Income Tax News

TDS on virtual digital assets aggregates to Rs 157.9 crore for FY 2022-23

29 March 2023 at 08:44

Direct tax deducted at source from transfer of Virtual digital Assets aggregates to Rs. 157.9 crore upto 20th March 2023 for FY 2022-23

Posted in Income Tax | 5211 Views

Last date for linking of PAN-Aadhaar extended to 30th June 2023

28 March 2023 at 15:10

In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been extended to 30th June, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions.

Posted in Income Tax | 40773 Views

10 new income tax rules w.e.f 1st April 2023 for taxpayers

28 March 2023 at 08:45

There are many changes in the income tax rules effective from this financial year

Posted in Income Tax | 1 comments | 24702 Views

FM moves amendment to Finance Bill in Parliament to correct STT rate

28 March 2023 at 08:44

Finance minister Nirmala Sitharaman on Monday moved an amendment to the Finance Bill in Rajya Sabha to correct the figures with regard to rate of Security Transaction Tax (STT) to be levied on sale of options as well as futures.

Posted in Income Tax | 4440 Views

Use of data analytics, big data and AI/ML in tax administration to make it more effective

28 March 2023 at 08:40

Both direct and indirect tax departments employ data analytics, big data and Artificial Intelligence/Machine Learning in tax administration to make it more effective, free of official discretion, business and taxpayers friendly

Posted in Income Tax | 5562 Views

Individual taxpayers with income marginally over Rs 7 lakh to get relief under new tax regime

27 March 2023 at 08:39

The government has provided additional relief to taxpayers under the new income tax regime by tweaking it so that those earning over the tax-free limit of Rs 7 lakh per annum

Posted in Income Tax | 9708 Views

TDS on all winnings from online gaming to come into effect from 1st April

27 March 2023 at 08:38

The TDS or tax deducted at source on online gaming applications will now be effective from 1 April, 2023 as against an earlier provision of 1 July, 2023.

Posted in Income Tax | 6657 Views

Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS

27 March 2023 at 08:38

Credit card payments for foreign travel will be brought under Reserve Bank’s Liberalised Remittance Scheme (LRS) to ensure that such expenses do not escape TCS (Tax Collection at Source).

Posted in Income Tax | 5322 Views

IT Department sends Rs 8 crore recovery notice to a labourer in Bulandshahr

21 March 2023 at 08:41

In a shocking incident, the Income Tax department sent a notice to a labour for recovery of Rs 8 crores. The person, who is a labour by profession, is a native of Bulandshahr in Uttar Pradesh.

Posted in Income Tax | 7956 Views