Income Tax News

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 | 471 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 | 696 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 | 15888 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 | 7050 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 | 798 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 | 3444 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 | 930 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 | 681 Views

State Government Employees Protest Against Flawed Tax Deduction System for Opting Old Regime

31 May 2024 at 09:06

In a significant demonstration of discontent, over 50 employees of the Tamil Nadu Arasu Uzhiyargal Sangam gathered outside the Department of Treasuries and Accounts office in Saidapet on Wednesday.

Posted in Income Tax | 2568 Views

FM Sitharaman: Section 43B may be reverted if MSMEs Accept Delayed Payments Over 45 Days

30 May 2024 at 08:46

In a significant development for Micro, Small, and Medium Enterprises (MSMEs), Finance Minister Nirmala Sitharaman announced on Tuesday that the government is open to repealing the recent changes to Section 43B of the Income Tax Act.

Posted in Income Tax | 1 comments | 26079 Views