Income Tax News
CBDT Issues SOP for Recomputation of Co-operative Sugar Manufacturers' Income u/s 155(19) of IT Act
31 July 2023 at 08:43CBDT vide Circular No. 14 of 2023 dated July 27, 2023 issued SOP for making application for recomputation of total income of a co-operative society engaged in the business of manufacture of sugar, as provided for in the sub-section (19) of section 155
IT Dept to Utilize AI Regression Model for Detecting Deviations: Tax Official
31 July 2023 at 08:42The usage of artificial intelligence (AI) by the Income Tax department to build regression models is aimed at identifying deviations and errors in tax filing.
IT Department Conducts Raids on Haier Offices in Noida, Mumbai and Pune
29 July 2023 at 12:06Income Tax Department (I-T) is currently conducting searches at multiple locations in Mumbai, Pune, and Noida, including the offices and premises of promoters of Chinese home appliance company Haier.
Over 5 crore ITRs filed for AY 2023-24 by 27th July breaking last year's record
29 July 2023 at 10:32The fact that over 5 crore ITRs have already been filed till 27th July 2023, as compared to 30th July last year, shows a commendable commitment to meeting tax obligations promptly.
CBDT issued clarification in respect of Rule 114F (5) of IT Rules
28 July 2023 at 08:49CBDT, Foreign Tax & Tax Research Division has issued vide F. No. 500/34/2019-FT&TR-III(Pt.)/1 dated July 26, 2023 issued clarification in respect of Rule 114F (5) of the Income Tax Rules, 1962.
CBDT Condones Delay in Filing Returns Claiming Deduction u/s 80P for AY 2018-19 to AY 2022-23
28 July 2023 at 08:48CBDT issued Circular No. 13/2023 dated July 26, 2023 regarding condonation of delay in filing returns of income claiming deduction under section 80P of the IT Act for various assessment years from AY 2018-19 to AY 2022-23.
FM Reveals 1 Lakh Notices Sent Over Under-Reported Income and Non-Filing of Returns
25 July 2023 at 14:21The Union Finance Minister, Nirmala Sitharaman, announced that the Centre has sent one lakh notices for non-filing of returns, under-reported income, and misrepresentation of income.
FM Nirmala Sitharaman presides over 164th Income Tax Day celebrations at New Delhi
25 July 2023 at 08:41The 164th anniversary of Income Tax Day was observed by Central Board of Direct Taxes (CBDT) and all its field offices across India today.
Taxman Targets Salaried Individuals: Notices Issued for Exemption Proof
24 July 2023 at 08:43The Income Tax department is taking action by sending notices to individuals who have claimed exemptions under various sections of the Income Tax Act
IT Dept urges NRIs with inoperative PANs to submit NRI status and documents to respective AOs
22 July 2023 at 14:40The Income Tax Department (ITD) has requested NRIs with inoperative PANs to submit their NRI status and supporting documents to their respective Assessing Officers (AOs).
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