Income Tax News

CBDT Chairman Nitin Gupta Granted 9-Month Tenure Extension

03 October 2023 at 08:44

The Union government has granted a nine-month extension to Nitin Gupta, who is the Chairperson of the Central Board of Direct Taxes (CBDT).

Posted in Income Tax | 9078 Views

Income Tax Department Receives Over 30 Lakh Audit Reports till 30th September, 2023

03 October 2023 at 08:41

More than 30 lakh Audit Reports filed on Income Tax Department's e-filing portal till 30th September, 2023

Posted in Income Tax | 7758 Views

TAAI Urges Government to Abolish TCS Ahead of October 1 Deadline

30 September 2023 at 09:01

The Travel Agents Association of India (TAAI) has made a plea to the Indian government to reconsider or delay the implementation of the Tax Collection at Source (TCS) on foreign remittances, which is set to become applicable from October 1.

Posted in Income Tax | 7236 Views

New CBDT Form 6D Introduced for Inventory Valuation Reporting u/s 142(2A)

29 September 2023 at 08:58

The Income-tax (Twenty-Second Amendment) Rules, 2023 were notified by the Central Board of Direct Taxes (CBDT) on September 27, 2023.

Posted in Income Tax | 12168 Views

CBDT Issues Streamlined Procedure for Income Tax Deduction Certificates Through TRACES

28 September 2023 at 08:50

Procedure, format and standards for filling an application for grant of certificate under sub-rule (4) and its proviso of Rule 28AA of Income Tax Rules, 1962

Posted in Income Tax | 13104 Views

Income Tax Department introduces Angel Tax Rules for valuing investments in startups

27 September 2023 at 08:48

The Income-tax (Twenty first Amendment), Rules, 2023, also known as the Angel Tax Rules, were notified by the Central Board of Direct Taxes (CBDT) on September 25, 2023.

Posted in Income Tax | 9195 Views

Income Tax Department Urges Taxpayers to Address Past Tax Demands for Speedier Refunds

25 September 2023 at 09:00

The Income Tax Department is making every effort to complete the processing of Income Tax Returns (ITRs) and issuance of refunds expeditiously

Posted in Income Tax | 8268 Views

CBDT releases Excel-Based and MAC Utilities for AY 2023-24

25 September 2023 at 08:59

Central Board of Direct Taxes (CBDT) has released Updated Utilities, Excel-based Utility and a MAC Utility for filing Income Tax Returns ITR 3, ITR 5, and ITR 6 for the Assessment Year (A.Y.) 2023-24.

Posted in Income Tax | 6642 Views

CBDT releases Common Offline Utility for filing ITR 1, ITR 2, ITR 3 and ITR 4 for AY 2023-24

25 September 2023 at 08:58

Central Board of Direct Taxes (CBDT) has released updated Common Offline Utility for filing Income Tax Returns ITR 1, ITR 2, ITR 3, and ITR 4 for the Assessment Year (A.Y.) 2023-24.

Posted in Income Tax | 4143 Views

Income Tax Raids Lux Industries Over Rs 200 Crore Tax Evasion Allegation

23 September 2023 at 08:44

Lux Industries, a company in the FMCG (Fast Moving Consumer Goods) sector, is currently undergoing a raid by the Income Tax Department in multiple locations, including Kolkata.

Posted in Income Tax | 12813 Views