Income Tax News

Income Tax: 3 changes to be effective from 1st July 2022

01 July 2022 at 08:41

Here is a look at three important income tax related changes that will come into effect from July 1, 2022.

Posted in Income Tax | 15363 Views

CBDT specifies Abu Dhabi based Seventy Second Investment Company LLC for Sec 10(23FE) exemption

29 June 2022 at 08:49

CBDT specifies the sovereign wealth fund, namely, Seventy Second Investment Company LLC as the specified person for the purposes of the said clause in respect of the investment made by it in India

Posted in Income Tax | 4503 Views

TDS under Sec 194S for transactions other than those taking place on or through an Exchange

29 June 2022 at 08:49

Order under section 119 of the Income-tax Act, 1961 (the Act) in relation to tax deduction at source under section 194S of the Act for transactions other than those taking place on or through an Exchange

Posted in Income Tax | 5397 Views

CBDT enabled e-filing of ITR-U for AY 2020-21 and AY 2021-22

28 June 2022 at 17:07

E-filing of Updated ITR u/s 139(8A) has been enabled for AY 2020-21 and AY 2021-22 using Excel utility for ITR 1 and 4.

Posted in Income Tax | 1 comments | 14172 Views

IRS officer Nitin Gupta appointed as new chairman of CBDT

28 June 2022 at 08:41

IRS officer Nitin Gupta has been appointed as the new CBDT chairman, a recent government order said.

Posted in Income Tax | 7758 Views

3 IT officials siphoned off crores through fictitious TDS refunds

27 June 2022 at 08:36

The Central Bureau of Investigation (CBI) has registered a case against three Income-Tax Department officials and nine beneficiaries for allegedly facilitating fraudulent refunds of Tax Deducted at Source (TDS).officials have been identif

Posted in Income Tax | 3 comments | 6546 Views

CBDT releases Format, Procedure and Guidelines for submission of Forms for Securities Transaction Tax

25 June 2022 at 08:32

Format, Procedure and Guidelines for submission of Form No. 1, Form No. 2 and Form No. 2A for Securities Transaction Tax (STT)

Posted in Income Tax | 4287 Views

CBDT notified new TDS Challan Forms 26QB, 26QC, 26QD, 26QE

23 June 2022 at 08:52

In exercise of the powers conferred by section 295 read with sections 194B, 194-IA, 194R, 194S and section 206AB of the IT Act, 1961, CBDT makes rules further to amend the Income-tax Rules, 1962

Posted in Income Tax | 13602 Views

CBDT issues guidelines for removal of difficulties under Section 194S of IT Act, 1961

23 June 2022 at 08:51

CBDT issued guidelines that will apply only in cases where transfer of VDA is taking place on or through an Exchange.

Posted in Income Tax | 6759 Views

IT Dept conducts searches in Rajasthan/Mumbai seizing unaccounted income in excess of Rs. 100 crore

22 June 2022 at 08:46

Income Tax Department carried out search and seizure operations on 16.06.2022 on a business group involved in retail and export sale of handicrafts, cash financing, purchase and sale of land and buildings, alongwith some bullion traders.

Posted in Income Tax | 4062 Views