Income Tax News

CBDT amends IT rules to provide tax exemption on movable property value

03 June 2023 at 08:55

The Income-tax (Eighth Amendment) Rules, 2023 were notified by the Central Board of Direct Taxes (CBDT) on May 31, 2023.

Posted in Income Tax | 5325 Views

CBDT amends IT rules for Section 80G Provisional Approval

01 June 2023 at 08:56

The Income-tax (7th Amendment) Rules, 2023 were notified by the Central Board of Direct Taxes (CBDT) on May 30, 2023. The rules make amendments to the Income-tax Rules, 1962.

Posted in Income Tax | 15945 Views

ITR-2 Form Now Available Online with Automated Pre-Filled Data

01 June 2023 at 08:54

Income Tax Return Form of ITR-2 is enabled to file through Online mode with prefilled data at the portal. T

Posted in Income Tax | 5448 Views

CBDT implements e-Appeals Scheme 2023 to ease caseload burden

31 May 2023 at 08:58

CBDT has notified the E-Appeals Scheme, 2023 to ease the caseload of the Income-tax Appellate Tribunal (ITAT). The scheme will allow taxpayers to file appeals electronically, which is expected to reduce the time and cost of filing an appeal.

Posted in Income Tax | 7302 Views

CBDT amends Rules 45/46A and Form 35 to enable filing before JCIT(A)

31 May 2023 at 08:57

CBDT has amended the Income-tax Rules, 1962 to enable the filing of an appeal before the Joint Commissioner (Appeals) (JCIT(A)). The amendments were made in Rules 45 and 46A, and Form 35.

Posted in Income Tax | 7029 Views

Govt unveils Vivad se Vishwas II Scheme for Pending Contract Disputes

31 May 2023 at 08:56

Ministry of Finance has issued Office Memorandum vide No.F.1/7/2022-PPD dated May 29, 2023 has decided to implement a one-time settlement scheme called "Vivad se Vishwas II (Contractual Disputes)"

Posted in Income Tax | 6291 Views

Income Tax Department Tightens Grip on Companies' Advance Tax Payments

30 May 2023 at 08:41

The income tax department is closely monitoring advance tax payments by scrutinising companies' annual and quarterly balance sheets

Posted in Income Tax | 4164 Views

Govt's push to align TCS with TDS: Insights from Chief Economic Advisor

29 May 2023 at 08:50

The government is attempting to link tax collected at source for payments made by individuals with tax deducted from their income sources, a move that will help in ensuring cash flows of the individual taxpayers are not impacted

Posted in Income Tax | 9453 Views

Banks directed to alert Income Tax Department on large Rs 2000 Deposits

29 May 2023 at 08:47

Banks will be required to notify the income tax department about large cash deposits of ₹2,000 currency notes above a threshold as part of the statement of financial transactions (SFT) they are mandated to submit to the tax authority annually.

Posted in Income Tax | 30363 Views