Income Tax News

CBDT Extends Deadline for Filing Form 10B/10BB and Form ITR-7 for AY 2023-24

19 September 2023 at 08:50

CBDT extends due date for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24

Posted in Income Tax | 26670 Views

Gross Direct Tax Collections for FY 2023-24 Surge by 18.29%

19 September 2023 at 08:48

The provisional figures of Direct Tax collections for the Financial Year 2023-24 show that net collections are at Rs. 8,65,117 crore, compared to Rs. 7,00,416 crore in the corresponding period of the preceding FY, representing an increase of 23.51%.

Posted in Income Tax | 2721 Views

IT Raids Noida Real Estate Firm's Premises in Tax Evasion Probe

19 September 2023 at 08:47

The Income Tax department conducted searches on the premises of a real estate developer called Orris Group and its linked companies in Noida and Greater Noida over suspected tax evasion.

Posted in Income Tax | 4854 Views

IT Dept Releases Updated Offline Utility for Form 3CA-3CD and 3CB-3CD Forms for AY 2023-24

18 September 2023 at 08:40

Income Tax Department (ITD) has issued an updated common offline utility for Form 3CA-3CD and 3CB-3CD for the Assessment Year 2023-24.

Posted in Income Tax | 26925 Views

Income Tax Department Unveils Suite of Tax Tools to Aid Taxpayers

16 September 2023 at 10:26

The Income Tax Department has released a number of tax tools for taxpayers to help them with their tax planning and compliance. These tools can be used to calculate tax liability, estimate advance tax payments and generate income tax returns.

Posted in Income Tax | 13023 Views

Income Tax Department issues Advisory on Bank Account Validation Status for Refunds

15 September 2023 at 08:51

Income Tax Department issued an advisory on September 13, 2023, regarding the validation status of bank account numbers for refunds.

Posted in Income Tax | 19638 Views

Income Tax Department Conducts Raids on Azam Khan's Trusts and Properties

14 September 2023 at 14:06

The Income-tax department carried out raids at more than 30 premises in Uttar Pradesh and Madhya Pradesh. These raids are part of a tax evasion investigation involving Samajwadi Party leader Azam Khan and individuals associated with him.

Posted in Income Tax | 3321 Views

CBDT Grants Sec 47(viiab) Exemption to Investment Trust Units and IFSC ETFs

14 September 2023 at 08:53

The CBDT (Central Board of Direct Taxes) has amended the notification No. 16/2020 dated 05-03-2020 to enhance the scope of section 47(viiab) exemption.

Posted in Income Tax | 3222 Views

CBDT Resolves 53,000 Grievances in Special Campaign 2.0 for Swachhata

12 September 2023 at 08:45

CBDT resolves more than 46,000 public grievances and 7,000 grievance appeals between December, 2022 till July, 2023 under Special Campaign 2.0 for Swachhata and disposal of pending matters

Posted in Income Tax | 2706 Views

Income Tax Department Investigates Startup Investments for Compliance

11 September 2023 at 08:45

Income Tax Department issues notices to certain startups, including those in Ashneer Grover's portfolio, requesting information about their shareholders and seeking to verify the creditworthiness of those investors.

Posted in Income Tax | 7215 Views