Income Tax News

Income Tax Department Notifies Higher TDS/TCS Rates for 'Inoperative' PANs

03 February 2024 at 09:23

The Income Tax Department has issued a crucial attention notice to Tax Deductors and Collectors, notifying them of the implications of PAN status marked as 'Inoperative' on TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) rates.

Posted in Income Tax | 13419 Views

CBDT Extends Time for Processing E-Filed Returns with Refund Claims in Non-Scrutiny Cases

03 February 2024 at 09:22

CBDT has issued an order dated January 31, 2024, announcing an extension in the time-limit for processing non-scrutiny Income Tax Returns up to Assessment Year (AY) 2020-21.

Posted in Income Tax | 6450 Views

CBDT notifies new ITR Forms for AY 2024-25

03 February 2024 at 09:20

CBDT notifies Income Tax Return Forms for the Assessment Year 2024-25 well in advance for the Assessment Year (A.Y.) 2024-25

Posted in Income Tax | 4563 Views

CBDT Notifies Income Tax Return Form ITR-6 for AY 2024-25

29 January 2024 at 09:05

The Central Board of Direct Taxes (CBDT) has recently issued a crucial notification, marked as Notification No. 16/2024 on January 24, 2024.

Posted in Income Tax | 11616 Views

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 | 6261 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 | 4038 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 | 17331 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 | 3375 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 | 16311 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 | 7203 Views