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Income Tax News

Income Tax Department Releases JSON Schema for ITR 1 and ITR 4 for AY 2024-25

   19 March 2024 at 09:04

The Income Tax Department has announced the release of JSON Schema for Income Tax Return (ITR) forms 1 and 4 for the Assessment Year 2024-25, corresponding to the Financial Year 2023-24.

Posted in Income Tax |   435 Views

CBDT Specifies Press Trust of India Limited for Tax Exemption u/s 10(22B) for AYs 2022-2023 to 2023-2024

   18 March 2024 at 09:12

CBDT has notified "The Press Trust of India Limited, New Delhi" for the purpose of Section 10(22B) of the Income Tax Act, providing the organization with tax exemption benefits for the assessment years 2022-2023 to 2023-2024.

Posted in Income Tax |   465 Views

CBDT Allows E-filing of Modified Returns for Successor Companies

   15 March 2024 at 09:05

CBDT has released an order dated March 13, 2024, in accordance with section 119 of the Income-tax Act, 1961, aimed at providing assistance to successor companies

Posted in Income Tax |   3039 Views

Delhi Woman Sentenced to 6 Months Jail for Failing to File Rs 2 Crore ITR

   12 March 2024 at 09:22

A woman was recently sentenced to six months in jail by a Delhi Court for failing to file an income tax return on an income of Rs two crores.

Posted in Income Tax |   1161 Views

Income Tax Department to Update AIS Following Market Securities Data Discrepancies

   12 March 2024 at 09:20

Based on feedback from taxpayers on the e-campaign for Advance Tax, the Department has identified certain inconsistencies in the data of the securities market (SFT-17) provided by one of the Reporting Entities.

Posted in Income Tax |   3582 Views

Income Tax Department To Mount Advance Tax E-campaign For FY 2023-24

   11 March 2024 at 09:03

As a part of taxpayer service initiative, the Department is undertaking an e-campaign, which aims to intimate such persons/entities of significant financial transactions,through email and SMS

Posted in Income Tax |   5331 Views

Govt Announces TDS Exemption for Certain Payments in IFSC Units w.e.f 1st April 2024

   09 March 2024 at 09:14

Effective from April 1, 2024, the exemption is poised to incentivize businesses to operate within the IFSC framework, fostering an environment conducive to growth and innovation in the financial services sector.

Posted in Income Tax |   5028 Views

CBDT Extends Due Date for Filing Form No. 26QE for FY 2022-23

   09 March 2024 at 09:12

In a move to provide relief to taxpayers, the Central Board of Direct Taxes (CBDT) has issued Circular No. 04/2024 dated March 07, 2024, announcing the ex-post facto extension of the due date for filing Form No. 26QE.

Posted in Income Tax |   4392 Views

Income Tax Department Issues Update On Option for Filing ITR-U u/s 139(8A)

   09 March 2024 at 09:11

The Income Tax Department unveiled a crucial update on March 7, 2024, pertaining to the submission of Updated Income Tax Returns (ITR) under section 139(8A) of the Income Tax Act 1961.

Posted in Income Tax |   4029 Views

CBDT Provides Clarity on Finance Act 2023 Provisions for Trust Donations

   07 March 2024 at 09:16

CBDT clarifies provisions under Finance Act 2023 relating to donations made by a trust/institution to another trust/institution for purposes of the application of income

Posted in Income Tax  1 comments |   4575 Views