Income Tax News

Income Tax Department Conducts Search and Seizure Operation In J&K

13 October 2023 at 08:47

Income Tax Department conducted a search and seizure operation in the Kashmir Valley on a prominent business group, engaged in various sectors namely, Cement, Steel, Glass, Plywood, Real Estate, Tourism, Textiles and Healthcare, etc.

Posted in Income Tax | 2211 Views

CBDT Grants Form 60 Exemption for Non-Resident Individuals and Foreign Firms in India

12 October 2023 at 09:02

The Income-tax (Twenty-fourth Amendment) Rules, 2023 were notified on October 10, 2023, by the Central Board of Direct Taxes (CBDT).

Posted in Income Tax | 7203 Views

Direct Tax Collections Surge by Nearly 18% in FY 2023-24

11 October 2023 at 08:36

Direct Tax Collections for F.Y. 2023-24 up to 9th October, 2023 show an increase over comparable period of last year

Posted in Income Tax | 2655 Views

Madras High Court Adjourns Actor Vijay's Writ Petition Against Income Tax Penalty

10 October 2023 at 16:27

The Madras High Court, on Tuesday, deferred its decision on the writ petition filed by popular actor C. Joseph Vijay against the Income Tax Department's penalty order.

Posted in Income Tax | 8769 Views

Income Tax Department's E-Flyer Urges Public to Avoid Cash Transactions, Clarifies Transaction Limits

10 October 2023 at 08:51

In a move aimed at promoting transparency and discouraging the use of cash transactions in financial dealings, the Income Tax Department has recently released an informative E-Flyer.

Posted in Income Tax | 20367 Views

Clarification on Audit Report Requirements for Substantial Contributors in AY 2023-24

10 October 2023 at 08:50

In a significant development, the Central Board of Direct Taxes (CBDT) issued Circular No. 17/2023 on October 09, 2023, shedding light on crucial audit report requirements under Section 119 of the Income-tax Act, 1961.

Posted in Income Tax | 16875 Views

Income Tax Department to Refund Rs 190 Crore with Interest to Vedanta for AY 2021-22

09 October 2023 at 08:37

In a significant development, the Income Tax department has announced its decision to refund Rs 190 crore to the Anil Agarwal-controlled mining conglomerate Vedanta, along with accrued interest, for the assessment year 2021-22.

Posted in Income Tax | 29202 Views

CBDT Gears Up for Special Campaign 3.0 Swachhata Goals

06 October 2023 at 08:53

CBDT builds momentum to achieve Special Campaign 3.0 Swachhata targets

Posted in Income Tax | 5292 Views

Income Tax Department Imposes Rs 84 Crore Penalty on LIC, Corporation to Appeal

04 October 2023 at 08:54

In a significant development, the Income Tax Department has levied a substantial penalty of Rs 84 crore on the Life Insurance Corporation (LIC) relating to three assessment years.

Posted in Income Tax | 28155 Views