Income Tax News

CBDT issues circular to ease implementation of TCS changes for LRS and Overseas Tour Packages

01 July 2023 at 08:52

CBDT (Central Board of Direct Taxes) issued a Circular on June 30, 2023 to remove difficulty in the implementation of changes relating to TCS on LRS and on purchase of overseas tour program package.

Posted in Income Tax | 8028 Views

IT Department Busts Multi-Crore Tax Refund Scam in Hyderabad

01 July 2023 at 08:51

The income tax department has busted a Rs 40 crore tax refund scam in Hyderabad. The scam involved eight tax consultants, several employees of the railways and police department, and several technology companies in Hyderabad and Vijayawada.

Posted in Income Tax | 16023 Views

TDS/TCS Filing Deadline Extended to 30th Sept for First Quarter of FY 2023-24

29 June 2023 at 08:56

CBDT extends the time limits for submission of certain TDS/TCS Statements. Due date for filing of TDS/TCS statements in Form Nos. 26Q, 27Q & 27EQ for first quarter of FY 2023-24 has been extended to 30th September, 2023.

Posted in Income Tax | 20115 Views

IT Department Cracks Down on Tax-Evading Influencers, Sends Notices to 15

29 June 2023 at 08:54

The Income Tax Department has been cracking down on social media influencers who have been flaunting their overseas holidays and luxury shopping on social media, but paying zero or "substantially low" tax.

Posted in Income Tax | 14295 Views

New TCS rates for LRS remittances to apply from 1st Oct 2023

29 June 2023 at 08:54

No change in rate of TCS for all purposes under LRS and for overseas travel tour packages, regardless of mode of payment, for amounts up to Rs. 7 lakh per individual per annum Government gives more time for implementation of revised TCS rates

Posted in Income Tax | 7917 Views

Over 1 Crore ITRs Submitted in Record Time, Outpacing Previous Year's Figure

28 June 2023 at 08:52

Over 1 crore ITRs have been filed till 26th June this year compared to 1 crore ITRs filed till 8th of July last year.

Posted in Income Tax | 2226 Views

CBDT implements amendments to rules governing institutions, trusts and funds

26 June 2023 at 08:35

The Income-tax (Eleventh Amendment) Rules, 2023 were notified by the Central Board of Direct Taxes on June 23, 2023. The amendments made by these rules are applicable from October 1, 2023.

Posted in Income Tax | 12489 Views

IT Raids on YouTubers: Kerala's Digital Stars in the Crosshairs

24 June 2023 at 16:22

The Income Tax department conducted raids on Thursday at the residences and offices of 13 prominent YouTubers and content creators in Kerala, including actress Pearle Maaney

Posted in Income Tax | 11529 Views