Income Tax News

ITR-U Enabled on Income Tax Portal for AY 2023-2024

02 January 2024 at 09:09

Income Tax Department Facilitates Seamless E-Filing: ITR-U Now Available on the Portal for AY 2023-2024 (FY 2022-2023)

Posted in Income Tax | 4509 Views

Income Tax Department Sends Alerts to 3 Million Taxpayers Over TDS-Refund Mismatch

01 January 2024 at 08:14

The Income Tax (IT) department has escalated its scrutiny by sending alerts to approximately 3 million salaried taxpayers, drawing attention to disparities between Tax Deducted at Source (TDS) and refunds claimed in their revised tax returns.

Posted in Income Tax | 8577 Views

Over 8.18 Crore ITRs Filed for AY 2023-24

30 December 2023 at 17:52

In a groundbreaking achievement, the Income-tax Department has marked a historic milestone by receiving over 8 crore Income Tax Returns (ITRs) for the Assessment Year 2023-24, setting a new record and surpassing all previous filing statistics.Unveili

Posted in Income Tax | 3432 Views

CBDT Issues Guidelines u/s 194-O of the Income-tax Act, 1961

29 December 2023 at 09:28

Vide CBDT Circular No. 20/2023 dated 28.12.2023 guidelines have been issued for removal of difficulties and clarity has been provided on various issues pertaining to applicability of section 194-O

Posted in Income Tax | 3375 Views

Income Tax Department Harnesses AI for Rs 36,000 Crore Recovery

29 December 2023 at 09:27

The Income Tax Department has harnessed the power of data analytics and advanced technology to recover an impressive ₹36,000 crore from outstanding tax demands in the current fiscal year.

Posted in Income Tax | 5940 Views

Year in Review 2023: CBDT's Citizen-Centric Initiatives

29 December 2023 at 09:23

In the year 2023, the Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance, has taken many citizen-centric initiatives throughout the year.

Posted in Income Tax | 5211 Views

Delhi HC Upholds Constitutional Validity of Section 115BBE of Income Tax Act

28 December 2023 at 14:53

In a significant verdict, the Delhi High Court, led by Acting Chief Justice Manmohan and Justice Mini Pushkarna, has upheld the constitutional validity of Section 115BBE of the Income Tax Act.

Posted in Income Tax | 2370 Views

Income Tax Dept Issues Clarification on Notices Sent to Taxpayers Who Already Filed ITR

27 December 2023 at 15:08

The Income Tax Department has released a clarification on the social media platform 'X' (formerly known as Twitter), addressing concerns and questions surrounding notices sent to individuals who have already filed their income tax returns (ITRs).

Posted in Income Tax | 8241 Views

Zydus Healthcare Faces Rs 285 Crore Income Tax Demand

27 December 2023 at 09:25

Indian pharmaceutical major Zydus Life revealed that its wholly-owned subsidiary, Zydus Healthcare Limited (ZHL), has received an Income Tax demand of Rs 284.58 crore

Posted in Income Tax | 2250 Views

IT Dept uses fine-tooth comb to nab both employers & employees for TDS claims mismatch

27 December 2023 at 09:23

In a bid to ensure accurate tax compliance, the Income Tax department is intensifying its efforts to reconcile discrepancies between the tax deducted at source (TDS) by companies and the declarations made by employees in their annual I-T returns.

Posted in Income Tax | 11868 Views