Income Tax News

Gov Releases Rs 72,961.21 Crore Tax Devolution in Record Time

09 November 2023 at 08:46

Union Government authorises release of tax devolution of ₹72,961.21 crore to all State Governments for November, 2023; three days ahead of the usual date of 10th November

Posted in Income Tax | 1986 Views

IT Dept enables E-filing of Form 56F for AY 2023-24

08 November 2023 at 08:53

In a significant move to enhance the ease of tax compliance for businesses and individuals, the Income Tax Department has enabled the electronic filing of Form 56F for the Assessment Year (A.Y.) 2023-24

Posted in Income Tax | 4530 Views

CBDT Notifies New Changes in Form ITR-7

02 November 2023 at 08:54

Central Board of Direct Taxes (CBDT) notified the Income Tax (Twenty-Seventh Amendment) Rules, 2023 on October 31, 2023 (Notification No. 94/2023). These amendments came into effect from April 1, 2023.

Posted in Income Tax | 7278 Views

Record 7.85 crore ITRs filed for all Assessment Years up to 31st October, 2023

02 November 2023 at 08:51

The Income Tax Department registered a record number of filing of Income Tax Returns (ITRs) till 31st October, 2023

Posted in Income Tax | 4158 Views

Colgate Palmolive Faces Rs 170 Crore Transfer Pricing Order in Tax Dispute

01 November 2023 at 14:28

Colgate Palmolive (India) Faces Rs 170 Crore Transfer Pricing Order from Income Tax Authorities for International Transactions

Posted in Income Tax | 3363 Views

Income Tax Department Launches Extensive Profiling of HNIs to Combat Tax Evasion

01 November 2023 at 08:58

In a bid to curb tax evasion, the Income Tax Department is set to take strict action against high-net-worth individuals (HNIs) who underreport their incomes, despite recent tax rate reductions.

Posted in Income Tax | 15417 Views

Bombay High Court Issues Stern Warning to IT Assessing Officers for Delayed Assessment Orders

31 October 2023 at 08:49

In a recent development, the Bombay High Court has expressed strong disapproval of the functioning of income tax (IT) assessing officers and their handling of delayed assessment orders.

Posted in Income Tax | 5721 Views

Income Tax Department Launches 360-Degree Profiling of HNI Tax Evaders

27 October 2023 at 08:53

The Income Tax Department is all set to crack down on high net worth individuals (HNIs) who underpay their taxes.

Posted in Income Tax | 23454 Views

Teacher Falls Victim to PAN Card Update Scam, Loses Rs 3.82 Lakh

27 October 2023 at 08:50

A 36-year-old preschool teacher in Mira Road lost over ₹3.82 lakhs to cybercrooks who posed as bank officials.

Posted in Income Tax | 6297 Views

Condonation of Delay for Form No. 10-IC Filing in AY 2021-22 u/s 119(2)(b)

24 October 2023 at 08:11

CBDT issued Circular No. 19/2023 dated October 23, 2023 regarding the condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for the Assessment Year 2021-22.

Posted in Income Tax | 5343 Views