Income Tax News

Over 6.77 Crore ITRs Filed by July 31, 2023, with Record 16.1% YoY Growth

02 August 2023 at 08:50

New record of over 6.77 crore Income Tax Returns (ITRs) filed till 31st July, 2023; record growth of 16.1% Year-on-Year

Posted in Income Tax | 3033 Views

CBDT Issues SOP for Recomputation of Co-operative Sugar Manufacturers' Income u/s 155(19) of IT Act

31 July 2023 at 08:43

CBDT vide Circular No. 14 of 2023 dated July 27, 2023 issued SOP for making application for recomputation of total income of a co-operative society engaged in the business of manufacture of sugar, as provided for in the sub-section (19) of section 155

Posted in Income Tax | 2937 Views

IT Dept to Utilize AI Regression Model for Detecting Deviations: Tax Official

31 July 2023 at 08:42

The usage of artificial intelligence (AI) by the Income Tax department to build regression models is aimed at identifying deviations and errors in tax filing.

Posted in Income Tax | 30942 Views

IT Department Conducts Raids on Haier Offices in Noida, Mumbai and Pune

29 July 2023 at 12:06

Income Tax Department (I-T) is currently conducting searches at multiple locations in Mumbai, Pune, and Noida, including the offices and premises of promoters of Chinese home appliance company Haier.

Posted in Income Tax | 5310 Views

Over 5 crore ITRs filed for AY 2023-24 by 27th July breaking last year's record

29 July 2023 at 10:32

The fact that over 5 crore ITRs have already been filed till 27th July 2023, as compared to 30th July last year, shows a commendable commitment to meeting tax obligations promptly.

Posted in Income Tax | 14049 Views

CBDT issued clarification in respect of Rule 114F (5) of IT Rules

28 July 2023 at 08:49

CBDT, Foreign Tax & Tax Research Division has issued vide F. No. 500/34/2019-FT&TR-III(Pt.)/1 dated July 26, 2023 issued clarification in respect of Rule 114F (5) of the Income Tax Rules, 1962.

Posted in Income Tax | 7404 Views

CBDT Condones Delay in Filing Returns Claiming Deduction u/s 80P for AY 2018-19 to AY 2022-23

28 July 2023 at 08:48

CBDT issued Circular No. 13/2023 dated July 26, 2023 regarding condonation of delay in filing returns of income claiming deduction under section 80P of the IT Act for various assessment years from AY 2018-19 to AY 2022-23.

Posted in Income Tax | 11340 Views

FM Reveals 1 Lakh Notices Sent Over Under-Reported Income and Non-Filing of Returns

25 July 2023 at 14:21

The Union Finance Minister, Nirmala Sitharaman, announced that the Centre has sent one lakh notices for non-filing of returns, under-reported income, and misrepresentation of income.

Posted in Income Tax | 21534 Views