Income Tax News

Income Tax Department Unveils Advance Tax Calculator for FY 2023-24

09 September 2023 at 08:36

Income Tax Department has released the Advance Tax Calculator for the Financial Year 2023-24, as amended upto the Finance Act of 2023. The calculator is available on the Income Tax Department website.

Posted in Income Tax | 10125 Views

Income Tax Department Issues Intimation Notices to 22,000 Taxpayers for ITR Mismatch

08 September 2023 at 09:12

The Income Tax Department has sent intimation notices to over 22,000 taxpayers as deductions do not match the information furnished in their Form 16 or AIS or the data available with the Income Tax Department.

Posted in Income Tax | 15057 Views

New Tax Rates Unveiled for AY 2023-24 and AY 2024-25

08 September 2023 at 09:10

Income Tax Department has released the tax rates for all taxpayers for the Assessment Year 2023-24 and Assessment Year 2024-25.

Posted in Income Tax | 15033 Views

Income Tax Dept Rolls Out Enhanced Offline Utility for Forms 3CA-3CD and 3CB-3CD

08 September 2023 at 09:09

Income Tax Department has released an updated offline utility for Forms 3CA-3CD and 3CB-3CD on September 6, 2023. The utility can be downloaded from the Income Tax Department's website.

Posted in Income Tax | 3054 Views

IT Dept Facilitates Online Filing of Forms 26Q, 27Q and 27EQ for Q1 FY 2023-24

08 September 2023 at 09:09

Income Tax Department has enabled the filing of Forms 26Q, 27Q, and 27EQ for the first quarter of the financial year 2023-24.

Posted in Income Tax | 4599 Views

Income Tax Department Notifies Salaried Taxpayers About Deduction Discrepancies in Form 16

06 September 2023 at 09:00

Income Tax Department (ITD) has started sending intimations to salaried taxpayers whose deductions are not in sync with Form 16.

Posted in Income Tax | 46344 Views

Income Tax Department Urges Taxpayers to Verify Bank Account Validation Status

06 September 2023 at 08:59

Income Tax Department (ITD) has advised taxpayers to verify the validation status of their bank account on the e-filing portal.

Posted in Income Tax | 12246 Views

Over 88% of 6.98 Crore ITRs for AY 2023-24 Verified and Processed as of 5th Sept 2023

06 September 2023 at 08:54

6.84 crore ITRs verified out of 6.98 crore ITRs filed for AY 2023-24 with over 88% of verified ITRs processed as on 5th Sept. 2023More than 2.45 crore refunds for AY 2023-24 issuedThe Income Tax Department is committed to process the Income Tax Retur

Posted in Income Tax | 5124 Views

ICAI releases Guidance Note on Tax Audit u/s 44AB of IT Act, 1961

05 September 2023 at 08:49

ICAI releases Revised 2023 Edition of Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961.

Posted in Income Tax | 15552 Views

Clarification on 80P Error from Income Tax Department

04 September 2023 at 08:41

The Income Tax Department has clarified that the error in the 80P deduction notices was sent inadvertently. The department has assured taxpayers that an email communication addressing this issue will be sent out shortly.

Posted in Income Tax | 31410 Views