Income Tax News
Banks approach CBDT seeking clarity on new TDS norm
09 August 2022 at 15:40Banks have approached the Central Board of Direct Taxes (CBDT) for clarity on the scope of Section 194R of the Income Tax Act, as they fear the newly introduced provision will force them to deduct a 10% tax at source on incentives
Various measures taken by Govt. contributed to increase in tax collection
09 August 2022 at 08:43Various factors like rapid economic recovery post COVID, better compliances due to various measures taken by Government have contributed to increase in tax collection.
CBDT issues conditions, forms to get IT exemption on COVID-19 help money
08 August 2022 at 08:45Conditions, forms to get IT exemption on Covid 19 help money
CBDT notifies condition for claiming tax exemption for receiving ex-gratia amount due to COVID-19
08 August 2022 at 08:45Condition for claiming tax exemption for receiving ex-gratia amount due to COVID-19
IRS officer Rakesh Kumar promoted as Commissioner of Income Tax
06 August 2022 at 08:43Rakesh Kumar an IRS officer of 2004 batch from Jammu has been promoted as Commissioner of Income Tax.
IT Department conducts raid in more than 25 premises
06 August 2022 at 08:43The Income Tax Department carried out a search and seizure operation on 28.07.2022 on an ex-fund manager and chief trader of equities of a prominent mutual fund house along with related sharebrokers, middlemen and entry operators.
IT Department conducts searches on Healthcare Provider Groups in Haryana and Delhi-NCR
04 August 2022 at 08:47The Income Tax Department carried out search and seizure operations on 27.07.2022 on several groups engaged in the healthcare services by running hospitals.
CBDT amends Rule 21AK for exemption u/s 10(4E)
03 August 2022 at 08:48The Central Board of Direct Taxes (CBDT) on August 1, 2022 has issued the Income-tax (Twenty Third Amendment) Rules, 2022 to further amend the Income-tax Rules,1962.
IT raids on conglomerate unearthed unaccounted transactions exceeding Rs.1000 crore
03 August 2022 at 08:48The Income Tax Department carried out a search and seizure operation on 20.07.2022 on a prominent business conglomerate engaged in diversified fields of Textiles, Chemicals, Packaging, Real estate and Education.
New record of over 72.42 lakh (7.24m) ITRs filed on a single day
02 August 2022 at 08:43The Department expresses its gratitude to taxpayers and tax professionals for making compliances in time leading to a surge in filing of Income Tax Returns (ITRs) resulting in a new record of ITRs filed on a single day.
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