Income Tax News

Income Tax Department to Refund Rs 190 Crore with Interest to Vedanta for AY 2021-22

09 October 2023 at 08:37

In a significant development, the Income Tax department has announced its decision to refund Rs 190 crore to the Anil Agarwal-controlled mining conglomerate Vedanta, along with accrued interest, for the assessment year 2021-22.

Posted in Income Tax | 29163 Views

CBDT Gears Up for Special Campaign 3.0 Swachhata Goals

06 October 2023 at 08:53

CBDT builds momentum to achieve Special Campaign 3.0 Swachhata targets

Posted in Income Tax | 5250 Views

Income Tax Department Imposes Rs 84 Crore Penalty on LIC, Corporation to Appeal

04 October 2023 at 08:54

In a significant development, the Income Tax Department has levied a substantial penalty of Rs 84 crore on the Life Insurance Corporation (LIC) relating to three assessment years.

Posted in Income Tax | 28110 Views

CBDT Chairman Nitin Gupta Granted 9-Month Tenure Extension

03 October 2023 at 08:44

The Union government has granted a nine-month extension to Nitin Gupta, who is the Chairperson of the Central Board of Direct Taxes (CBDT).

Posted in Income Tax | 9078 Views

Income Tax Department Receives Over 30 Lakh Audit Reports till 30th September, 2023

03 October 2023 at 08:41

More than 30 lakh Audit Reports filed on Income Tax Department's e-filing portal till 30th September, 2023

Posted in Income Tax | 7761 Views

TAAI Urges Government to Abolish TCS Ahead of October 1 Deadline

30 September 2023 at 09:01

The Travel Agents Association of India (TAAI) has made a plea to the Indian government to reconsider or delay the implementation of the Tax Collection at Source (TCS) on foreign remittances, which is set to become applicable from October 1.

Posted in Income Tax | 7242 Views

New CBDT Form 6D Introduced for Inventory Valuation Reporting u/s 142(2A)

29 September 2023 at 08:58

The Income-tax (Twenty-Second Amendment) Rules, 2023 were notified by the Central Board of Direct Taxes (CBDT) on September 27, 2023.

Posted in Income Tax | 12177 Views

CBDT Issues Streamlined Procedure for Income Tax Deduction Certificates Through TRACES

28 September 2023 at 08:50

Procedure, format and standards for filling an application for grant of certificate under sub-rule (4) and its proviso of Rule 28AA of Income Tax Rules, 1962

Posted in Income Tax | 13110 Views

Income Tax Department introduces Angel Tax Rules for valuing investments in startups

27 September 2023 at 08:48

The Income-tax (Twenty first Amendment), Rules, 2023, also known as the Angel Tax Rules, were notified by the Central Board of Direct Taxes (CBDT) on September 25, 2023.

Posted in Income Tax | 9198 Views

Income Tax Department Urges Taxpayers to Address Past Tax Demands for Speedier Refunds

25 September 2023 at 09:00

The Income Tax Department is making every effort to complete the processing of Income Tax Returns (ITRs) and issuance of refunds expeditiously

Posted in Income Tax | 8271 Views