Income Tax News

Teacher Falls Victim to PAN Card Update Scam, Loses Rs 3.82 Lakh

27 October 2023 at 08:50

A 36-year-old preschool teacher in Mira Road lost over ₹3.82 lakhs to cybercrooks who posed as bank officials.

Posted in Income Tax | 6345 Views

Condonation of Delay for Form No. 10-IC Filing in AY 2021-22 u/s 119(2)(b)

24 October 2023 at 08:11

CBDT issued Circular No. 19/2023 dated October 23, 2023 regarding the condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for the Assessment Year 2021-22.

Posted in Income Tax | 5406 Views

Income Tax Department Exposes Rs 1200 Crore Tax Evasion Scheme Involving Jagathrakshakan and Saveetha Groups

24 October 2023 at 08:09

Massive Income Tax Raids Reveal Staggering Financial Irregularities Linked to DMK MP S Jagathrakshakan and Saveetha Educational Group

Posted in Income Tax | 4488 Views

CBDT Introduces Form No. 56F for Assessees Seeking Deduction u/s 10AA of IT Act

21 October 2023 at 08:02

The Central Board of Direct Taxes (CBDT) issued Notification No. 91/2023 on October 19, 2023, introducing a new Rule 16D into the Income-tax Rules, 1962.

Posted in Income Tax | 43245 Views

UP Laborer Receives Income Tax Notice, Discovers Over Rs 221 Crore in Account

21 October 2023 at 08:00

Shiv Prasad Nishad Discovers Enormous Funds in His Account, but the Source Remains a Mystery

Posted in Income Tax | 6924 Views

IT Department Raids Two Groups in Tamil Nadu and Puducherry in Search and Seizure Operation

20 October 2023 at 08:44

Income Tax Department conducts search and seizure operation in Tamil Nadu and Puducherry region in the cases of two groups

Posted in Income Tax | 2634 Views

Income Tax Department to Aid 3.5 Million Taxpayers in Receiving Refunds

19 October 2023 at 08:46

The Income Tax department is taking proactive steps to address the issue of approximately 3.5 million tax refund cases currently pending.

Posted in Income Tax | 5736 Views

IT Department Appeals to Bombay HC Against LIC in Rs 5K crore Tax Cases

19 October 2023 at 08:44

LIC is currently grappling with an appeal filed by the IT Authority with the Bombay HC, challenging the Income Tax Appellate Tribunal's recent decision to grant the insurance giant tax relief in two disputes, totaling a significant Rs 4,993 crore.

Posted in Income Tax | 3051 Views

ITR Refund Processing Deadline Extended to January 31, 2024 for AY 2017-18

18 October 2023 at 09:14

The Central Board of Direct Taxes (CBDT) has extended the time limit for processing validly filed income tax returns (ITRs) up to assessment year (AY) 2017-18 with refund claims until January 31, 2024.

Posted in Income Tax | 9153 Views

CBDT Grants IFSC Units Form 15CA Exemption and Introduces Form 15CD for Quarterly Reporting

18 October 2023 at 09:11

CBDT vide Notification No. 89/2023 dated October 16, 2023 has amended Rule 37BB of the Income Tax Rules, 1962 to exempt IFSC units from furnishing Part D of Form 15CA for non-taxable remittances.

Posted in Income Tax | 3576 Views