Income Tax News

CBDT signs record number of 125 Advance Pricing Agreements (APAs) in FY 2023-24

17 April 2024 at 08:48

The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) in FY 2023-24 with Indian taxpayers. This includes 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs).

Posted in Income Tax | 2088 Views

Income Tax Department Targets 1.52 Crore Non-Filers for Tax Return Compliance

15 April 2024 at 08:57

According to a report, the Income Tax Department has identified a staggering 1.52 crore such individuals who, despite having taxable income or TDS, have failed to fulfill their filing obligations.

Posted in Income Tax | 4080 Views

Income Tax Department Issues Clarification Regarding India-Mauritius Tax Treaty

13 April 2024 at 07:33

The Income Tax Department recently issued a clarification regarding concerns about the amendment to the India-Mauritius Double Taxation Avoidance Agreement (DTAA) on April 12, 2024.

Posted in Income Tax | 2349 Views

Income Tax Department Sets April 30 Deadline for Pending Refunds Approval

10 April 2024 at 08:59

In a significant relief for taxpayers awaiting their income tax refunds, the Income Tax Department has announced a deadline of April 30 for the approval of pending refunds.

Posted in Income Tax | 5967 Views

CBDT Directs Officers to Identify Top 30 TDS Shortfall Cases by 30th June

10 April 2024 at 08:58

In a recent directive from the Central Board of Direct Taxes (CBDT), income tax officers have been mandated to scrutinize the top 30 cases of short payment concerning tax deducted at source (TDS).

Posted in Income Tax | 1 comments | 5211 Views

CBDT Releases Interim Action Plan for FY 2024-25

09 April 2024 at 09:06

The Circular issued by the CBDT delineates a comprehensive Interim Action Plan tailored for the Financial Year 2024-25.

Posted in Income Tax | 5949 Views

CBDT clarifies on media reports claiming special drive to reopen cases with reference to HRA claims

09 April 2024 at 09:04

There is no special drive to re-open cases of mismatch, and media reports alleging that large-scale re-opening is being undertaken by the CBDT are completely misplaced

Posted in Income Tax | 2895 Views

New Forms Released for Aircraft and Ship Leasing Businesses, Including Dividend Exemption

06 April 2024 at 15:52

New Form-1 (Aircraft Leasing business), Form -1 {Dividend exempt u/s 10(34B)}, Form-1 (Ship Leasing Business), Form-10IEA, Form-10IFA & Form-3AF are released.

Posted in Income Tax | 423 Views

Kanpur Man Arrested for Posing as Income Tax Officer to Hide Unemployment

05 April 2024 at 14:33

A 24-year-old man from Nai Basti, identified as Ritesh Sharma, found himself in police custody on Wednesday for allegedly posing as an Income Tax officer.

Posted in Income Tax | 2667 Views

CBDT Enables Functionalities to File ITRs for AY 2024-25 w.e.f 1st April 2024

05 April 2024 at 09:01

The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards.

Posted in Income Tax | 1 comments | 4131 Views