Income Tax News

Supreme Court: Erroneous order of AO causing prejudice to revenue is revisable by CIT

10 April 2023 at 10:08

The Supreme Court has held that the Commissioner of Income Tax can exercise revision powers under Section 263 of the Income Tax Act over the orders of the Assessing Officer which cause prejudice to the interest of the revenue.The Top Court set aside

Posted in Income Tax | 4230 Views

Income tax payments from senior citizens surpasses Rs. 1 lakh crore

10 April 2023 at 08:37

There has been a surprising surge in income tax payments from senior citizens during the past year, lifting the overall tax collections from the 60+ population by as much as 61.5% from pre-COVID levels to surpass ₹1 lakh crore.

Posted in Income Tax | 3675 Views

IT Department asks young man from Madhya Pradesh to pay tax of Rs 113 crore

08 April 2023 at 08:46

A man from MP's Bhind, who earns Rs 58,000 per month, has received yet another notice from the income-tax department demanding him to pay Rs.113 crore in taxes for alleged Rs.132 crore transactions in his account in 2011-12.

Posted in Income Tax | 9264 Views

Income Tax dept has internal target to issue refunds in 7 days

07 April 2023 at 08:51

The Income Tax department has been given an internal target of issuing refunds within a period of seven days. This came up during the process of drafting the budget.

Posted in Income Tax | 3903 Views

CA arrested for taking Rs 26 lakh bribe in name of IT officials

07 April 2023 at 08:50

The Punjab Vigilance Bureau (VB) arrested a chartered accountant (CA) Ankush Sareen, a resident of Ludhiana, for taking a bribe of Rs 26 lakh from a man in the name of income tax officers based in Chandigarh.

Posted in Income Tax | 13476 Views

CBDT | Employers to ask employees about preferred tax regime for deducting TDS from salary

06 April 2023 at 08:38

The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly.

Posted in Income Tax | 8358 Views

Income Tax Scanner on 89 High-Value Foreign Remittance Cases

05 April 2023 at 08:38

The income tax department has identified 89 "high-risk foreign remittance" cases with suspected tax evasion of over Rs 100 crore each.

Posted in Income Tax | 7698 Views

CBDT amends Section 10(26AAA) of IT Act 1961 by Finance Act 2023

05 April 2023 at 08:37

Following the Hon'ble Supreme Court's decision in Writ Petition (C) No. 59/2013 with 1283/2021, certain amendments have been made in clause (26AAA) of section 10 of the Income-tax Act, 1961 by the Finance Act, 2023.

Posted in Income Tax | 8994 Views

Direct tax collections for FY 2022-23 exceed budget estimate by nearly 17%

04 April 2023 at 08:33

Direct Tax collections (provisional) for the Financial Year (FY) 2022-23 exceed the Union Budget Estimates by Rs 2.41 lakh crore i.e. by 16.97%

Posted in Income Tax | 2481 Views

CBDT releases procedure, format and standards for e-filing of Form No. 15C/15D through TRACES

01 April 2023 at 08:47

Procedure, format and standards for filling an application in Form No. 15C or Form No. 15D for grant of certificate for no-deduction of income-tax under sub-section (3) of section 195 of the Income Tax Act, 1961 through TRACES

Posted in Income Tax | 8901 Views