Income Tax News
Income Tax Department Enables Online Filing for Form I SWF
05 March 2024 at 14:58The Income Tax Department released an update notifying taxpayers of the enabling of online filing for Form I SWF.
Income Tax Department Urges Taxpayers to File ITR-U for AY 2021-22 by 31st March 2024
05 March 2024 at 09:01Last date for filing of updated returns (ITR-U) for A.Y. 2021-22 (i.e. for F.Y. 2020-21) is 31.03.2024
Finance Ministry Expected to Delay 45-Day Payment Rule for MSMEs Until April 2025
05 March 2024 at 08:57Sources reveal that the Finance Ministry is contemplating a deferment of the enforcement of Rule 43B (h) under the Income Tax Act, which necessitates payments to micro, small, and medium enterprises (MSMEs) within 45 days.
CBDT Notifies ITR-7 Form for AY 2024-25
04 March 2024 at 09:09The Central Board of Direct Taxes (CBDT) has recently announced the notification of Income-tax Return (ITR) Form 7 for the Assessment Year (AY) 2024-25, completing the suite of forms necessary for taxpayers to file their returns.
CBDT Allows Processing of E-Filed ITRs for Refunds Beyond Deadline in Non-Scrutiny Cases
02 March 2024 at 14:02Processing of returns of income validly filed electronically with refund claims under section 143(1) of the Income-tax Act, 1961 beyond the prescribed time limits in non-scrutiny cases
Taxpayers from Bengaluru Recognized by FM Sitharaman for Economic Contributions
02 March 2024 at 09:18Union Finance Minister Nirmala Sitharaman lauded the contributions of Bengaluru taxpayers towards building a robust and prosperous India during her visit to the city on Wednesday.
Supreme Court's 9-Judge Bench Initiates Landmark Hearing on Royalty's Tax Status in Mining Leases
02 March 2024 at 09:17On February 27, the Supreme Court's 9-judge Constitution Bench embarked on hearings to address intricate issues pertaining to the taxation of mineral-bearing lands. C
Paytm Payments Bank Hit With Rs 5.49 Crore Fine Over Money Laundering Breach
02 March 2024 at 09:13Financial Intelligence Unit-India (FIU-IND) imposes penalty of Rs. 5,49,00,000 on Paytm Payments Bank Ltd with reference to violations of its obligations under PMLA
Finance Ministry Considers Adjustment to 45-Day Payment Rule for MSMEs
29 February 2024 at 09:04The Finance Ministry is deliberating over potential adjustments to a newly proposed income tax rule requiring business enterprises to settle payments to micro, small, and medium enterprises (MSMEs) within 45 days.
Income Tax Department Unveils User Guide for Responding to Notices under e-Verification Scheme, 2021
28 February 2024 at 09:11The Directorate of Income Tax (Systems) has unveiled Version 3.0.0 of the User Guide for Submitting Response to Notices and Letters Received under the e-Verification Scheme, 2021.
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