Income Tax News
CBDT Extends Applicability of Transfer Pricing Safe Harbour Rules Until AY 2023-24
11 August 2023 at 08:46The CBDT has extended the applicability of Rule 10TD(1) and Rule 10(2A) of the IT Rules, 1962, which are the Transfer Pricing Safe Harbour Rules, until the Assessment Year 2023-24.
CBDT Unveils New Guidelines for Comprehensive Scrutiny of Tax Returns in FY 2023-24
10 August 2023 at 09:02Central Board of Direct Taxes (CBDT) issued guidelines on August 3, 2023 for the mandatory selection of returns for comprehensive scrutiny in the financial year 2023-24.
BCCI's Income Tax Payment Surges to Rs 1159 Crore, Mirrors Revenue Growth
09 August 2023 at 08:57The Board of Control for Cricket in India (BCCI), the apex governing body for cricket in the country, made a substantial contribution to the nation's finances during the 2021-22 fiscal year.
Fake Alert: No Approval for Rs 15,490 Income Tax Refund, Authorities Confirm
05 August 2023 at 08:57Recently, a viral message surfaced claiming that a recipient has been approved for an income tax refund of ₹ 15,490. This message is FAKE.
Income Tax Dept Raids Kalpataru Group Premises in Multiple States
05 August 2023 at 08:54Income Tax department raided several premises of Kalpataru Group on August 4, 2023. The searches were conducted at around 30 premises in four states, including Maharashtra, Gujarat, Rajasthan, and Karnataka.
Govt launches Vivad se Vishwas-II Scheme for Speedy Contractual Dispute Resolution
03 August 2023 at 08:49Government launches a one-time settlement Scheme Vivad se Vishwas - II (Contractual Disputes) to effectively settle pending contractual disputes, as announced in the Union Budget 2023-24
Over 6.77 Crore ITRs Filed by July 31, 2023, with Record 16.1% YoY Growth
02 August 2023 at 08:50New record of over 6.77 crore Income Tax Returns (ITRs) filed till 31st July, 2023; record growth of 16.1% Year-on-Year
CBDT Issues SOP for Recomputation of Co-operative Sugar Manufacturers' Income u/s 155(19) of IT Act
31 July 2023 at 08:43CBDT 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
IT Dept to Utilize AI Regression Model for Detecting Deviations: Tax Official
31 July 2023 at 08:42The usage of artificial intelligence (AI) by the Income Tax department to build regression models is aimed at identifying deviations and errors in tax filing.
IT Department Conducts Raids on Haier Offices in Noida, Mumbai and Pune
29 July 2023 at 12:06Income 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.
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