Income Tax News

Income Tax Department Notifies Salaried Taxpayers About Deduction Discrepancies in Form 16

06 September 2023 at 09:00

Income Tax Department (ITD) has started sending intimations to salaried taxpayers whose deductions are not in sync with Form 16.

Posted in Income Tax | 46464 Views

Income Tax Department Urges Taxpayers to Verify Bank Account Validation Status

06 September 2023 at 08:59

Income Tax Department (ITD) has advised taxpayers to verify the validation status of their bank account on the e-filing portal.

Posted in Income Tax | 12321 Views

Over 88% of 6.98 Crore ITRs for AY 2023-24 Verified and Processed as of 5th Sept 2023

06 September 2023 at 08:54

6.84 crore ITRs verified out of 6.98 crore ITRs filed for AY 2023-24 with over 88% of verified ITRs processed as on 5th Sept. 2023More than 2.45 crore refunds for AY 2023-24 issuedThe Income Tax Department is committed to process the Income Tax Retur

Posted in Income Tax | 5172 Views

ICAI releases Guidance Note on Tax Audit u/s 44AB of IT Act, 1961

05 September 2023 at 08:49

ICAI releases Revised 2023 Edition of Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961.

Posted in Income Tax | 15975 Views

Clarification on 80P Error from Income Tax Department

04 September 2023 at 08:41

The Income Tax Department has clarified that the error in the 80P deduction notices was sent inadvertently. The department has assured taxpayers that an email communication addressing this issue will be sent out shortly.

Posted in Income Tax | 31464 Views

Former CM Chandrababu Naidu Gets Rs 118 Crore IT Notice

02 September 2023 at 08:53

The Income Tax department has taken a significant step by issuing a show-cause notice to N. Chandrababu Naidu, the former Chief Minister and Telugu Desam supremo.

Posted in Income Tax | 15327 Views

CBDT Introduces Form 71 for TDS Credit on Previously Reported Income in ITRs

02 September 2023 at 08:50

CBDT notified Form 71 on August 30, 2023, to enable taxpayers to claim TDS credit for income that has been declared in their ITRs for a previous assessment year, but the TDS in a subsequent financial year.

Posted in Income Tax | 33267 Views

CBDT releases the fifth annual APA report

02 September 2023 at 08:48

CBDT records signing of 95 APAs in FY 2022-23, the highest ever in any financial year since the launch of the APA programme

Posted in Income Tax | 3603 Views

FirstCry Founder Under Investigation for Suspected $50 Million Tax Evasion

31 August 2023 at 08:55

The Income Tax department of India is probing an alleged tax evasion of $50 million by Supam Maheshwari, the founder of FirstCry, an online retailer of baby and child products.

Posted in Income Tax | 13398 Views

Income Tax Authority Set to Investigate 20 Entities for Potential Irregularities in Adani Share Profits

30 August 2023 at 14:25

The income-tax department is considering a potential investigation into both domestic and overseas entities for possible tax evasion related to profits gained from short-selling shares of companies within the Adani Group. This move comes in the wake

Posted in Income Tax | 7359 Views