Income Tax News

Ex-Income Tax Officials Sentenced to 3 Years in Corruption Case

06 March 2024 at 09:02

In a landmark ruling, a Central Bureau of Investigation (CBI) court has delivered a resounding blow against corruption by sentencing two former income tax officials, Mahesh Sompura and Mukesh Raval, to three years in prison each.

Posted in Income Tax | 594 Views

CBDT Extends Deadline for Trusts, Institutions to File Audit Reports on or before 31st March, 2024

06 March 2024 at 09:01

CBDT allows certain trusts/institutions to furnish the audit report in the applicable Form No. 10B / 10BB on or before 31st March, 2024

Posted in Income Tax | 1 comments | 7272 Views

Income Tax Department Enables Online Filing for Form I SWF

05 March 2024 at 14:58

The Income Tax Department released an update notifying taxpayers of the enabling of online filing for Form I SWF.

Posted in Income Tax | 795 Views

Income Tax Department Urges Taxpayers to File ITR-U for AY 2021-22 by 31st March 2024

05 March 2024 at 09:01

Last date for filing of updated returns (ITR-U) for A.Y. 2021-22 (i.e. for F.Y. 2020-21) is 31.03.2024

Posted in Income Tax | 1 comments | 4833 Views

Finance Ministry Expected to Delay 45-Day Payment Rule for MSMEs Until April 2025

05 March 2024 at 08:57

Sources reveal that the Finance Ministry is contemplating a deferment of the enforcement of Rule 43B (h) under the Income Tax Act, which necessitates payments to micro, small, and medium enterprises (MSMEs) within 45 days.

Posted in Income Tax | 4 comments | 17994 Views

CBDT Notifies ITR-7 Form for AY 2024-25

04 March 2024 at 09:09

The Central Board of Direct Taxes (CBDT) has recently announced the notification of Income-tax Return (ITR) Form 7 for the Assessment Year (AY) 2024-25, completing the suite of forms necessary for taxpayers to file their returns.

Posted in Income Tax | 3819 Views

CBDT Allows Processing of E-Filed ITRs for Refunds Beyond Deadline in Non-Scrutiny Cases

02 March 2024 at 14:02

Processing of returns of income validly filed electronically with refund claims under section 143(1) of the Income-tax Act, 1961 beyond the prescribed time limits in non-scrutiny cases

Posted in Income Tax | 4962 Views

Taxpayers from Bengaluru Recognized by FM Sitharaman for Economic Contributions

02 March 2024 at 09:18

Union Finance Minister Nirmala Sitharaman lauded the contributions of Bengaluru taxpayers towards building a robust and prosperous India during her visit to the city on Wednesday.

Posted in Income Tax | 435 Views

Supreme Court's 9-Judge Bench Initiates Landmark Hearing on Royalty's Tax Status in Mining Leases

02 March 2024 at 09:17

On February 27, the Supreme Court's 9-judge Constitution Bench embarked on hearings to address intricate issues pertaining to the taxation of mineral-bearing lands. C

Posted in Income Tax | 912 Views

Paytm Payments Bank Hit With Rs 5.49 Crore Fine Over Money Laundering Breach

02 March 2024 at 09:13

Financial Intelligence Unit-India (FIU-IND) imposes penalty of Rs. 5,49,00,000 on Paytm Payments Bank Ltd with reference to violations of its obligations under PMLA

Posted in Income Tax | 372 Views