Income Tax News

JSON Schema released for ITR 1 and ITR 4 for AY 2023-24 (FY 2022-23)

12 April 2023 at 08:32

The Income Tax Department has released JSON Schema ITR 1 and ITR 4 for AY 2023-24 (FY 2022-23)ITR 1: For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house pro

Posted in Income Tax | 14181 Views

IT dept conducts searches at cooperative banks in Karnataka over tax evasion

12 April 2023 at 08:29

Income Tax Department commenced a Search & Seizure operation in the case of some Cooperative Banks, in the State of Karnataka, on 31.03.2023.

Posted in Income Tax | 5241 Views

CBDT notifies 348 as Cost Inflation Index for FY 2023-24

11 April 2023 at 08:37

CBDT notified the Cost Inflation Index for FY 2023-24 as 348.

Posted in Income Tax | 19470 Views

Supreme Court: Erroneous order of AO causing prejudice to revenue is revisable by CIT

10 April 2023 at 10:08

The Supreme Court has held that the Commissioner of Income Tax can exercise revision powers under Section 263 of the Income Tax Act over the orders of the Assessing Officer which cause prejudice to the interest of the revenue.The Top Court set aside

Posted in Income Tax | 4239 Views

Income tax payments from senior citizens surpasses Rs. 1 lakh crore

10 April 2023 at 08:37

There has been a surprising surge in income tax payments from senior citizens during the past year, lifting the overall tax collections from the 60+ population by as much as 61.5% from pre-COVID levels to surpass ₹1 lakh crore.

Posted in Income Tax | 3681 Views

IT Department asks young man from Madhya Pradesh to pay tax of Rs 113 crore

08 April 2023 at 08:46

A man from MP's Bhind, who earns Rs 58,000 per month, has received yet another notice from the income-tax department demanding him to pay Rs.113 crore in taxes for alleged Rs.132 crore transactions in his account in 2011-12.

Posted in Income Tax | 9264 Views

Income Tax dept has internal target to issue refunds in 7 days

07 April 2023 at 08:51

The Income Tax department has been given an internal target of issuing refunds within a period of seven days. This came up during the process of drafting the budget.

Posted in Income Tax | 3906 Views

CA arrested for taking Rs 26 lakh bribe in name of IT officials

07 April 2023 at 08:50

The Punjab Vigilance Bureau (VB) arrested a chartered accountant (CA) Ankush Sareen, a resident of Ludhiana, for taking a bribe of Rs 26 lakh from a man in the name of income tax officers based in Chandigarh.

Posted in Income Tax | 13476 Views

CBDT | Employers to ask employees about preferred tax regime for deducting TDS from salary

06 April 2023 at 08:38

The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly.

Posted in Income Tax | 8364 Views