Income Tax News

Supreme Court: Assessing Officer Bears Burden to Rectify Defects in Tax Returns

26 January 2024 at 08:01

The Supreme Court on Tuesday clarified that if a tax return is deemed defective, it is the responsibility of the assessing officer to inform the assessee and provide an opportunity for rectification.

Posted in Income Tax | 6255 Views

IT Department Urges PAN Verification to Avoid Higher TDS/TCS Rates for Deductors

25 January 2024 at 17:35

The Income Tax Department has released a crucial update directed towards deductors, underscoring the significance of verifying the PAN status of deductees.

Posted in Income Tax | 4035 Views

IT department provides clarity on eligibility for deduction of donations to Ram Mandir u/s 80G

24 January 2024 at 09:23

The Income Tax department has provided clarity on the eligibility of donations made towards the repair, rebuild, or renovation of the Ram Mandir in Ayodhya, administered by the Shri Ram Janmabhoomi Teerth Kshetra Trust.

Posted in Income Tax | 17319 Views

CBDT releases key Direct Tax Statistics through Time-Series data

24 January 2024 at 09:21

The Central Board of Direct Taxes (CBDT) has been releasing key statistics relating to Direct Tax collections and administration in public domain from time to time.

Posted in Income Tax | 3369 Views

CBDT Releases Circular Explaining Amendments Of Income-Tax Act Carried Out Through Finance Act, 2023

24 January 2024 at 09:19

The Central Board of Direct Taxes (CBDT) has issued Circular No. 1/2024 on January 23, 2024, offering a detailed explanation of the provisions of the Finance Act, 2023.

Posted in Income Tax | 16302 Views

Income Tax Notices Hit Insurers' Intermediaries for Alleged Fund Routing Violations Under Benami Law

23 January 2024 at 09:04

In a new twist, insurers and their agents are now grappling with notices under the Benami Transactions (Prohibition) Amendment Act, 2016, following last year's run-ins with income and service tax authorities.

Posted in Income Tax | 7200 Views

Income Tax Portal | 'Know Your Refund Status' Functionality Moved to Post-Login Mode

22 January 2024 at 09:11

In a move aimed at improving user accessibility and providing enhanced insights, the Income Tax Department has recently revamped the placement of the "Know Your Refund Status" feature on the income tax e-filing portal.

Posted in Income Tax | 7845 Views

Delhi High Court Halts NFRA Proceedings Against CA for Tax Deduction Claim Allegations

22 January 2024 at 09:08

In a recent development, the Delhi High Court has intervened in a case involving a Chartered Accountant (CA) facing proceedings under the Companies Act for alleged professional misconduct.

Posted in Income Tax | 7002 Views

Delhi High Court Discharges Income Tax Officer in Bribery Case, Citing Insufficient Evidence

19 January 2024 at 09:12

The Delhi High Court has exonerated a senior income tax official who was facing graft charges lodged by the Central Bureau of Investigation (CBI).

Posted in Income Tax | 3288 Views

Income Tax Department Releases Enhanced E-filing Utility and JSON Schema for Form 10BB Audit Reports

19 January 2024 at 09:11

The Income Tax Department has introduced an upgraded e-filing utility and JSON schema for the filing of Form 10BB Audit Reports.

Posted in Income Tax | 5328 Views