Income Tax News

Timeline for filing of modified returns in Form ITR-A u/s 170A extended till 31st March 2023

27 September 2022 at 08:35

CBDT has issued Order vide F. No. 370142/41/2022-TPL dated September 26, 2022 extends the timeline for filing of modified ITR in Form ITR-A by a successor company u/s 170A from September 30, 2022 to March 31, 2023.

Posted in Income Tax | 5856 Views

CBDT notified form ITR-A for filing of modified return by successor entity

21 September 2022 at 08:38

CBDT notifies the Income-tax (31st Amendment) Rules, 2022, to insert new IT Rule 12AD/ Form ITR-A regarding filing of Return of Income by a Successor Entity

Posted in Income Tax | 6387 Views

Gross Direct tax collection grows 30% to Rs 8.36 lakh crore in FY 2022-23

19 September 2022 at 08:28

The Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2022-23 stands at Rs. 8,36,225 crore compared to Rs. 6,42,287 crore

Posted in Income Tax | 1 comments | 2835 Views

CBDT issues revised guidelines for compounding of offences under IT Act 1961

18 September 2022 at 07:36

CBDT has taken steps and issued revised Guidelines for Compounding of offences under the Income-tax Act, 1961(the 'Act') dated 16.09.2022

Posted in Income Tax | 4407 Views

CBDT notifies Form 52A & Rule 121A to be furnished u/s 285B for producers of cinematograph films

16 September 2022 at 08:46

Form of statement to be furnished by producers of cinematograph films or persons engaged in specified activity.

Posted in Income Tax | 3786 Views

Banks exempted from 10% TDS for one-time loan settlements

15 September 2022 at 08:44

TDS won't be applicable on one-time loan settlement with borrowers/waiver of loan granted on reaching settlement with the borrowers by institutions such as public financial institutions, scheduled banks

Posted in Income Tax | 1 comments | 4698 Views

CBDT issued additional guidelines for removal of difficulties u/s 194R

14 September 2022 at 08:35

Additional Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961

Posted in Income Tax | 1 comments | 7362 Views

Withdrawal functionality of 15CB forms enabled at e-filing portal

11 September 2022 at 09:32

Withdrawal facility has now been enabled on the e-filing portal, facilitating the CAs to withdraw the 15CB forms by recording appropriate reasons, therein.

Posted in Income Tax | 5406 Views

Direct tax collection surges over 35% till 8th September 2022

10 September 2022 at 08:39

Direct Tax collections up to 8th September, 2022 show that gross collections are at Rs. 6.48 lakh crore, which is 35.46% higher than the gross collections for the corresponding period of last year.

Posted in Income Tax | 2985 Views

IT Department conducts searches on prominent business groups in Maharashtra

10 September 2022 at 08:39

The Income Tax Department carried out a search & seizure action on 25.08.2022 on two groups engaged in the business of sand mining, sugar manufacturing, road construction, healthcare, running of medical college etc.

Posted in Income Tax | 1695 Views