Income Tax News

Direct Tax Collections Surge by 14.65% in FY 2023-24

11 July 2023 at 08:46

Provisional figures of Direct Tax collections for FY 2023-24 register steady growth upto 9th July 2023

Posted in Income Tax | 2064 Views

Non-Linking of PAN with Aadhaar can incur a penalty of Rs 6000 for ITR Filing

10 July 2023 at 08:51

If you do not link your PAN with Aadhaar before July 31, 2023, and your PAN becomes inoperative, you may end up paying a late filing fee of Rs. 5,000 and file a belated ITR

Posted in Income Tax | 36723 Views

Income Tax Dept launches 'Know Your Refund Status' on e-filing Portal

08 July 2023 at 16:39

Income Tax Department has now launched a new functionality called "Know Your Refund Status" on the e-filing portal that allows users to check their refund status directly from the portal itself

Posted in Income Tax | 62205 Views

IT Dept discovers incorrect returns by Andhra Pradesh Govt & Tech Employees

08 July 2023 at 08:55

The Income Tax department in Andhra Pradesh has found that a large number of government and tech company employees in the state have claimed incorrect tax deductions and exemptions.

Posted in Income Tax | 35133 Views

PAN Status Now Visible on Form 26AS for Easy Reference

07 July 2023 at 08:56

In the recently updated Form 26AS, the current status of the Permanent Account Number ("PAN") now indicates the linkage with Aadhaar.

Posted in Income Tax | 10023 Views

IT dept unearths undisclosed financial transactions worth over Rs 2000 crore in Chennai

06 July 2023 at 08:47

According to a report, the I&CI wing of the Income Tax Department (ITD) has unearthed undisclosed financial transactions worth over ₹2,000 crore during a verification at the sub-registrar office in Red Hills, Chennai.

Posted in Income Tax | 7554 Views

IT Department Conducts Verification of Reporting Entities

03 July 2023 at 08:59

The Income-Tax Department has been focusing its efforts on promoting voluntary compliance. In this endeavour, information is received about financial transactions of taxpayers from Reporting Entities,

Posted in Income Tax | 3306 Views

Excel Utility for ITR-7 AY 2023-24 Now Accessible for Filing

03 July 2023 at 08:58

Excel utility of ITR-7 for AY 2023-24 is available for filing. You can download it from the Income Tax Department website.

Posted in Income Tax | 5514 Views

CBDT issues circular to ease implementation of TCS changes for LRS and Overseas Tour Packages

01 July 2023 at 08:52

CBDT (Central Board of Direct Taxes) issued a Circular on June 30, 2023 to remove difficulty in the implementation of changes relating to TCS on LRS and on purchase of overseas tour program package.

Posted in Income Tax | 7872 Views

IT Department Busts Multi-Crore Tax Refund Scam in Hyderabad

01 July 2023 at 08:51

The income tax department has busted a Rs 40 crore tax refund scam in Hyderabad. The scam involved eight tax consultants, several employees of the railways and police department, and several technology companies in Hyderabad and Vijayawada.

Posted in Income Tax | 15969 Views