Income Tax News
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.
Income Tax Department to Refund Rs 190 Crore with Interest to Vedanta for AY 2021-22
09 October 2023 at 08:37In 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.
CBDT Gears Up for Special Campaign 3.0 Swachhata Goals
06 October 2023 at 08:53CBDT builds momentum to achieve Special Campaign 3.0 Swachhata targets
Income Tax Department Imposes Rs 84 Crore Penalty on LIC, Corporation to Appeal
04 October 2023 at 08:54In 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.
CBDT Chairman Nitin Gupta Granted 9-Month Tenure Extension
03 October 2023 at 08:44The Union government has granted a nine-month extension to Nitin Gupta, who is the Chairperson of the Central Board of Direct Taxes (CBDT).
Income Tax Department Receives Over 30 Lakh Audit Reports till 30th September, 2023
03 October 2023 at 08:41More than 30 lakh Audit Reports filed on Income Tax Department's e-filing portal till 30th September, 2023
TAAI Urges Government to Abolish TCS Ahead of October 1 Deadline
30 September 2023 at 09:01The Travel Agents Association of India (TAAI) has made a plea to the Indian government to reconsider or delay the implementation of the Tax Collection at Source (TCS) on foreign remittances, which is set to become applicable from October 1.
New CBDT Form 6D Introduced for Inventory Valuation Reporting u/s 142(2A)
29 September 2023 at 08:58The Income-tax (Twenty-Second Amendment) Rules, 2023 were notified by the Central Board of Direct Taxes (CBDT) on September 27, 2023.
CBDT Issues Streamlined Procedure for Income Tax Deduction Certificates Through TRACES
28 September 2023 at 08:50Procedure, format and standards for filling an application for grant of certificate under sub-rule (4) and its proviso of Rule 28AA of Income Tax Rules, 1962
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