Income Tax News
IT dept conducts searches at cooperative banks in Karnataka over tax evasion
12 April 2023 at 08:29Income Tax Department commenced a Search & Seizure operation in the case of some Cooperative Banks, in the State of Karnataka, on 31.03.2023.
CBDT notifies 348 as Cost Inflation Index for FY 2023-24
11 April 2023 at 08:37CBDT notified the Cost Inflation Index for FY 2023-24 as 348.
Supreme Court: Erroneous order of AO causing prejudice to revenue is revisable by CIT
10 April 2023 at 10:08The 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
Income tax payments from senior citizens surpasses Rs. 1 lakh crore
10 April 2023 at 08:37There 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.
IT Department asks young man from Madhya Pradesh to pay tax of Rs 113 crore
08 April 2023 at 08:46A 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.
CA arrested for taking Rs 26 lakh bribe in name of IT officials
07 April 2023 at 08:50The 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.
Income Tax dept has internal target to issue refunds in 7 days
07 April 2023 at 08:51The 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.
CBDT | Employers to ask employees about preferred tax regime for deducting TDS from salary
06 April 2023 at 08:38The 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.
Income Tax Scanner on 89 High-Value Foreign Remittance Cases
05 April 2023 at 08:38The income tax department has identified 89 "high-risk foreign remittance" cases with suspected tax evasion of over Rs 100 crore each.
CBDT amends Section 10(26AAA) of IT Act 1961 by Finance Act 2023
05 April 2023 at 08:37Following the Hon'ble Supreme Court's decision in Writ Petition (C) No. 59/2013 with 1283/2021, certain amendments have been made in clause (26AAA) of section 10 of the Income-tax Act, 1961 by the Finance Act, 2023.
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