Income Tax News

Gross Direct Tax Collections Surge to Rs. 12.37 Lakh Crore, Marking 17.59% YoY Growth in FY 2023-24

11 November 2023 at 08:44

The Gross Direct Tax collections are at Rs. 12.37 lakh crore, which is 17.59% higher than the gross collections for the corresponding period of last year. Direct Tax collection

Posted in Income Tax | 2325 Views

Bombay HC Orders Income Tax Refund of Rs 1128 Crores to Vodafone Idea

10 November 2023 at 16:00

In a significant legal victory for Vodafone Idea Ltd, the Bombay High Court has ruled in favor of the telecom giant, ordering the Income Tax Department to refund INR 1,128.47 crores in taxes paid during the assessment year 2016-17, along with interest.

Posted in Income Tax | 5973 Views

Gov Releases Rs 72,961.21 Crore Tax Devolution in Record Time

09 November 2023 at 08:46

Union Government authorises release of tax devolution of ₹72,961.21 crore to all State Governments for November, 2023; three days ahead of the usual date of 10th November

Posted in Income Tax | 2007 Views

IT Dept enables E-filing of Form 56F for AY 2023-24

08 November 2023 at 08:53

In a significant move to enhance the ease of tax compliance for businesses and individuals, the Income Tax Department has enabled the electronic filing of Form 56F for the Assessment Year (A.Y.) 2023-24

Posted in Income Tax | 4554 Views

CBDT Notifies New Changes in Form ITR-7

02 November 2023 at 08:54

Central Board of Direct Taxes (CBDT) notified the Income Tax (Twenty-Seventh Amendment) Rules, 2023 on October 31, 2023 (Notification No. 94/2023). These amendments came into effect from April 1, 2023.

Posted in Income Tax | 7308 Views

Record 7.85 crore ITRs filed for all Assessment Years up to 31st October, 2023

02 November 2023 at 08:51

The Income Tax Department registered a record number of filing of Income Tax Returns (ITRs) till 31st October, 2023

Posted in Income Tax | 4203 Views

Colgate Palmolive Faces Rs 170 Crore Transfer Pricing Order in Tax Dispute

01 November 2023 at 14:28

Colgate Palmolive (India) Faces Rs 170 Crore Transfer Pricing Order from Income Tax Authorities for International Transactions

Posted in Income Tax | 3525 Views

Income Tax Department Launches Extensive Profiling of HNIs to Combat Tax Evasion

01 November 2023 at 08:58

In a bid to curb tax evasion, the Income Tax Department is set to take strict action against high-net-worth individuals (HNIs) who underreport their incomes, despite recent tax rate reductions.

Posted in Income Tax | 15483 Views

Bombay High Court Issues Stern Warning to IT Assessing Officers for Delayed Assessment Orders

31 October 2023 at 08:49

In a recent development, the Bombay High Court has expressed strong disapproval of the functioning of income tax (IT) assessing officers and their handling of delayed assessment orders.

Posted in Income Tax | 5775 Views