Income Tax News

Banks directed to alert Income Tax Department on large Rs 2000 Deposits

29 May 2023 at 08:47

Banks will be required to notify the income tax department about large cash deposits of ₹2,000 currency notes above a threshold as part of the statement of financial transactions (SFT) they are mandated to submit to the tax authority annually.

Posted in Income Tax | 30363 Views

CBDT releases guidelines for compulsory selection of returns for complete scrutiny during FY 2023-24

27 May 2023 at 08:52

CBDT has issued the guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2023-24.

Posted in Income Tax | 13260 Views

MSME Ministry Allows Informal Micro Units to Opt-Out of Aadhaar Authentication

27 May 2023 at 08:47

The Ministry of MSME has made the Aadhaar authentication for informal micro units voluntary to encourage informal micro enterprises (IMEs) for Udyam registration to the benefits of priority sector lending (PSL).

Posted in Income Tax | 3261 Views

CBDT raises tax exemption limit on Leave Encashment to Rs 25 lakh for Non-Govt Salaried Employees

26 May 2023 at 08:47

In pursuance to the proposal in the Budget Speech, 2023, by the Hon'ble FM, the Central Government has notified the increased limit for tax exemption on leave encashment on retirement

Posted in Income Tax | 11421 Views

CBDT exempts investments from Angel Tax for 21 International Countries

26 May 2023 at 08:46

The Finance Ministry has notified 21 countries, including the US, UK and France, from where non-resident investment in unlisted Indian startups will not attract angel tax.

Posted in Income Tax | 3027 Views

IT Department introduces validation rules for e-filing of ITR-1, ITR-2 and ITR-4 for AY 2023-24

25 May 2023 at 08:47

Income Tax Department has issued Validation Rules dated May 23, 2023 (Version 1.0) w.r.t. e-filing of ITR-1, ITR-2 and ITR-4 for AY 2023-24.

Posted in Income Tax | 65934 Views

Excel utility for ITR-3 AY 2023-24 now available for e-filing

25 May 2023 at 08:46

For individuals and HUFs having income from profits and gains of business or profession

Posted in Income Tax | 3393 Views

PAN Card Compulsory for Deposits Exceeding Rs 50000 in Rs 2000 Notes

25 May 2023 at 08:44

If you deposit more than Rs 50,000 in a single transaction, then you have to mandatorily quote your PAN as per income tax rules.

Posted in Income Tax | 106518 Views

CBDT provides clarity on charitable and religious trust provisions

25 May 2023 at 08:43

CBDT vide Circular No. 6 of 2023 dated May 24, 2023 issued clarification regarding provisions relating to charitable and religious trusts.

Posted in Income Tax | 9042 Views

Income tax rules amended to ensure accurate taxation of online gaming winnings

24 May 2023 at 08:42

The Central Board of Direct Taxes (CBDT) has amended income tax rules to streamline and standardize the calculation and reporting of winnings from online gaming to improve tax compliance.

Posted in Income Tax | 6015 Views