Income Tax News

Income Tax dept has internal target to issue refunds in 7 days

07 April 2023 at 08:51

The Income Tax department has been given an internal target of issuing refunds within a period of seven days. This came up during the process of drafting the budget.

Posted in Income Tax | 3903 Views

CA arrested for taking Rs 26 lakh bribe in name of IT officials

07 April 2023 at 08:50

The Punjab Vigilance Bureau (VB) arrested a chartered accountant (CA) Ankush Sareen, a resident of Ludhiana, for taking a bribe of Rs 26 lakh from a man in the name of income tax officers based in Chandigarh.

Posted in Income Tax | 13476 Views

CBDT | Employers to ask employees about preferred tax regime for deducting TDS from salary

06 April 2023 at 08:38

The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly.

Posted in Income Tax | 8355 Views

Income Tax Scanner on 89 High-Value Foreign Remittance Cases

05 April 2023 at 08:38

The income tax department has identified 89 "high-risk foreign remittance" cases with suspected tax evasion of over Rs 100 crore each.

Posted in Income Tax | 7698 Views

CBDT amends Section 10(26AAA) of IT Act 1961 by Finance Act 2023

05 April 2023 at 08:37

Following the Hon'ble Supreme Court's decision in Writ Petition (C) No. 59/2013 with 1283/2021, certain amendments have been made in clause (26AAA) of section 10 of the Income-tax Act, 1961 by the Finance Act, 2023.

Posted in Income Tax | 8991 Views

Direct tax collections for FY 2022-23 exceed budget estimate by nearly 17%

04 April 2023 at 08:33

Direct Tax collections (provisional) for the Financial Year (FY) 2022-23 exceed the Union Budget Estimates by Rs 2.41 lakh crore i.e. by 16.97%

Posted in Income Tax | 2481 Views

CBDT releases procedure, format and standards for e-filing of Form No. 15C/15D through TRACES

01 April 2023 at 08:47

Procedure, format and standards for filling an application in Form No. 15C or Form No. 15D for grant of certificate for no-deduction of income-tax under sub-section (3) of section 195 of the Income Tax Act, 1961 through TRACES

Posted in Income Tax | 8901 Views

Non-resident taxpayers without PAN can file Form 10F manually till 30th September

30 March 2023 at 08:40

Non-residents not having PAN and not required to have it under the provisions of the Income-tax Act, 1961 to file Form 10F manually till 31st March 2023. The same has been further extended till 30th September 2023.

Posted in Income Tax | 10155 Views

TDS on virtual digital assets aggregates to Rs 157.9 crore for FY 2022-23

29 March 2023 at 08:44

Direct tax deducted at source from transfer of Virtual digital Assets aggregates to Rs. 157.9 crore upto 20th March 2023 for FY 2022-23

Posted in Income Tax | 5187 Views

Last date for linking of PAN-Aadhaar extended to 30th June 2023

28 March 2023 at 15:10

In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been extended to 30th June, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions.

Posted in Income Tax | 40677 Views