Income Tax News

New ITR-5 & ITR-6 Mandate MSME Registration from April 1, 2024

08 February 2024 at 09:24

In a move towards streamlining tax procedures and enhancing transparency, the Income Tax Department has introduced significant changes to income tax return (ITR) forms, effective April 1, 2024.

Posted in Income Tax | 22320 Views

Paytm Under ED Scrutiny for Betting and Money Laundering Allegations

07 February 2024 at 09:01

The Directorate of Enforcement (ED) has initiated a comprehensive investigation into Paytm dating back to 2021, revealing potential ties to money laundering and illicit betting activities, according to credible sources.

Posted in Income Tax | 4386 Views

Govt Accumulates Over Rs 600 Crore in Penalties for Delayed PAN-Aadhaar Linking

06 February 2024 at 15:15

In a recent disclosure to the Parliament, Minister of State for Finance Pankaj Chaudhary unveiled staggering figures regarding the ongoing issue of linking Permanent Account Numbers (PAN) with Aadhaar

Posted in Income Tax | 2817 Views

Income Tax Dept Achieves Over Rs 1260 Crore TDS Collection on Online Gaming and Cryptocurrency Trade

05 February 2024 at 09:15

Government Gains INR 1,260 Crore Through Innovative TDS Framework on Online Gaming and Cryptocurrency Trade

Posted in Income Tax | 5202 Views

Income Tax Department Notifies Higher TDS/TCS Rates for 'Inoperative' PANs

03 February 2024 at 09:23

The Income Tax Department has issued a crucial attention notice to Tax Deductors and Collectors, notifying them of the implications of PAN status marked as 'Inoperative' on TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) rates.

Posted in Income Tax | 13182 Views

CBDT Extends Time for Processing E-Filed Returns with Refund Claims in Non-Scrutiny Cases

03 February 2024 at 09:22

CBDT has issued an order dated January 31, 2024, announcing an extension in the time-limit for processing non-scrutiny Income Tax Returns up to Assessment Year (AY) 2020-21.

Posted in Income Tax | 6360 Views

CBDT notifies new ITR Forms for AY 2024-25

03 February 2024 at 09:20

CBDT notifies Income Tax Return Forms for the Assessment Year 2024-25 well in advance for the Assessment Year (A.Y.) 2024-25

Posted in Income Tax | 4485 Views

CBDT Notifies Income Tax Return Form ITR-6 for AY 2024-25

29 January 2024 at 09:05

The Central Board of Direct Taxes (CBDT) has recently issued a crucial notification, marked as Notification No. 16/2024 on January 24, 2024.

Posted in Income Tax | 11430 Views

Supreme Court: Assessing Officer Bears Burden to Rectify Defects in Tax Returns

26 January 2024 at 08:01

The Supreme Court on Tuesday clarified that if a tax return is deemed defective, it is the responsibility of the assessing officer to inform the assessee and provide an opportunity for rectification.

Posted in Income Tax | 6159 Views

IT Department Urges PAN Verification to Avoid Higher TDS/TCS Rates for Deductors

25 January 2024 at 17:35

The Income Tax Department has released a crucial update directed towards deductors, underscoring the significance of verifying the PAN status of deductees.

Posted in Income Tax | 3960 Views