Income Tax News

Income Tax Dept Uncovers Rs 25,000 Crore Extra Payments to Insurance Agents via Benami Entities

15 February 2024 at 09:07

Income Tax department has unearthed a complex network of transactions amounting to over Rs 25,000 crore, implicating more than 60 intermediary firms and hundreds of bank accounts in suspected Benami deals within the insurance industry.

Posted in Income Tax | 3831 Views

Indian Govt Considers Postponing Section 43B(h) Following Industry Pressure

14 February 2024 at 09:04

Amidst mounting pressure from trade and industry organizations, the Indian government is considering delaying the implementation of Section 43B(h) of the Income Tax Act.

Posted in Income Tax | 11208 Views

PIB Fact Check: Section 43B(h) of Income Tax Act Unchanged for MSME Payments

13 February 2024 at 17:11

Recently, a viral message has been circulating on social media platforms claiming that alterations have been made to the provisions of Section 43B(h) concerning payments to Micro, Small, and Medium Enterprises (MSMEs) by the Finance Ministry

Posted in Income Tax | 1 comments | 9861 Views

Direct Tax Collections Reach Rs 18.38 Lakh Crore, Surge 17.30% YoY

12 February 2024 at 12:19

Direct Tax collections at 80.23% of total Revised Estimates of Direct Taxes for F.Y. 2023-24 upto 10.02.2024Gross Direct Tax collections at Rs. 18.38 lakh crore with Y-o-Y growth of 17.30%, as on 10th February, 2024Direct Tax collection, Net of refun

Posted in Income Tax | 2466 Views

PIB Fact Check Exposes Fake Income Tax Notice Requiring Payment for Audited Balance Sheets

12 February 2024 at 09:17

A recent tweet by PIB Fact Check has brought to light a deceptive notice circulating on social media platforms, purportedly issued in the name of @IncomeTaxIndia.

Posted in Income Tax | 6888 Views

Income Tax Department Set to Issue Rs 25,000 Crore Tax Notices to Insurers Over Alleged Evasion

10 February 2024 at 16:39

The Income Tax Department is set to send demand notices totaling Rs 25,000 crore to several insurance companies by the end of March.

Posted in Income Tax | 15075 Views

Taxpayers on Notice: CBDT Chairman Targets Non-filers for Income Tax Returns

10 February 2024 at 09:30

The Income Tax Department in India, under the leadership of Nitin Gupta, Chairman of the CBDT, is gearing up to issue notices to individuals who have failed to file tax returns despite having taxes deducted at the source from their incomes

Posted in Income Tax | 6873 Views

Over 2.16 Lakh Individuals Earn Above Rs 1 Crore in AY 2023-24

09 February 2024 at 09:16

The latest data presented in Parliament by Minister of State for Finance Pankaj Chaudhary has revealed a remarkable surge in the count of individuals earning more than Rs 1 crore annually in India

Posted in Income Tax | 6600 Views

New ITR-5 & ITR-6 Mandate MSME Registration from April 1, 2024

08 February 2024 at 09:24

In a move towards streamlining tax procedures and enhancing transparency, the Income Tax Department has introduced significant changes to income tax return (ITR) forms, effective April 1, 2024.

Posted in Income Tax | 22503 Views

Paytm Under ED Scrutiny for Betting and Money Laundering Allegations

07 February 2024 at 09:01

The Directorate of Enforcement (ED) has initiated a comprehensive investigation into Paytm dating back to 2021, revealing potential ties to money laundering and illicit betting activities, according to credible sources.

Posted in Income Tax | 4476 Views