Income Tax News

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 | 106596 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 | 9072 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 | 6048 Views

CBDT introduces Tax Calculator for FY 2023-24

24 May 2023 at 08:41

CBDT released the Tax Calculator for FY 2023-24 (AY 2024-25).

Posted in Income Tax | 9036 Views

ITR-1 and ITR-4 e-Filing commences with prefilled data for AY 2023-24

23 May 2023 at 10:03

Taxpayers can now file returns for AY 2023-24 through Income Tax Return (ITR) forms ITR-1 and ITR-4 on the e-filing portal in online mode with prefilled data.

Posted in Income Tax | 23877 Views

Gameskraft case poses challenges for IT officials too

23 May 2023 at 08:46

It isn't just GST authorities who have run against a legal wall in their attempt to claim Rs 21,000 crore from Gameskraft. Even the income tax (I-T) department, which had issued notices to the company and over 10,000 gamers, is facing hurdles

Posted in Income Tax | 3204 Views

CBDT releases comprehensive guidelines for computing online gaming taxes

23 May 2023 at 08:44

Guidelines for the removal of difficulties under Section 194BA that deals with Winnings from Online Games

Posted in Income Tax | 6921 Views

Mumbai-based TV Producers face 3 months jail term for income tax delay

22 May 2023 at 08:29

A metropolitan magistrate court has convicted a television production company and its directors Yash Patnaik and Mamta Patnaik for not submitting ₹8.37 crore income tax.

Posted in Income Tax | 6687 Views

MSSC scheme exempted from TDS on interest earnings

22 May 2023 at 08:29

TDS (tax deducted at source) will not apply to interest earned on Mahila Samman Savings Certificate (MSSC), but interest income will be added to total income for tax calculation.

Posted in Income Tax | 5100 Views