Income Tax News

CBDT Announces Waiver of Pending Tax Demands up to Rs 1 Lakh per Individual

20 February 2024 at 10:04

The Central Board of Direct Taxes (CBDT) has issued an Order, bearing reference number F. No. 375/02/2023-IT-Budget and dated February 13, 2024, detailing the remission and extinguishment of specific outstanding direct tax demands.

Posted in Income Tax | 35934 Views

LIC Receives Rs 21,740 Crore Tax Refund from Income Tax Department

19 February 2024 at 09:04

Life Insurance Corporation of India (LIC) has garnered a significant tax refund of Rs 21,740.77 crore from the Income Tax Department for assessment years spanning from 2013 to 2020.

Posted in Income Tax | 3270 Views

Income Tax Dept Clarifies: No Freeze, Just Lien on Congress' Bank Accounts

19 February 2024 at 09:02

In a recent development concerning the financial affairs of the Congress party, the Income Tax department clarified its stance before the ITAT, stating that it had not issued any directive to freeze the transactions in Congress' bank accounts.

Posted in Income Tax | 4356 Views

Income Tax Notices Sent to Taxpayers for Donations to Unrecognized Political Parties

17 February 2024 at 08:50

The Income Tax Department has initiated a probe into political donations made to registered yet unrecognized political parties during the financial years 2020-21 and 2021-22

Posted in Income Tax | 5505 Views

TRACES: Lower/Nil TDS Deduction Application Window Open for FY 2023-24 & 2024-25

17 February 2024 at 08:48

TAN system has introduced the TDS Reconciliation Analysis and Correction Enabling System (TRACES), offering taxpayers the opportunity to file for lower or nil deduction of TDS, thereby enhancing their financial position.

Posted in Income Tax | 4818 Views

Income Tax Dept Uncovers Rs 25,000 Crore Extra Payments to Insurance Agents via Benami Entities

15 February 2024 at 09:07

Income Tax department has unearthed a complex network of transactions amounting to over Rs 25,000 crore, implicating more than 60 intermediary firms and hundreds of bank accounts in suspected Benami deals within the insurance industry.

Posted in Income Tax | 3828 Views

Indian Govt Considers Postponing Section 43B(h) Following Industry Pressure

14 February 2024 at 09:04

Amidst mounting pressure from trade and industry organizations, the Indian government is considering delaying the implementation of Section 43B(h) of the Income Tax Act.

Posted in Income Tax | 11202 Views

PIB Fact Check: Section 43B(h) of Income Tax Act Unchanged for MSME Payments

13 February 2024 at 17:11

Recently, a viral message has been circulating on social media platforms claiming that alterations have been made to the provisions of Section 43B(h) concerning payments to Micro, Small, and Medium Enterprises (MSMEs) by the Finance Ministry

Posted in Income Tax | 1 comments | 9858 Views

Direct Tax Collections Reach Rs 18.38 Lakh Crore, Surge 17.30% YoY

12 February 2024 at 12:19

Direct Tax collections at 80.23% of total Revised Estimates of Direct Taxes for F.Y. 2023-24 upto 10.02.2024Gross Direct Tax collections at Rs. 18.38 lakh crore with Y-o-Y growth of 17.30%, as on 10th February, 2024Direct Tax collection, Net of refun

Posted in Income Tax | 2466 Views

PIB Fact Check Exposes Fake Income Tax Notice Requiring Payment for Audited Balance Sheets

12 February 2024 at 09:17

A recent tweet by PIB Fact Check has brought to light a deceptive notice circulating on social media platforms, purportedly issued in the name of @IncomeTaxIndia.

Posted in Income Tax | 6885 Views