Income Tax News
Income tax payments from senior citizens surpasses Rs. 1 lakh crore
10 April 2023 at 08:37There 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.
IT Department asks young man from Madhya Pradesh to pay tax of Rs 113 crore
08 April 2023 at 08:46A 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.
Income Tax dept has internal target to issue refunds in 7 days
07 April 2023 at 08:51The 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.
CA arrested for taking Rs 26 lakh bribe in name of IT officials
07 April 2023 at 08:50The Punjab Vigilance Bureau (VB) arrested a chartered accountant (CA) Ankush Sareen, a resident of Ludhiana, for taking a bribe of Rs 26 lakh from a man in the name of income tax officers based in Chandigarh.
CBDT | Employers to ask employees about preferred tax regime for deducting TDS from salary
06 April 2023 at 08:38The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly.
Income Tax Scanner on 89 High-Value Foreign Remittance Cases
05 April 2023 at 08:38The income tax department has identified 89 "high-risk foreign remittance" cases with suspected tax evasion of over Rs 100 crore each.
CBDT amends Section 10(26AAA) of IT Act 1961 by Finance Act 2023
05 April 2023 at 08:37Following the Hon'ble Supreme Court's decision in Writ Petition (C) No. 59/2013 with 1283/2021, certain amendments have been made in clause (26AAA) of section 10 of the Income-tax Act, 1961 by the Finance Act, 2023.
Direct tax collections for FY 2022-23 exceed budget estimate by nearly 17%
04 April 2023 at 08:33Direct Tax collections (provisional) for the Financial Year (FY) 2022-23 exceed the Union Budget Estimates by Rs 2.41 lakh crore i.e. by 16.97%
CBDT releases procedure, format and standards for e-filing of Form No. 15C/15D through TRACES
01 April 2023 at 08:47Procedure, format and standards for filling an application in Form No. 15C or Form No. 15D for grant of certificate for no-deduction of income-tax under sub-section (3) of section 195 of the Income Tax Act, 1961 through TRACES
Non-resident taxpayers without PAN can file Form 10F manually till 30th September
30 March 2023 at 08:40Non-residents not having PAN and not required to have it under the provisions of the Income-tax Act, 1961 to file Form 10F manually till 31st March 2023. The same has been further extended till 30th September 2023.
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