Income Tax News

ICAI releases Guidance Note on Tax Audit u/s 44AB of IT Act, 1961

05 September 2023 at 08:49

ICAI releases Revised 2023 Edition of Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961.

Posted in Income Tax | 15966 Views

Clarification on 80P Error from Income Tax Department

04 September 2023 at 08:41

The Income Tax Department has clarified that the error in the 80P deduction notices was sent inadvertently. The department has assured taxpayers that an email communication addressing this issue will be sent out shortly.

Posted in Income Tax | 31461 Views

Former CM Chandrababu Naidu Gets Rs 118 Crore IT Notice

02 September 2023 at 08:53

The Income Tax department has taken a significant step by issuing a show-cause notice to N. Chandrababu Naidu, the former Chief Minister and Telugu Desam supremo.

Posted in Income Tax | 15321 Views

CBDT Introduces Form 71 for TDS Credit on Previously Reported Income in ITRs

02 September 2023 at 08:50

CBDT notified Form 71 on August 30, 2023, to enable taxpayers to claim TDS credit for income that has been declared in their ITRs for a previous assessment year, but the TDS in a subsequent financial year.

Posted in Income Tax | 33258 Views

CBDT releases the fifth annual APA report

02 September 2023 at 08:48

CBDT records signing of 95 APAs in FY 2022-23, the highest ever in any financial year since the launch of the APA programme

Posted in Income Tax | 3588 Views

FirstCry Founder Under Investigation for Suspected $50 Million Tax Evasion

31 August 2023 at 08:55

The Income Tax department of India is probing an alleged tax evasion of $50 million by Supam Maheshwari, the founder of FirstCry, an online retailer of baby and child products.

Posted in Income Tax | 13377 Views

Income Tax Authority Set to Investigate 20 Entities for Potential Irregularities in Adani Share Profits

30 August 2023 at 14:25

The income-tax department is considering a potential investigation into both domestic and overseas entities for possible tax evasion related to profits gained from short-selling shares of companies within the Adani Group. This move comes in the wake

Posted in Income Tax | 7356 Views

Income Tax Department Probes 6 Foreign Tour Package Companies for Alleged Tax Evasion

30 August 2023 at 08:46

The Income Tax Department is investigating tax evasion by six companies that offer foreign tour packages.

Posted in Income Tax | 8802 Views

CBDT Notifies New Income Tax Rules 13 and 13A Aligned with Finance Act, 2023

30 August 2023 at 08:44

CBDT (Central Board of Direct Taxes) notified Rules 13 and 13A of the Income Tax Rules on August 28, 2023, to implement the amendments made to section 132 of the Income Tax Act, 1961 by the Finance Act, 2023.

Posted in Income Tax | 10644 Views

Offline Mode Enabled for E-Filing of Form 10B for AY 2023-24

29 August 2023 at 08:39

E-filing of Form 10B for A.Y. 2023-24 is enabled through offline mode. Taxpayers can download Offline Utility through "Downloads" Menu option ->Click on Form 10B->Form utility (From AY 23-24 onwards).

Posted in Income Tax | 10203 Views