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Income Tax News

Income Tax Department Sets April 30 Deadline for Pending Refunds Approval

   10 April 2024 at 08:59

In a significant relief for taxpayers awaiting their income tax refunds, the Income Tax Department has announced a deadline of April 30 for the approval of pending refunds.

Posted in Income Tax |   5658 Views

CBDT Directs Officers to Identify Top 30 TDS Shortfall Cases by 30th June

   10 April 2024 at 08:58

In a recent directive from the Central Board of Direct Taxes (CBDT), income tax officers have been mandated to scrutinize the top 30 cases of short payment concerning tax deducted at source (TDS).

Posted in Income Tax  1 comments |   4917 Views

CBDT Releases Interim Action Plan for FY 2024-25

   09 April 2024 at 09:06

The Circular issued by the CBDT delineates a comprehensive Interim Action Plan tailored for the Financial Year 2024-25.

Posted in Income Tax |   5373 Views

CBDT clarifies on media reports claiming special drive to reopen cases with reference to HRA claims

   09 April 2024 at 09:04

There is no special drive to re-open cases of mismatch, and media reports alleging that large-scale re-opening is being undertaken by the CBDT are completely misplaced

Posted in Income Tax |   2763 Views

New Forms Released for Aircraft and Ship Leasing Businesses, Including Dividend Exemption

   06 April 2024 at 15:52

New Form-1 (Aircraft Leasing business), Form -1 {Dividend exempt u/s 10(34B)}, Form-1 (Ship Leasing Business), Form-10IEA, Form-10IFA & Form-3AF are released.

Posted in Income Tax |   207 Views

Kanpur Man Arrested for Posing as Income Tax Officer to Hide Unemployment

   05 April 2024 at 14:33

A 24-year-old man from Nai Basti, identified as Ritesh Sharma, found himself in police custody on Wednesday for allegedly posing as an Income Tax officer.

Posted in Income Tax |   2433 Views

CBDT Enables Functionalities to File ITRs for AY 2024-25 w.e.f 1st April 2024

   05 April 2024 at 09:01

The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards.

Posted in Income Tax  1 comments |   3924 Views

Infosys Faces Rs 341 Crore Tax Demand for AY 2020-21

   03 April 2024 at 09:03

Infosys, the renowned IT services company, disclosed receiving a substantial tax demand from the Income Tax Department, amounting to Rs 341 crore for the assessment year 2020-21.

Posted in Income Tax |   3168 Views

CBDT Sets 30-Day Verification Deadline for Income Tax Returns from 1st April 2024

   03 April 2024 at 09:02

CBDT has issued a significant notification, No. 2 of 2024, dated March 31, 2024, pertaining to the time limit for verifying income tax returns after uploading. ..

Posted in Income Tax |   6534 Views

Income Tax Department Unearths Massive PAN Misuse in Fake HRA Claims

   02 April 2024 at 09:13

The Income tax department has uncovered a sophisticated scam involving the fraudulent exploitation of PAN to claim HRA without actual tenancy.

Posted in Income Tax |   11133 Views