Income Tax News

CBDT Allows E-filing of Modified Returns for Successor Companies

15 March 2024 at 09:05

CBDT has released an order dated March 13, 2024, in accordance with section 119 of the Income-tax Act, 1961, aimed at providing assistance to successor companies

Posted in Income Tax | 3243 Views

Delhi Woman Sentenced to 6 Months Jail for Failing to File Rs 2 Crore ITR

12 March 2024 at 09:22

A woman was recently sentenced to six months in jail by a Delhi Court for failing to file an income tax return on an income of Rs two crores.

Posted in Income Tax | 1302 Views

Income Tax Department to Update AIS Following Market Securities Data Discrepancies

12 March 2024 at 09:20

Based on feedback from taxpayers on the e-campaign for Advance Tax, the Department has identified certain inconsistencies in the data of the securities market (SFT-17) provided by one of the Reporting Entities.

Posted in Income Tax | 3759 Views

Income Tax Department To Mount Advance Tax E-campaign For FY 2023-24

11 March 2024 at 09:03

As a part of taxpayer service initiative, the Department is undertaking an e-campaign, which aims to intimate such persons/entities of significant financial transactions,through email and SMS

Posted in Income Tax | 5532 Views

Govt Announces TDS Exemption for Certain Payments in IFSC Units w.e.f 1st April 2024

09 March 2024 at 09:14

Effective from April 1, 2024, the exemption is poised to incentivize businesses to operate within the IFSC framework, fostering an environment conducive to growth and innovation in the financial services sector.

Posted in Income Tax | 5409 Views

CBDT Extends Due Date for Filing Form No. 26QE for FY 2022-23

09 March 2024 at 09:12

In a move to provide relief to taxpayers, the Central Board of Direct Taxes (CBDT) has issued Circular No. 04/2024 dated March 07, 2024, announcing the ex-post facto extension of the due date for filing Form No. 26QE.

Posted in Income Tax | 4560 Views

Income Tax Department Issues Update On Option for Filing ITR-U u/s 139(8A)

09 March 2024 at 09:11

The Income Tax Department unveiled a crucial update on March 7, 2024, pertaining to the submission of Updated Income Tax Returns (ITR) under section 139(8A) of the Income Tax Act 1961.

Posted in Income Tax | 4221 Views

CBDT Provides Clarity on Finance Act 2023 Provisions for Trust Donations

07 March 2024 at 09:16

CBDT clarifies provisions under Finance Act 2023 relating to donations made by a trust/institution to another trust/institution for purposes of the application of income

Posted in Income Tax | 1 comments | 4893 Views

MSME Payment Rule Enforcement Set for April 1, Confirms Finance Ministry Officials

07 March 2024 at 09:12

One senior finance ministry official clarified, "Companies need to make payments to the MSME sector within 45 days, as per the Finance Act 2023, effective from April 1, 2024.

Posted in Income Tax | 1 comments | 71487 Views

CBDT Amends Forms 3CD, 3CEB and 65 for Tax Audit and Tonnage Tax Applications

06 March 2024 at 12:02

The Central Board of Direct Taxes (CBDT) has recently made significant amendments to various tax-related forms, including the tax audit form (Form 3CD & Form No. 3CEB) and the Form for filing of tonnage tax application (Form 65).

Posted in Income Tax | 5964 Views