Income Tax News

CBDT Condones Delay in Filing Returns Claiming Deduction u/s 80P for AY 2018-19 to AY 2022-23

28 July 2023 at 08:48

CBDT issued Circular No. 13/2023 dated July 26, 2023 regarding condonation of delay in filing returns of income claiming deduction under section 80P of the IT Act for various assessment years from AY 2018-19 to AY 2022-23.

Posted in Income Tax | 11298 Views

FM Reveals 1 Lakh Notices Sent Over Under-Reported Income and Non-Filing of Returns

25 July 2023 at 14:21

The Union Finance Minister, Nirmala Sitharaman, announced that the Centre has sent one lakh notices for non-filing of returns, under-reported income, and misrepresentation of income.

Posted in Income Tax | 21528 Views

FM Nirmala Sitharaman presides over 164th Income Tax Day celebrations at New Delhi

25 July 2023 at 08:41

The 164th anniversary of Income Tax Day was observed by Central Board of Direct Taxes (CBDT) and all its field offices across India today.

Posted in Income Tax | 3864 Views

Taxman Targets Salaried Individuals: Notices Issued for Exemption Proof

24 July 2023 at 08:43

The Income Tax department is taking action by sending notices to individuals who have claimed exemptions under various sections of the Income Tax Act

Posted in Income Tax | 15906 Views

IT Dept urges NRIs with inoperative PANs to submit NRI status and documents to respective AOs

22 July 2023 at 14:40

The Income Tax Department (ITD) has requested NRIs with inoperative PANs to submit their NRI status and supporting documents to their respective Assessing Officers (AOs).

Posted in Income Tax | 9564 Views

IT Rule 11UAC Amended to Encourage Relocation of Funds & Movable Property

20 July 2023 at 08:52

The Income-tax (Thirteenth Amendment) Rules, 2023 were notified by the Central Board of Direct Taxes on 18th July 2023.

Posted in Income Tax | 8238 Views

Bengaluru Employee's Tweets About High Taxes Prompt Calls for Reform

19 July 2023 at 15:18

A Bengaluru-based e-commerce employee recently took to Twitter to vent his frustration about the high taxes he pays on his earnings and spendings.

Posted in Income Tax | 1 comments | 19017 Views

Over 3 crore ITRs filed for FY 2022-23 as of 18th July 2023

19 July 2023 at 15:17

As of July 18, 2023, over 3 crore income tax returns have been filed for the financial year 2022-23

Posted in Income Tax | 7278 Views

CBDT | Exemptions for Non-Resident Financial Instruments and Specified Funds in IFSC

19 July 2023 at 08:54

Central Board of Direct Taxes (CBDT) issued the Income-tax (Twelfth Amendment) Rules, 2023 on July 17, 2023. The amendment aims to provide exemptions and regulations regarding certain income and financial instruments for non-residents.

Posted in Income Tax | 4488 Views

IT department clarifies why PAN cards of some NRIs were made inoperative

19 July 2023 at 08:52

The Income Tax Department (ITD) has clarified that the PAN cards of NRIs who have not met the following two criteria have been made inoperative

Posted in Income Tax | 12051 Views