Income Tax News
IT Department Appeals to Bombay HC Against LIC in Rs 5K crore Tax Cases
19 October 2023 at 08:44LIC is currently grappling with an appeal filed by the IT Authority with the Bombay HC, challenging the Income Tax Appellate Tribunal's recent decision to grant the insurance giant tax relief in two disputes, totaling a significant Rs 4,993 crore.
ITR Refund Processing Deadline Extended to January 31, 2024 for AY 2017-18
18 October 2023 at 09:14The Central Board of Direct Taxes (CBDT) has extended the time limit for processing validly filed income tax returns (ITRs) up to assessment year (AY) 2017-18 with refund claims until January 31, 2024.
CBDT Grants IFSC Units Form 15CA Exemption and Introduces Form 15CD for Quarterly Reporting
18 October 2023 at 09:11CBDT vide Notification No. 89/2023 dated October 16, 2023 has amended Rule 37BB of the Income Tax Rules, 1962 to exempt IFSC units from furnishing Part D of Form 15CA for non-taxable remittances.
ITRs Nearly Double in Nine Years, Signifying Remarkable Growth
17 October 2023 at 08:4174.6 Million PIT Returns Filed in FY23, Showcasing Remarkable Growth Since FY15
Income Tax Department Conducts Search and Seizure Operation In J&K
13 October 2023 at 08:47Income 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.
CBDT Grants Form 60 Exemption for Non-Resident Individuals and Foreign Firms in India
12 October 2023 at 09:02The Income-tax (Twenty-fourth Amendment) Rules, 2023 were notified on October 10, 2023, by the Central Board of Direct Taxes (CBDT).
Direct Tax Collections Surge by Nearly 18% in FY 2023-24
11 October 2023 at 08:36Direct Tax Collections for F.Y. 2023-24 up to 9th October, 2023 show an increase over comparable period of last year
Madras High Court Adjourns Actor Vijay's Writ Petition Against Income Tax Penalty
10 October 2023 at 16:27The 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.
Income Tax Department's E-Flyer Urges Public to Avoid Cash Transactions, Clarifies Transaction Limits
10 October 2023 at 08:51In 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.
Clarification on Audit Report Requirements for Substantial Contributors in AY 2023-24
10 October 2023 at 08:50In 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.
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