Income Tax News

FM moves amendment to Finance Bill in Parliament to correct STT rate

28 March 2023 at 08:44

Finance minister Nirmala Sitharaman on Monday moved an amendment to the Finance Bill in Rajya Sabha to correct the figures with regard to rate of Security Transaction Tax (STT) to be levied on sale of options as well as futures.

Posted in Income Tax | 4416 Views

Use of data analytics, big data and AI/ML in tax administration to make it more effective

28 March 2023 at 08:40

Both direct and indirect tax departments employ data analytics, big data and Artificial Intelligence/Machine Learning in tax administration to make it more effective, free of official discretion, business and taxpayers friendly

Posted in Income Tax | 5538 Views

Individual taxpayers with income marginally over Rs 7 lakh to get relief under new tax regime

27 March 2023 at 08:39

The government has provided additional relief to taxpayers under the new income tax regime by tweaking it so that those earning over the tax-free limit of Rs 7 lakh per annum

Posted in Income Tax | 9675 Views

TDS on all winnings from online gaming to come into effect from 1st April

27 March 2023 at 08:38

The TDS or tax deducted at source on online gaming applications will now be effective from 1 April, 2023 as against an earlier provision of 1 July, 2023.

Posted in Income Tax | 6639 Views

Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS

27 March 2023 at 08:38

Credit card payments for foreign travel will be brought under Reserve Bank’s Liberalised Remittance Scheme (LRS) to ensure that such expenses do not escape TCS (Tax Collection at Source).

Posted in Income Tax | 5277 Views

IT Department sends Rs 8 crore recovery notice to a labourer in Bulandshahr

21 March 2023 at 08:41

In a shocking incident, the Income Tax department sent a notice to a labour for recovery of Rs 8 crores. The person, who is a labour by profession, is a native of Bulandshahr in Uttar Pradesh.

Posted in Income Tax | 7920 Views

Income Tax Department launches AIS App for Taxpayers

17 March 2023 at 08:46

The Income Tax Department has launched a Mobile app for Taxpayers to view Annual Information Statements (AIS).

Posted in Income Tax | 14607 Views

UIDAI waives online Aadhaar update fee

16 March 2023 at 08:44

The Unique Identification Authority of India has made document update facility online for Aadhaar free till June 14, an official statement said on Wednesday.Earlier, residents were required to pay Rs. 25 to update their documents on the Aadhaar porta

Posted in Income Tax | 14073 Views

Income Tax department sends Rs 549 crore tax demand notice to AWS

15 March 2023 at 08:45

The taxation department has approved a Rs 549 percent of the total tax summons to Amazon's corporation Amazon Web Service (AWS). Aws offers cloud storage.

Posted in Income Tax | 13026 Views