Income Tax News

CBDT Provides Clarity on Finance Act 2023 Provisions for Trust Donations

07 March 2024 at 09:16

CBDT clarifies provisions under Finance Act 2023 relating to donations made by a trust/institution to another trust/institution for purposes of the application of income

Posted in Income Tax | 1 comments | 5022 Views

MSME Payment Rule Enforcement Set for April 1, Confirms Finance Ministry Officials

07 March 2024 at 09:12

One senior finance ministry official clarified, "Companies need to make payments to the MSME sector within 45 days, as per the Finance Act 2023, effective from April 1, 2024.

Posted in Income Tax | 1 comments | 71808 Views

CBDT Amends Forms 3CD, 3CEB and 65 for Tax Audit and Tonnage Tax Applications

06 March 2024 at 12:02

The Central Board of Direct Taxes (CBDT) has recently made significant amendments to various tax-related forms, including the tax audit form (Form 3CD & Form No. 3CEB) and the Form for filing of tonnage tax application (Form 65).

Posted in Income Tax | 6216 Views

Ex-Income Tax Officials Sentenced to 3 Years in Corruption Case

06 March 2024 at 09:02

In a landmark ruling, a Central Bureau of Investigation (CBI) court has delivered a resounding blow against corruption by sentencing two former income tax officials, Mahesh Sompura and Mukesh Raval, to three years in prison each.

Posted in Income Tax | 720 Views

CBDT Extends Deadline for Trusts, Institutions to File Audit Reports on or before 31st March, 2024

06 March 2024 at 09:01

CBDT allows certain trusts/institutions to furnish the audit report in the applicable Form No. 10B / 10BB on or before 31st March, 2024

Posted in Income Tax | 1 comments | 7470 Views

Income Tax Department Enables Online Filing for Form I SWF

05 March 2024 at 14:58

The Income Tax Department released an update notifying taxpayers of the enabling of online filing for Form I SWF.

Posted in Income Tax | 930 Views

Income Tax Department Urges Taxpayers to File ITR-U for AY 2021-22 by 31st March 2024

05 March 2024 at 09:01

Last date for filing of updated returns (ITR-U) for A.Y. 2021-22 (i.e. for F.Y. 2020-21) is 31.03.2024

Posted in Income Tax | 1 comments | 4923 Views

Finance Ministry Expected to Delay 45-Day Payment Rule for MSMEs Until April 2025

05 March 2024 at 08:57

Sources reveal that the Finance Ministry is contemplating a deferment of the enforcement of Rule 43B (h) under the Income Tax Act, which necessitates payments to micro, small, and medium enterprises (MSMEs) within 45 days.

Posted in Income Tax | 4 comments | 18225 Views

CBDT Notifies ITR-7 Form for AY 2024-25

04 March 2024 at 09:09

The Central Board of Direct Taxes (CBDT) has recently announced the notification of Income-tax Return (ITR) Form 7 for the Assessment Year (AY) 2024-25, completing the suite of forms necessary for taxpayers to file their returns.

Posted in Income Tax | 4155 Views

CBDT Allows Processing of E-Filed ITRs for Refunds Beyond Deadline in Non-Scrutiny Cases

02 March 2024 at 14:02

Processing of returns of income validly filed electronically with refund claims under section 143(1) of the Income-tax Act, 1961 beyond the prescribed time limits in non-scrutiny cases

Posted in Income Tax | 5097 Views