Income Tax News

CBDT Sets New Rules for Calculating Income from Life Insurance Premiums Above Rs 5 Lakh

17 August 2023 at 08:57

Central Board of Direct Taxes (CBDT) notified Rule 11UACA on August 16, 2023, for tax calculation on life insurance policy amounts under section 56(2)(xiii) of the Income Tax Act, 1961 (the IT Act).

Posted in Income Tax | 18561 Views

CBDT Seeks Public Input on Proposed Changes to Form No. 6C

17 August 2023 at 08:56

CBDT has invited suggestions/comments on the draft Form No. 6C from stakeholders and general public. The deadline for submitting suggestions/comments is August 31, 2023.

Posted in Income Tax | 6885 Views

Income Tax Department Raises Alarm Over Surge in Deceptive Messages Targeting Taxpayers

16 August 2023 at 08:41

The Income Tax Department has warned the public about a surge in fraudulent messages circulating, aimed at deceiving taxpayers into providing sensitive information.

Posted in Income Tax | 7857 Views

Rs 15,000 Crore Alleged Tax Evasion by Insurance Firms Uncovered

16 August 2023 at 08:41

The Income Tax department has completed its investigation into several insurance companies and uncovered alleged tax evasion amounting to more than Rs 15,000 crore (Indian rupees).

Posted in Income Tax | 3750 Views

Direct Tax Collections Reach Rs. 6.53 Lakh Crore, Marking 15.73% Growth by Aug 10, 2023

12 August 2023 at 08:46

The provisional figures of Direct Tax collections up to 10th August, 2023 continue to register steady growth. Direct Tax collections up to 10th August, 2023

Posted in Income Tax | 1587 Views

CBDT Extends Applicability of Transfer Pricing Safe Harbour Rules Until AY 2023-24

11 August 2023 at 08:46

The CBDT has extended the applicability of Rule 10TD(1) and Rule 10(2A) of the IT Rules, 1962, which are the Transfer Pricing Safe Harbour Rules, until the Assessment Year 2023-24.

Posted in Income Tax | 1 comments | 10815 Views

CBDT Unveils New Guidelines for Comprehensive Scrutiny of Tax Returns in FY 2023-24

10 August 2023 at 09:02

Central Board of Direct Taxes (CBDT) issued guidelines on August 3, 2023 for the mandatory selection of returns for comprehensive scrutiny in the financial year 2023-24.

Posted in Income Tax | 12006 Views

BCCI's Income Tax Payment Surges to Rs 1159 Crore, Mirrors Revenue Growth

09 August 2023 at 08:57

The Board of Control for Cricket in India (BCCI), the apex governing body for cricket in the country, made a substantial contribution to the nation's finances during the 2021-22 fiscal year.

Posted in Income Tax | 7134 Views

Fake Alert: No Approval for Rs 15,490 Income Tax Refund, Authorities Confirm

05 August 2023 at 08:57

Recently, a viral message surfaced claiming that a recipient has been approved for an income tax refund of ₹ 15,490. This message is FAKE.

Posted in Income Tax | 51621 Views

Income Tax Dept Raids Kalpataru Group Premises in Multiple States

05 August 2023 at 08:54

Income Tax department raided several premises of Kalpataru Group on August 4, 2023. The searches were conducted at around 30 premises in four states, including Maharashtra, Gujarat, Rajasthan, and Karnataka.

Posted in Income Tax | 7617 Views