Income Tax News

CBDT clarifies taxability of non-resident investor's offshore income via AIF

13 July 2023 at 08:48

CBDT has recently issued Circular 12/2023, dated 12 July 2023, aiming to provide much-needed clarification on the taxability of income earned by non-resident investors from offshore investments made through an Alternative Investment Fund (AIF).

Posted in Income Tax | 8892 Views

Income Tax Dept Sets Target of 50 Cases per AO for Survey and Online TDS Verification

11 July 2023 at 08:47

The Income Tax Department of India has recently announced a new target for its Assessing Officers to conduct surveys and online verification of Tax Deducted at Source (TDS) in 50 cases each

Posted in Income Tax | 19485 Views

Direct Tax Collections Surge by 14.65% in FY 2023-24

11 July 2023 at 08:46

Provisional figures of Direct Tax collections for FY 2023-24 register steady growth upto 9th July 2023

Posted in Income Tax | 2133 Views

Non-Linking of PAN with Aadhaar can incur a penalty of Rs 6000 for ITR Filing

10 July 2023 at 08:51

If you do not link your PAN with Aadhaar before July 31, 2023, and your PAN becomes inoperative, you may end up paying a late filing fee of Rs. 5,000 and file a belated ITR

Posted in Income Tax | 36819 Views

Income Tax Dept launches 'Know Your Refund Status' on e-filing Portal

08 July 2023 at 16:39

Income Tax Department has now launched a new functionality called "Know Your Refund Status" on the e-filing portal that allows users to check their refund status directly from the portal itself

Posted in Income Tax | 62337 Views

IT Dept discovers incorrect returns by Andhra Pradesh Govt & Tech Employees

08 July 2023 at 08:55

The Income Tax department in Andhra Pradesh has found that a large number of government and tech company employees in the state have claimed incorrect tax deductions and exemptions.

Posted in Income Tax | 35205 Views

PAN Status Now Visible on Form 26AS for Easy Reference

07 July 2023 at 08:56

In the recently updated Form 26AS, the current status of the Permanent Account Number ("PAN") now indicates the linkage with Aadhaar.

Posted in Income Tax | 10221 Views

IT dept unearths undisclosed financial transactions worth over Rs 2000 crore in Chennai

06 July 2023 at 08:47

According to a report, the I&CI wing of the Income Tax Department (ITD) has unearthed undisclosed financial transactions worth over ₹2,000 crore during a verification at the sub-registrar office in Red Hills, Chennai.

Posted in Income Tax | 7644 Views

IT Department Conducts Verification of Reporting Entities

03 July 2023 at 08:59

The Income-Tax Department has been focusing its efforts on promoting voluntary compliance. In this endeavour, information is received about financial transactions of taxpayers from Reporting Entities,

Posted in Income Tax | 3450 Views