Income Tax News

ITR of deceased can be considered computing annual income for grant of motor accident compensation

07 December 2022 at 09:40

The Supreme Court on Tuesday (6th Dec 2022) ruled that, while calculating annual income for grant of motor accident compensation, the courts can consider the Income Tax Return of the deceased.

Posted in Income Tax | 14529 Views

IT Department issues updated list of banks for tax payments

03 December 2022 at 08:39

List of banks for tax payments available at e-Pay Tax service at e-Filing Portal and OLTAS ePayment of Taxes at Protean (previously NSDL)

Posted in Income Tax | 10362 Views

IT department moves to resolve tax refund issues quickly

02 December 2022 at 08:39

The income-tax department has issued instructions to ensure taxpayer grievances about adjustment of tax dues against pending refunds are resolved quickly to check avoidable litigation.

Posted in Income Tax | 7056 Views

About Rs 400 crore tax deposited by filing updated ITRs so far

25 November 2022 at 08:41

The recently introduced provision of allowing taxpayers to update their tax returns has seen as many as 5 lakh re-filings with about ₹400 crore additional tax coming in, a senior government official said on Thursday.

Posted in Income Tax | 6720 Views

Verify Aadhaar before accepting it as a proof of identity: UIDAI

24 November 2022 at 16:48

Before accepting an Aadhaar either in physical or electronic form for establishing identity of an individual, entities should verify the Aadhaar.

Posted in Income Tax | 8778 Views

IT department conducts 40 raids across Tamil Nadu alleging tax evasion

24 November 2022 at 08:41

The Income Tax department started to conduct surprise raids on goods suppliers to Public Distribution System (PDS) shops in Tamil Nadu on Wednesday.

Posted in Income Tax | 7059 Views

IT Dept detects unaccounted transactions exceeding Rs. 100 crore in Bihar

23 November 2022 at 08:49

Income Tax Department initiated a Search & Seizure action on few groups engaged in the business of gold & diamond jewellery and real estate, on 17.11.2022.

Posted in Income Tax | 3672 Views

Petitioner seeks tax exemption for persons earning below Rs 8 lakh, citing EWS criteria

23 November 2022 at 08:49

Kunnur Seenivasan, a Dravida Munnetra Kazhagam (DMK) functionary, has filed a petition with the Madurai Bench of the Madras High Court on the ground of the recent Supreme Court ruling regarding the Economically Weaker Section (EWS) reservation. Seeni

Posted in Income Tax | 6255 Views

Several FPIs, AIFs get tax notice for errors in returns

22 November 2022 at 08:34

The Income Tax Department has sent notices to dozens of foreign portfolio investors (FPIs) and alternative investment funds (AIFs), flagging discrepancies in their tax returns.

Posted in Income Tax | 5532 Views

IT Department detects unaccounted income of more than Rs. 1300 crore in Karnataka

18 November 2022 at 15:15

Income Tax Department initiated Search & Seizure actions on 20.10.2022 and 02.11.2022 on certain individuals who had executed Joint Development Agreements (JDAs) with various real-estate developers.

Posted in Income Tax | 7380 Views