Income Tax News

Gross Direct Tax collections rises 22.58% to Rs 16.68 lakh crore up to 10th March

11 March 2023 at 17:04

The provisional figures of Direct Tax collections up to 10th March, 2023 continue to register steady growth. Direct Tax collections up to 10th March, 2023 show that gross collections are at Rs. 16.68 lakh crore

Posted in Income Tax | 2295 Views

IT department enabled new feature 'Comply to Notice' u/s 133(6) of IT Act 1961

11 March 2023 at 08:52

The Income Tax Department enabled the new feature 'Comply to Notice' that allows taxpayers to View and Submit Responses to Notices under section 133(6) of the Income Tax Act, 1961 ("the IT Act").

Posted in Income Tax | 77865 Views

IT department issued important update on Form 26AS and AIS

11 March 2023 at 08:50

The Income Tax Department has issued an update on Form 26AS and Annual information statement ("AIS") stating that from Assessment Year ("AY") 2023-24 onwards, Form 26AS display only TDS/TCS data.

Posted in Income Tax | 14892 Views

Centre releases Rs 1.40 lakh crore tax devolution amount to states

11 March 2023 at 08:48

Union Government releases 14th instalment of tax devolution to State Governments amounting to ₹1,40,318 crore to strengthen hands of States to accelerate their capital and developmental expenditure

Posted in Income Tax | 2988 Views

CBDT notified Insolvency and Bankruptcy Board of India for exemption u/s 10(46)

04 March 2023 at 08:43

CBDT vide Notification No. 09/2023 dated March 01, 2023 has notified Income Tax exemption to the Insolvency and Bankruptcy Board of India ("the IBB") under section 10(46) of the Income-tax Act, 1961 ("the IT Act")

Posted in Income Tax | 5268 Views

CBDT issues corrigendum w.r.t. ITR Forms for AY 2023-24

02 March 2023 at 08:35

CBDT has issued Corrigendum vide Notification No. 8/2023 dated February 28, 2023 to its Notification No. 04/2023 dated February 10, 2023 released to notify the new ITR forms applicable for the AY 2023-24

Posted in Income Tax | 7254 Views

IT department concludes raids at Uflex after six days

28 February 2023 at 08:27

The Income Tax department on Monday concluded its raid on the premises of packaging company Uflex after six days.

Posted in Income Tax | 4086 Views

IT department detects Rs 2500 crore default at MP mining centres

27 February 2023 at 08:29

In a surprise inspection the TDS wing of Income Tax department in Bhopal carried out searches at four district mining offices in the state on Friday.

Posted in Income Tax | 3561 Views

Income Tax: Dissemination of High-Risk transaction and High-Risk Non-PAN Transaction cases on Verification module of Insight portal

24 February 2023 at 08:39

Dissemination of High-Risk transaction and High-Risk Non-PAN Transaction cases on Verification module of Insight portal.

Posted in Income Tax | 11205 Views

Amendment in Audit Report Format of Trust (Form No.10B) & Rule 16CC & 17B

23 February 2023 at 08:45

The CBDT has notified the Income-tax (3rd Amendment) Rules, 2023, to amend IT Rules 16CC/17B and Forms 10B/10BB which shall be effective as of 01/04/2023, vide Income Tax Notification 7/2023.

Posted in Income Tax | 14055 Views