Income Tax News
CBDT Unveils Updated E-Brochures for Informed Income Tax Practices
25 December 2023 at 09:20Central Board of Direct Taxes (CBDT), operating under the Department of Revenue, Ministry of Finance, has recently released a set of updated E-Brochures under the Income Tax domain.
CBDT notifies ITR Forms ITR-1 and ITR-4 for AY 2024-25
23 December 2023 at 07:07Central Board of Direct Taxes (CBDT) has issued Notification No. 105/2023 dated December 22, 2023, introducing the Income Tax Return (ITR) Forms ITR-1 (SAHAJ) and ITR-4 (SUGAM) for the Assessment Year (A.Y.) 2024-25.
Centre releases Rs 72961 crore as Tax Devolution to States
23 December 2023 at 07:01Centre releases Rs 72,961.21 crore as additional installment of Tax Devolution to States
CBDT Revises Rules 10TA and 10TD, Redefining Intra-Group Loan with Safe Harbour Guidelines
22 December 2023 at 15:37The Central Board of Direct Taxes (CBDT) recently issued the Income-tax (Twenty-Ninth Amendment) Rules, 2023, amending Rules 10TA and 10TD of the Income Tax Rules, 1962.
Income Tax Department Urges Taxpayers to File ITRs for AY 2023-24
21 December 2023 at 07:01The Income Tax Department has issued an update, stating that the last date to file the return of income for the Assessment Year 2023-24 (Financial Year 2022-23) under section 139(4) or 139(5) of the Income Tax Act is December 31, 2023.
BCCI denied Tax Exemption under Section 11 of IT Act
20 December 2023 at 09:49On Monday, the Minister of State for Finance, Pankaj Chaudhary announced that the Income Tax Department has denied tax exemption to the Board of Control for Cricket (BCCI) in India u/s 11 of the Income Tax Act.
Gross Direct Tax collections for FY 2023-24 register a growth of 17.01%
19 December 2023 at 07:09Net Direct Tax collections for FY 2023-24 grow at over 20.66%
Record Surge: Advance Tax Collection Signals Economic Growth
18 December 2023 at 07:45Advance tax collection for direct taxes has demonstrated an impressive surge, marking a substantial 19.76% growth compared to the previous year
Income Tax Department Issues Erroneous Notices, CAs Demand Rectification
18 December 2023 at 07:45Income Tax Department Sparks Panic with Erroneous Notices, Chartered Accountants Demand Rectification
IT Department Uncovers Rs 700 Crore Unaccounted Transactions in Surat Real Estate Scandal
18 December 2023 at 07:45Directorate of Investigations of the Income Tax (I-T) department in Surat has unraveled unaccounted business transactions amounting to Rs 700 crore during searches conducted on the premises of two real estate firms.
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