Income Tax News

CBDT releases comprehensive guidelines for computing online gaming taxes

23 May 2023 at 08:44

Guidelines for the removal of difficulties under Section 194BA that deals with Winnings from Online Games

Posted in Income Tax | 6870 Views

Mumbai-based TV Producers face 3 months jail term for income tax delay

22 May 2023 at 08:29

A metropolitan magistrate court has convicted a television production company and its directors Yash Patnaik and Mamta Patnaik for not submitting ₹8.37 crore income tax.

Posted in Income Tax | 6654 Views

MSSC scheme exempted from TDS on interest earnings

22 May 2023 at 08:29

TDS (tax deducted at source) will not apply to interest earned on Mahila Samman Savings Certificate (MSSC), but interest income will be added to total income for tax calculation.

Posted in Income Tax | 5067 Views

CBDT's Proposed Alterations to Rule 11UA on Angel Tax and Excluded Entities

20 May 2023 at 07:07

CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities

Posted in Income Tax | 4635 Views

TCS Exempted for Small Debit and Credit Card Transactions Abroad up to Rs 7 Lakh

20 May 2023 at 07:04

Clarification regarding applicability of Tax Collection at Source to small Debit/Credit Transactions under LRS

Posted in Income Tax | 11229 Views

FAQs w.r.t. TCS on foreign remittance through Liberalised Remittance Scheme

19 May 2023 at 08:40

The e-Gazette notification dated May 16, 2023 omits Rule 7 of the FEM(CAT) Rules, 2000. Here are the Frequently Asked Questions ("FAQs") w.r.t. Tax Collection at Source (TCS) on foreign remittance through the Liberalised Remittance Scheme.

Posted in Income Tax | 16518 Views

RBI includes International Credit Card usage in LRS, mandates 20% TCS w.e.f 1st July 2023

19 May 2023 at 08:38

Spending in foreign exchange through international credit cards will be covered under the RBI's LRS, under which a resident can remit money abroad up to a maximum of $2.50 lakh per annum without the authorisation of the Reserve Bank

Posted in Income Tax | 13029 Views

IT department launches raids on edible oil business group in West Bengal and Assam

17 May 2023 at 08:47

Income Tax Department conducted search and seizure operations on a business group operating largely in North Bengal region of the State of West Bengal.

Posted in Income Tax | 5910 Views