Income Tax News

Income Tax Department Urges Taxpayers to File ITR-U for AY 2021-22 by 31st March 2024

05 March 2024 at 09:01

Last date for filing of updated returns (ITR-U) for A.Y. 2021-22 (i.e. for F.Y. 2020-21) is 31.03.2024

Posted in Income Tax | 1 comments | 4926 Views

Finance Ministry Expected to Delay 45-Day Payment Rule for MSMEs Until April 2025

05 March 2024 at 08:57

Sources reveal that the Finance Ministry is contemplating a deferment of the enforcement of Rule 43B (h) under the Income Tax Act, which necessitates payments to micro, small, and medium enterprises (MSMEs) within 45 days.

Posted in Income Tax | 4 comments | 18225 Views

CBDT Notifies ITR-7 Form for AY 2024-25

04 March 2024 at 09:09

The Central Board of Direct Taxes (CBDT) has recently announced the notification of Income-tax Return (ITR) Form 7 for the Assessment Year (AY) 2024-25, completing the suite of forms necessary for taxpayers to file their returns.

Posted in Income Tax | 4158 Views

CBDT Allows Processing of E-Filed ITRs for Refunds Beyond Deadline in Non-Scrutiny Cases

02 March 2024 at 14:02

Processing of returns of income validly filed electronically with refund claims under section 143(1) of the Income-tax Act, 1961 beyond the prescribed time limits in non-scrutiny cases

Posted in Income Tax | 5100 Views

Taxpayers from Bengaluru Recognized by FM Sitharaman for Economic Contributions

02 March 2024 at 09:18

Union Finance Minister Nirmala Sitharaman lauded the contributions of Bengaluru taxpayers towards building a robust and prosperous India during her visit to the city on Wednesday.

Posted in Income Tax | 513 Views

Supreme Court's 9-Judge Bench Initiates Landmark Hearing on Royalty's Tax Status in Mining Leases

02 March 2024 at 09:17

On February 27, the Supreme Court's 9-judge Constitution Bench embarked on hearings to address intricate issues pertaining to the taxation of mineral-bearing lands. C

Posted in Income Tax | 1071 Views

Paytm Payments Bank Hit With Rs 5.49 Crore Fine Over Money Laundering Breach

02 March 2024 at 09:13

Financial Intelligence Unit-India (FIU-IND) imposes penalty of Rs. 5,49,00,000 on Paytm Payments Bank Ltd with reference to violations of its obligations under PMLA

Posted in Income Tax | 453 Views

Finance Ministry Considers Adjustment to 45-Day Payment Rule for MSMEs

29 February 2024 at 09:04

The Finance Ministry is deliberating over potential adjustments to a newly proposed income tax rule requiring business enterprises to settle payments to micro, small, and medium enterprises (MSMEs) within 45 days.

Posted in Income Tax | 1 comments | 17805 Views

Income Tax Department Unveils User Guide for Responding to Notices under e-Verification Scheme, 2021

28 February 2024 at 09:11

The Directorate of Income Tax (Systems) has unveiled Version 3.0.0 of the User Guide for Submitting Response to Notices and Letters Received under the e-Verification Scheme, 2021.

Posted in Income Tax | 5106 Views

FM Unveils 433% Surge in Capital Expenditure Alongside Strong Tax Revenue Growth

27 February 2024 at 09:09

In a significant announcement on February 22, 2024, FM revealed that the Indian government's robust tax revenue has paved the way for substantial increases in capital expenditure and sustained investment in infrastructure development projects.

Posted in Income Tax | 1620 Views