Income Tax News

Survey: Over 50% of Individuals Receive IT Refunds in a Month

24 November 2023 at 08:44

Indian Taxpayers and Businesses Celebrate Expedited Refunds, Reveal CII Survey

Posted in Income Tax | 4530 Views

CBDT Appoints Deputy Director General of UIDAI as Authority u/s 138 of the IT Act

23 November 2023 at 08:48

The Central Board on Direct Taxes (CBDT) has designated the Deputy Director General (Tech Development Division) of the Unique Identification Authority of India (UIDAI) as an authority under Section 138 of the Income Tax Act, 1961.

Posted in Income Tax | 2592 Views

IT Department Unearths Rs 10,000 Crore Tax Evasion by Online Sellers on Instagram and Facebook

23 November 2023 at 08:44

Income Tax department has uncovered a major tax evasion scandal, amounting to nearly Rs 10,000 crore over a three-year period, involving e-tailers selling goods through popular social media platforms such as Instagram and Facebook.

Posted in Income Tax | 7353 Views

CBDT Issues Corrigendum for SFT Guidelines on Mutual Fund Transactions by Registrar & Share Transfer Agent

22 November 2023 at 08:48

CBDT issued a Corrigendum to Notification No. 4 of 2021 dated November 15, 2023, concerning the Format, Procedure, and Guidelines for the submission of the SFT for Mutual Fund Transactions by Registrar & Share Transfer Agent.

Posted in Income Tax | 4716 Views

TCS Exemption for Rs 7 Lakh International Card Spend Expected in Interim Budget

21 November 2023 at 08:51

Anticipated Tax Relief: Government Set to Exempt Overseas Card Spending from TCS Up to ₹7 Lakh

Posted in Income Tax | 5250 Views

Industry Alleges Chaos and Legal Logjam Amid Faceless Tax Assessment System Implementation

18 November 2023 at 07:56

In an effort to enhance the efficiency of the faceless tax assessment facility introduced by the Income Tax Department, the industry has reached out to the CBDT, urging the implementation of key modifications to mitigate chaos and legal complexities.

Posted in Income Tax | 4146 Views

CBDT Chairman Forecasts India to Surpass Rs 18.23 Lakh Crore Direct Tax Collection Target

17 November 2023 at 08:44

In a positive development, Central Board of Direct Taxation (CBDT) chairman Nitin Gupta announced on Wednesday that the government is on track to exceed the ₹18.23 lakh crore direct tax collection target set for the current fiscal year

Posted in Income Tax | 2478 Views

IT Department Seizes Unexplained Cash Ahead of Key Assembly Elections in Five States

17 November 2023 at 08:41

In the lead-up to the upcoming Assembly elections in five states, the Income Tax Department has significantly increased its efforts to curb the flow of unexplained cash.

Posted in Income Tax | 5676 Views

Apple, Amazon and Google Face Legal Heat Over Alleged Rs 5000 Crore Income Tax Evasion

15 November 2023 at 08:39

Tech Giants Face Scrutiny for Potential Tax Non-Payment

Posted in Income Tax | 5406 Views

Bombay HC Declares Reassessment Proceedings Invalid for Non-Existent Entity with Active PAN

14 November 2023 at 08:37

In a recent judgment, the Bombay High Court has ruled against the validity of reassessment proceedings conducted by the tax department against non-existent entities, even though the Permanent Account Number (PAN) remained active.

Posted in Income Tax | 5547 Views