Income Tax News
Industry Alleges Chaos and Legal Logjam Amid Faceless Tax Assessment System Implementation
18 November 2023 at 07:56In an effort to enhance the efficiency of the faceless tax assessment facility introduced by the Income Tax Department, the industry has reached out to the CBDT, urging the implementation of key modifications to mitigate chaos and legal complexities.
CBDT Chairman Forecasts India to Surpass Rs 18.23 Lakh Crore Direct Tax Collection Target
17 November 2023 at 08:44In a positive development, Central Board of Direct Taxation (CBDT) chairman Nitin Gupta announced on Wednesday that the government is on track to exceed the ₹18.23 lakh crore direct tax collection target set for the current fiscal year
IT Department Seizes Unexplained Cash Ahead of Key Assembly Elections in Five States
17 November 2023 at 08:41In the lead-up to the upcoming Assembly elections in five states, the Income Tax Department has significantly increased its efforts to curb the flow of unexplained cash.
Apple, Amazon and Google Face Legal Heat Over Alleged Rs 5000 Crore Income Tax Evasion
15 November 2023 at 08:39Tech Giants Face Scrutiny for Potential Tax Non-Payment
Bombay HC Declares Reassessment Proceedings Invalid for Non-Existent Entity with Active PAN
14 November 2023 at 08:37In a recent judgment, the Bombay High Court has ruled against the validity of reassessment proceedings conducted by the tax department against non-existent entities, even though the Permanent Account Number (PAN) remained active.
Gross Direct Tax Collections Surge to Rs. 12.37 Lakh Crore, Marking 17.59% YoY Growth in FY 2023-24
11 November 2023 at 08:44The Gross Direct Tax collections are at Rs. 12.37 lakh crore, which is 17.59% higher than the gross collections for the corresponding period of last year. Direct Tax collection
Bombay HC Orders Income Tax Refund of Rs 1128 Crores to Vodafone Idea
10 November 2023 at 16:00In a significant legal victory for Vodafone Idea Ltd, the Bombay High Court has ruled in favor of the telecom giant, ordering the Income Tax Department to refund INR 1,128.47 crores in taxes paid during the assessment year 2016-17, along with interest.
Gov Releases Rs 72,961.21 Crore Tax Devolution in Record Time
09 November 2023 at 08:46Union Government authorises release of tax devolution of ₹72,961.21 crore to all State Governments for November, 2023; three days ahead of the usual date of 10th November
IT Dept enables E-filing of Form 56F for AY 2023-24
08 November 2023 at 08:53In a significant move to enhance the ease of tax compliance for businesses and individuals, the Income Tax Department has enabled the electronic filing of Form 56F for the Assessment Year (A.Y.) 2023-24
CBDT Notifies New Changes in Form ITR-7
02 November 2023 at 08:54Central Board of Direct Taxes (CBDT) notified the Income Tax (Twenty-Seventh Amendment) Rules, 2023 on October 31, 2023 (Notification No. 94/2023). These amendments came into effect from April 1, 2023.
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