for exemption u/s 10(46)

04 March 2023 at 08:43

CBDT vide Notification No. 09/2023 dated March 01, 2023 has notified Income Tax exemption to the Insolvency and Bankruptcy Board of India ("the IBB") under section 10(46) of the Income-tax Act, 1961 ("the IT Act")

Posted in Income Tax | 5235 Views

CBDT issues corrigendum w.r.t. ITR Forms for AY 2023-24

02 March 2023 at 08:35

CBDT has issued Corrigendum vide Notification No. 8/2023 dated February 28, 2023 to its Notification No. 04/2023 dated February 10, 2023 released to notify the new ITR forms applicable for the AY 2023-24

Posted in Income Tax | 7245 Views

IT department concludes raids at Uflex after six days

28 February 2023 at 08:27

The Income Tax department on Monday concluded its raid on the premises of packaging company Uflex after six days.

Posted in Income Tax | 4080 Views

IT department detects Rs 2500 crore default at MP mining centres

27 February 2023 at 08:29

In a surprise inspection the TDS wing of Income Tax department in Bhopal carried out searches at four district mining offices in the state on Friday.

Posted in Income Tax | 3531 Views

Income Tax: Dissemination of High-Risk transaction and High-Risk Non-PAN Transaction cases on Verification module of Insight portal

24 February 2023 at 08:39

Dissemination of High-Risk transaction and High-Risk Non-PAN Transaction cases on Verification module of Insight portal.

Posted in Income Tax | 10929 Views

Amendment in Audit Report Format of Trust (Form No.10B) & Rule 16CC & 17B

23 February 2023 at 08:45

The CBDT has notified the Income-tax (3rd Amendment) Rules, 2023, to amend IT Rules 16CC/17B and Forms 10B/10BB which shall be effective as of 01/04/2023, vide Income Tax Notification 7/2023.

Posted in Income Tax | 13965 Views

IT department searches Uflex offices across 64 locations

22 February 2023 at 08:36

The income-tax department on Tuesday conducted searches at 64 locations related to packaging company Uflex across the country, including its Noida office.

Posted in Income Tax | 6213 Views

CBDT released new Income Tax Calculator for Old Regime vis-à-vis New Regime as proposed by Finance Bill, 2023

20 February 2023 at 08:40

CBDT released the Tax Calculator regarding the Old Regime vis-à-vis New Regime for Individual/ HUF/ AOP/ BOI/ Artificial Juridical Person (AJP) as per section 115BAC as proposed by Finance Bill, 2023.

Posted in Income Tax | 16302 Views