Income Tax News

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

CBDT Sets New Rules for Calculating Income from Life Insurance Premiums Above Rs 5 Lakh

17 August 2023 at 08:57

Central Board of Direct Taxes (CBDT) notified Rule 11UACA on August 16, 2023, for tax calculation on life insurance policy amounts under section 56(2)(xiii) of the Income Tax Act, 1961 (the IT Act).

Posted in Income Tax | 18543 Views

CBDT Seeks Public Input on Proposed Changes to Form No. 6C

17 August 2023 at 08:56

CBDT has invited suggestions/comments on the draft Form No. 6C from stakeholders and general public. The deadline for submitting suggestions/comments is August 31, 2023.

Posted in Income Tax | 6879 Views

Income Tax Department Raises Alarm Over Surge in Deceptive Messages Targeting Taxpayers

16 August 2023 at 08:41

The Income Tax Department has warned the public about a surge in fraudulent messages circulating, aimed at deceiving taxpayers into providing sensitive information.

Posted in Income Tax | 7854 Views

Rs 15,000 Crore Alleged Tax Evasion by Insurance Firms Uncovered

16 August 2023 at 08:41

The Income Tax department has completed its investigation into several insurance companies and uncovered alleged tax evasion amounting to more than Rs 15,000 crore (Indian rupees).

Posted in Income Tax | 3750 Views

Direct Tax Collections Reach Rs. 6.53 Lakh Crore, Marking 15.73% Growth by Aug 10, 2023

12 August 2023 at 08:46

The provisional figures of Direct Tax collections up to 10th August, 2023 continue to register steady growth. Direct Tax collections up to 10th August, 2023

Posted in Income Tax | 1587 Views

CBDT Extends Applicability of Transfer Pricing Safe Harbour Rules Until AY 2023-24

11 August 2023 at 08:46

The CBDT has extended the applicability of Rule 10TD(1) and Rule 10(2A) of the IT Rules, 1962, which are the Transfer Pricing Safe Harbour Rules, until the Assessment Year 2023-24.

Posted in Income Tax | 1 comments | 10809 Views

CBDT Unveils New Guidelines for Comprehensive Scrutiny of Tax Returns in FY 2023-24

10 August 2023 at 09:02

Central Board of Direct Taxes (CBDT) issued guidelines on August 3, 2023 for the mandatory selection of returns for comprehensive scrutiny in the financial year 2023-24.

Posted in Income Tax | 12000 Views