Income Tax News

CBDT launches revamped National Website of Income Tax Department

26 August 2023 at 14:33

CBDT launches revamped National Website of the Income Tax Department www.incometaxindia.gov.in

Posted in Income Tax | 13734 Views

Govt Aims to Slash Income Tax Refund Processing Time from 16 Days to 10 Days

26 August 2023 at 08:47

The proposed reduction from 16 days to 10 days, as per reports, indicates the Income Tax department's efforts to streamline its operations and enhance efficiency.

Posted in Income Tax | 11106 Views

Form-10B Utility Released by Income Tax Department

25 August 2023 at 08:45

Income Tax Department has released the Form 10B utility on August 24, 2023.

Posted in Income Tax | 9930 Views

5.5 Crore Taxpayers Likely to Have Opted for New Tax Regime in FY24: A Comparative Analysis

23 August 2023 at 08:46

Taxpayers have the flexibility to choose between the new and old tax regimes based on their financial circumstances and tax-saving preferences. If individuals find that the new regime is more beneficial for them, they can switch to it.

Posted in Income Tax | 1 comments | 6534 Views

CBDT | Rent-Free Accommodation Taxed as Perquisite

22 August 2023 at 08:50

The Income tax (Eighteenth Amendment), Rules, 2023 was notified by the Central Board of Direct Taxes (CBDT) on August 18, 2023. These rules amend the Income-tax Rules, 1962, with effect from September 1, 2023.

Posted in Income Tax | 4803 Views

CBDT Issues Exchange Rate Notification for Foreign Currency TDS Deductions

22 August 2023 at 08:49

The Income-tax (Seventeenth Amendment) Rules, 2023 was notified by the Central Board of Direct Taxes (CBDT) on August 17, 2023. The amendment has made changes to the Income-tax Rules, 1962

Posted in Income Tax | 7503 Views

CBDT operationalises Advance Rulings in Delhi and Mumbai

21 August 2023 at 08:40

The Central Board of Direct Taxes constituted three Boards for Advance Rulings in September, 2021.

Posted in Income Tax | 2457 Views

CBDT notifies Rule for determination of value of perquisite in respect of residential accommodation provided by employer

21 August 2023 at 08:39

The Finance Act, 2023 brought in an amendment for the purposes of calculation of "perquisite" with regard to the value of rent-free or concessional accommodation provided to an employee, by his employer.

Posted in Income Tax | 8478 Views

Income Tax Dept Introduces Challan Correction Facility for Easy Tax Payment Modifications

19 August 2023 at 08:31

The Income Tax India portal has introduced a new feature called "Challan Correction," accessible through the path Dashboard > Services > Challan Correction.

Posted in Income Tax | 13299 Views

CBDT Releases Guidelines on Tax Exemption for Life Insurance Policies u/s 10(10D) of IT Act

18 August 2023 at 08:46

CBDT (Central Board of Direct Taxes) issued guidelines on the applicability of exemption under section 10(10D) of the Income Tax Act, 1961 (IT Act) for life insurance policies on August 16, 2023 vide Circular No. 15 of 2023.

Posted in Income Tax | 21081 Views