Income Tax News

CBDT Revises Rules 10TA and 10TD, Redefining Intra-Group Loan with Safe Harbour Guidelines

22 December 2023 at 15:37

The Central Board of Direct Taxes (CBDT) recently issued the Income-tax (Twenty-Ninth Amendment) Rules, 2023, amending Rules 10TA and 10TD of the Income Tax Rules, 1962.

Posted in Income Tax | 2568 Views

Income Tax Department Urges Taxpayers to File ITRs for AY 2023-24

21 December 2023 at 07:01

The Income Tax Department has issued an update, stating that the last date to file the return of income for the Assessment Year 2023-24 (Financial Year 2022-23) under section 139(4) or 139(5) of the Income Tax Act is December 31, 2023.

Posted in Income Tax | 2898 Views

BCCI denied Tax Exemption under Section 11 of IT Act

20 December 2023 at 09:49

On Monday, the Minister of State for Finance, Pankaj Chaudhary announced that the Income Tax Department has denied tax exemption to the Board of Control for Cricket (BCCI) in India u/s 11 of the Income Tax Act.

Posted in Income Tax | 8391 Views

Gross Direct Tax collections for FY 2023-24 register a growth of 17.01%

19 December 2023 at 07:09

Net Direct Tax collections for FY 2023-24 grow at over 20.66%

Posted in Income Tax | 2280 Views

Record Surge: Advance Tax Collection Signals Economic Growth

18 December 2023 at 07:45

Advance tax collection for direct taxes has demonstrated an impressive surge, marking a substantial 19.76% growth compared to the previous year

Posted in Income Tax | 2271 Views

Income Tax Department Issues Erroneous Notices, CAs Demand Rectification

18 December 2023 at 07:45

Income Tax Department Sparks Panic with Erroneous Notices, Chartered Accountants Demand Rectification

Posted in Income Tax | 9720 Views

IT Department Uncovers Rs 700 Crore Unaccounted Transactions in Surat Real Estate Scandal

18 December 2023 at 07:45

Directorate of Investigations of the Income Tax (I-T) department in Surat has unraveled unaccounted business transactions amounting to Rs 700 crore during searches conducted on the premises of two real estate firms.

Posted in Income Tax | 3282 Views