Income Tax News

Form 52A made available for filing

17 April 2023 at 08:33

Form 52A is now available for filing vide Notification No.109/2022 dated 14th September 2022.

Posted in Income Tax | 10338 Views

Income Tax Dept enabled Download Statement option for Form 26QB Payment

15 April 2023 at 06:41

The Income Tax Department has enabled the Download Statement option for Form 26QB Payment on the income tax e-filing portal.

Posted in Income Tax | 12435 Views

CBDT releases Direct Tax Statistics as updated upto FY 2021-22

14 April 2023 at 07:25

In continuation of its efforts to place more and more information in public domain, the CBDT has further released Time-Series data as updated upto F.Y. 2021-22...

Posted in Income Tax | 5445 Views

JSON Schema released for ITR 1 and ITR 4 for AY 2023-24 (FY 2022-23)

12 April 2023 at 08:32

The Income Tax Department has released JSON Schema ITR 1 and ITR 4 for AY 2023-24 (FY 2022-23)ITR 1: For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house pro

Posted in Income Tax | 14184 Views

IT dept conducts searches at cooperative banks in Karnataka over tax evasion

12 April 2023 at 08:29

Income Tax Department commenced a Search & Seizure operation in the case of some Cooperative Banks, in the State of Karnataka, on 31.03.2023.

Posted in Income Tax | 5250 Views

CBDT notifies 348 as Cost Inflation Index for FY 2023-24

11 April 2023 at 08:37

CBDT notified the Cost Inflation Index for FY 2023-24 as 348.

Posted in Income Tax | 19494 Views

Supreme Court: Erroneous order of AO causing prejudice to revenue is revisable by CIT

10 April 2023 at 10:08

The Supreme Court has held that the Commissioner of Income Tax can exercise revision powers under Section 263 of the Income Tax Act over the orders of the Assessing Officer which cause prejudice to the interest of the revenue.The Top Court set aside

Posted in Income Tax | 4245 Views

Income tax payments from senior citizens surpasses Rs. 1 lakh crore

10 April 2023 at 08:37

There has been a surprising surge in income tax payments from senior citizens during the past year, lifting the overall tax collections from the 60+ population by as much as 61.5% from pre-COVID levels to surpass ₹1 lakh crore.

Posted in Income Tax | 3693 Views

IT Department asks young man from Madhya Pradesh to pay tax of Rs 113 crore

08 April 2023 at 08:46

A man from MP's Bhind, who earns Rs 58,000 per month, has received yet another notice from the income-tax department demanding him to pay Rs.113 crore in taxes for alleged Rs.132 crore transactions in his account in 2011-12.

Posted in Income Tax | 9294 Views

Income Tax dept has internal target to issue refunds in 7 days

07 April 2023 at 08:51

The Income Tax department has been given an internal target of issuing refunds within a period of seven days. This came up during the process of drafting the budget.

Posted in Income Tax | 3927 Views