Income Tax News

Govt unveils Vivad se Vishwas II Scheme for Pending Contract Disputes

31 May 2023 at 08:56

Ministry of Finance has issued Office Memorandum vide No.F.1/7/2022-PPD dated May 29, 2023 has decided to implement a one-time settlement scheme called "Vivad se Vishwas II (Contractual Disputes)"

Posted in Income Tax | 6333 Views

Income Tax Department Tightens Grip on Companies' Advance Tax Payments

30 May 2023 at 08:41

The income tax department is closely monitoring advance tax payments by scrutinising companies' annual and quarterly balance sheets

Posted in Income Tax | 4191 Views

Govt's push to align TCS with TDS: Insights from Chief Economic Advisor

29 May 2023 at 08:50

The government is attempting to link tax collected at source for payments made by individuals with tax deducted from their income sources, a move that will help in ensuring cash flows of the individual taxpayers are not impacted

Posted in Income Tax | 9486 Views

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 | 30396 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 | 13305 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 | 3288 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 | 11466 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 | 3060 Views