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Income Tax News

Income Tax Department Aims to Complete 170,000 Reassessments by March 2025

   13 June 2024 at 09:06

The Income Tax department is set to finalize the reassessment of 170,000 notices by March 2025, focusing on undisclosed income from past assessment years.

Posted in Income Tax |   2592 Views

Excel Utility of ITR-5 for AY 2024-25 is now available for filing

   11 June 2024 at 08:58

The Income Tax Department has released the Excel Utility for ITR-5 for the Assessment Year (AY) 2024-25, streamlining the tax filing process for entities required to submit this form.

Posted in Income Tax |   300 Views

Centre releases Rs 1.39 lakh crore installment of Tax Devolution to States

   11 June 2024 at 08:57

It has been decided that apart from the regular release of the devolution amount for the month of June 2024, one additional instalment will be released.  This release cumulatively amounts to Rs. 1,39,750 crore in the current month

Posted in Income Tax |   183 Views

IDBI Bank Receives Rs 2702 Crore Income Tax Refund for AY 2016-17

   10 June 2024 at 08:59

Private sector lender IDBI Bank Ltd announced on Friday, June 7, that it has received an income tax refund order amounting to ₹2,701.62 crore for the assessment year 2016-17.

Posted in Income Tax |   309 Views

Major Relief for Taxpayers: CPC (TDS) Reprocesses TDS Returns for FY 2023-24

   07 June 2024 at 09:20

In a notable development, the Centralized Processing Cell (TDS) has reprocessed TDS returns for the fiscal year 2023-24, effectively removing short deduction demands.

Posted in Income Tax |   14295 Views

CBDT Amends Form 27Q: Introduces Note 7A for Lower/No TDS Information

   05 June 2024 at 08:57

CBDT has issued a new notification announcing further amendments to the Income-tax Rules, 1962. Officially termed the Income-tax (Sixth Amendment) Rules, 2024, these changes will take effect on July 1st, 2024.

Posted in Income Tax |   6009 Views

Larsen & Toubro Ltd Faces Rs 4.68 Crore Penalty by Income Tax Department

   04 June 2024 at 08:50

In a significant development, the Income Tax Department has levied a penalty of Rs 4,68,91,352 on Larsen & Toubro Ltd (L&T), as revealed in a recent regulatory filing. This penalty stems from tax proceedings related to the now-merged L&T

Posted in Income Tax |   285 Views

Income Tax Department Records Massive Seizure of Rs 1100 Crore During Lok Sabha Elections 2024

   01 June 2024 at 09:04

Income Tax Department has achieved a remarkable feat by seizing a staggering amount of Rs 1100 crore in cash and jewellery during the ongoing Lok Sabha elections, marking a remarkable 182% increase compared to the 2019 elections.

Posted in Income Tax |   3024 Views

Income Tax Department Unveils MAC Utility for Filing ITR 1 to ITR 4 for AY 2024-25

   01 June 2024 at 09:03

Income Tax Department has rolled out the much-awaited MAC utility for filing Income-tax Returns (ITRs) 1, 2, 3 and 4 for the AY 2024-25.

Posted in Income Tax |   375 Views

ITR-5: Online & Offline Utilities for AY 2024-25 Now Accessible

   01 June 2024 at 09:02

The Income Tax Department has made the ITR-5 form available for filing for the Assessment Year (AY) 2024-25. Taxpayers can now access both the offline and online utilities to submit their ITR-5 forms.

Posted in Income Tax |   198 Views