Income Tax News

IT Department Appeals to Bombay HC Against LIC in Rs 5K crore Tax Cases

19 October 2023 at 08:44

LIC is currently grappling with an appeal filed by the IT Authority with the Bombay HC, challenging the Income Tax Appellate Tribunal's recent decision to grant the insurance giant tax relief in two disputes, totaling a significant Rs 4,993 crore.

Posted in Income Tax | 3051 Views

ITR Refund Processing Deadline Extended to January 31, 2024 for AY 2017-18

18 October 2023 at 09:14

The Central Board of Direct Taxes (CBDT) has extended the time limit for processing validly filed income tax returns (ITRs) up to assessment year (AY) 2017-18 with refund claims until January 31, 2024.

Posted in Income Tax | 9153 Views

CBDT Grants IFSC Units Form 15CA Exemption and Introduces Form 15CD for Quarterly Reporting

18 October 2023 at 09:11

CBDT vide Notification No. 89/2023 dated October 16, 2023 has amended Rule 37BB of the Income Tax Rules, 1962 to exempt IFSC units from furnishing Part D of Form 15CA for non-taxable remittances.

Posted in Income Tax | 3579 Views

ITRs Nearly Double in Nine Years, Signifying Remarkable Growth

17 October 2023 at 08:41

74.6 Million PIT Returns Filed in FY23, Showcasing Remarkable Growth Since FY15

Posted in Income Tax | 3825 Views

Income Tax Department Conducts Search and Seizure Operation In J&K

13 October 2023 at 08:47

Income Tax Department conducted a search and seizure operation in the Kashmir Valley on a prominent business group, engaged in various sectors namely, Cement, Steel, Glass, Plywood, Real Estate, Tourism, Textiles and Healthcare, etc.

Posted in Income Tax | 2175 Views

CBDT Grants Form 60 Exemption for Non-Resident Individuals and Foreign Firms in India

12 October 2023 at 09:02

The Income-tax (Twenty-fourth Amendment) Rules, 2023 were notified on October 10, 2023, by the Central Board of Direct Taxes (CBDT).

Posted in Income Tax | 7131 Views

Direct Tax Collections Surge by Nearly 18% in FY 2023-24

11 October 2023 at 08:36

Direct Tax Collections for F.Y. 2023-24 up to 9th October, 2023 show an increase over comparable period of last year

Posted in Income Tax | 2631 Views

Madras High Court Adjourns Actor Vijay's Writ Petition Against Income Tax Penalty

10 October 2023 at 16:27

The Madras High Court, on Tuesday, deferred its decision on the writ petition filed by popular actor C. Joseph Vijay against the Income Tax Department's penalty order.

Posted in Income Tax | 8730 Views

Income Tax Department's E-Flyer Urges Public to Avoid Cash Transactions, Clarifies Transaction Limits

10 October 2023 at 08:51

In a move aimed at promoting transparency and discouraging the use of cash transactions in financial dealings, the Income Tax Department has recently released an informative E-Flyer.

Posted in Income Tax | 20346 Views

Clarification on Audit Report Requirements for Substantial Contributors in AY 2023-24

10 October 2023 at 08:50

In a significant development, the Central Board of Direct Taxes (CBDT) issued Circular No. 17/2023 on October 09, 2023, shedding light on crucial audit report requirements under Section 119 of the Income-tax Act, 1961.

Posted in Income Tax | 16854 Views