Income Tax News
ITR-1 and ITR-4 e-Filing commences with prefilled data for AY 2023-24
23 May 2023 at 10:03Taxpayers 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.
Gameskraft case poses challenges for IT officials too
23 May 2023 at 08:46It 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
CBDT releases comprehensive guidelines for computing online gaming taxes
23 May 2023 at 08:44Guidelines for the removal of difficulties under Section 194BA that deals with Winnings from Online Games
MSSC scheme exempted from TDS on interest earnings
22 May 2023 at 08:29TDS (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.
Mumbai-based TV Producers face 3 months jail term for income tax delay
22 May 2023 at 08:29A 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.
TCS Exempted for Small Debit and Credit Card Transactions Abroad up to Rs 7 Lakh
20 May 2023 at 07:04Clarification regarding applicability of Tax Collection at Source to small Debit/Credit Transactions under LRS
CBDT's Proposed Alterations to Rule 11UA on Angel Tax and Excluded Entities
20 May 2023 at 07:07CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities
FAQs w.r.t. TCS on foreign remittance through Liberalised Remittance Scheme
19 May 2023 at 08:40The e-Gazette notification dated May 16, 2023 omits Rule 7 of the FEM(CAT) Rules, 2000. Here are the Frequently Asked Questions ("FAQs") w.r.t. Tax Collection at Source (TCS) on foreign remittance through the Liberalised Remittance Scheme.
RBI includes International Credit Card usage in LRS, mandates 20% TCS w.e.f 1st July 2023
19 May 2023 at 08:38Spending in foreign exchange through international credit cards will be covered under the RBI's LRS, under which a resident can remit money abroad up to a maximum of $2.50 lakh per annum without the authorisation of the Reserve Bank
IT department launches raids on edible oil business group in West Bengal and Assam
17 May 2023 at 08:47Income Tax Department conducted search and seizure operations on a business group operating largely in North Bengal region of the State of West Bengal.
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