Income Tax News

IT dept unearths undisclosed financial transactions worth over Rs 2000 crore in Chennai

06 July 2023 at 08:47

According to a report, the I&CI wing of the Income Tax Department (ITD) has unearthed undisclosed financial transactions worth over ₹2,000 crore during a verification at the sub-registrar office in Red Hills, Chennai.

Posted in Income Tax | 7560 Views

IT Department Conducts Verification of Reporting Entities

03 July 2023 at 08:59

The Income-Tax Department has been focusing its efforts on promoting voluntary compliance. In this endeavour, information is received about financial transactions of taxpayers from Reporting Entities,

Posted in Income Tax | 3309 Views

Excel Utility for ITR-7 AY 2023-24 Now Accessible for Filing

03 July 2023 at 08:58

Excel utility of ITR-7 for AY 2023-24 is available for filing. You can download it from the Income Tax Department website.

Posted in Income Tax | 5523 Views

CBDT issues circular to ease implementation of TCS changes for LRS and Overseas Tour Packages

01 July 2023 at 08:52

CBDT (Central Board of Direct Taxes) issued a Circular on June 30, 2023 to remove difficulty in the implementation of changes relating to TCS on LRS and on purchase of overseas tour program package.

Posted in Income Tax | 7875 Views

IT Department Busts Multi-Crore Tax Refund Scam in Hyderabad

01 July 2023 at 08:51

The income tax department has busted a Rs 40 crore tax refund scam in Hyderabad. The scam involved eight tax consultants, several employees of the railways and police department, and several technology companies in Hyderabad and Vijayawada.

Posted in Income Tax | 15972 Views

TDS/TCS Filing Deadline Extended to 30th Sept for First Quarter of FY 2023-24

29 June 2023 at 08:56

CBDT extends the time limits for submission of certain TDS/TCS Statements. Due date for filing of TDS/TCS statements in Form Nos. 26Q, 27Q & 27EQ for first quarter of FY 2023-24 has been extended to 30th September, 2023.

Posted in Income Tax | 19986 Views

IT Department Cracks Down on Tax-Evading Influencers, Sends Notices to 15

29 June 2023 at 08:54

The Income Tax Department has been cracking down on social media influencers who have been flaunting their overseas holidays and luxury shopping on social media, but paying zero or "substantially low" tax.

Posted in Income Tax | 14163 Views

New TCS rates for LRS remittances to apply from 1st Oct 2023

29 June 2023 at 08:54

No change in rate of TCS for all purposes under LRS and for overseas travel tour packages, regardless of mode of payment, for amounts up to Rs. 7 lakh per individual per annum Government gives more time for implementation of revised TCS rates

Posted in Income Tax | 7794 Views

Over 1 Crore ITRs Submitted in Record Time, Outpacing Previous Year's Figure

28 June 2023 at 08:52

Over 1 crore ITRs have been filed till 26th June this year compared to 1 crore ITRs filed till 8th of July last year.

Posted in Income Tax | 2097 Views

CBDT implements amendments to rules governing institutions, trusts and funds

26 June 2023 at 08:35

The Income-tax (Eleventh Amendment) Rules, 2023 were notified by the Central Board of Direct Taxes on June 23, 2023. The amendments made by these rules are applicable from October 1, 2023.

Posted in Income Tax | 12435 Views