Income Tax News

IT dept conducts raids at 40 locations in Rajasthan, 3 businessmen on radar

04 November 2022 at 08:35

The Income Tax officials are currently conducting raids at around 40 locations in Rajasthan’s Bikaner and Nokha.

Posted in Income Tax | 3810 Views

CBDT condones delay in filing Form 10A up to 25th Nov 2022

01 November 2022 at 20:35

In view of the representations received by Central Board of Direct Taxes (CBDT) and with a view to avoid genuine hardship to taxpayers, the CBDT condones the delay in filing of Form 10A up to 25th November, 2022

Posted in Income Tax | 5859 Views

CBDT releases draft Common ITR Form for public consultation

01 November 2022 at 20:35

At present, taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7 depending upon the type of person and nature of income.

Posted in Income Tax | 1 comments | 9375 Views

CBDT extends due date of filing Form 26Q for second quarter of FY 2022-23 to 30th Nov

27 October 2022 at 20:10

Considering the difficulties in filing of TDS statement in the revised and updated Form 26Q, the Central Board of Direct Taxes (CBDT) has extended the due date of filing of Form 26Q for the second quarter of Financial Year 2022-23

Posted in Income Tax | 14442 Views

SC: More than 24 prominent charitable institutions in India may face tax scrutiny

27 October 2022 at 08:35

More than 24 prominent charitable institutions in the country may soon face tax scrutiny after a Supreme Court ruling set the limits to which tax exemption can be claimed.

Posted in Income Tax | 1 comments | 5331 Views

CBDT extends due date for furnishing return of income for AY 2022-23

26 October 2022 at 15:25

Extension of due date for furnishing return of income for the Assessment Year 2022-23

Posted in Income Tax | 45477 Views

IT portal's updation earlier this fiscal won't impact benefits availed by Udyam MSMEs

26 October 2022 at 08:38

The MSME Ministry has clarified that there won't be any change in benefits availed by enterprises registered on the Udyam portal and classified as per the MSME definition between April 1 and June 7, 2022.

Posted in Income Tax | 3096 Views

ICAI issues Revised 2022 edition of Guidance Note on Report u/s 92E of IT Act 1961

26 October 2022 at 08:38

Revised 2022 edition of Guidance Note on Report under section 92E of IT Act 1961

Posted in Income Tax | 4857 Views

ICAI is entitled to income tax exemption if amounts charged by them are nominal to cover costs: Supreme Court

21 October 2022 at 11:22

ICAI contended that its activities are not profit oriented and submitted that the fees collected from the students are utilized on various infrastructure development and other capital expenditure items.

Posted in Income Tax | 4506 Views

SC: Educational trusts can claim income tax exemption only if sole objective is education

20 October 2022 at 08:40

The Supreme Court held that educational trust or societies, which seek exemption under Section 10 (23C) of Income Tax Act, should solely be concerned with education, or education related activities.

Posted in Income Tax | 6816 Views