Income Tax News

Direct Tax Collections Reach Rs 18.38 Lakh Crore, Surge 17.30% YoY

12 February 2024 at 12:19

Direct Tax collections at 80.23% of total Revised Estimates of Direct Taxes for F.Y. 2023-24 upto 10.02.2024Gross Direct Tax collections at Rs. 18.38 lakh crore with Y-o-Y growth of 17.30%, as on 10th February, 2024Direct Tax collection, Net of refun

Posted in Income Tax | 2466 Views

PIB Fact Check Exposes Fake Income Tax Notice Requiring Payment for Audited Balance Sheets

12 February 2024 at 09:17

A recent tweet by PIB Fact Check has brought to light a deceptive notice circulating on social media platforms, purportedly issued in the name of @IncomeTaxIndia.

Posted in Income Tax | 6888 Views

Income Tax Department Set to Issue Rs 25,000 Crore Tax Notices to Insurers Over Alleged Evasion

10 February 2024 at 16:39

The Income Tax Department is set to send demand notices totaling Rs 25,000 crore to several insurance companies by the end of March.

Posted in Income Tax | 15075 Views

Taxpayers on Notice: CBDT Chairman Targets Non-filers for Income Tax Returns

10 February 2024 at 09:30

The Income Tax Department in India, under the leadership of Nitin Gupta, Chairman of the CBDT, is gearing up to issue notices to individuals who have failed to file tax returns despite having taxes deducted at the source from their incomes

Posted in Income Tax | 6873 Views

Over 2.16 Lakh Individuals Earn Above Rs 1 Crore in AY 2023-24

09 February 2024 at 09:16

The latest data presented in Parliament by Minister of State for Finance Pankaj Chaudhary has revealed a remarkable surge in the count of individuals earning more than Rs 1 crore annually in India

Posted in Income Tax | 6597 Views

New ITR-5 & ITR-6 Mandate MSME Registration from April 1, 2024

08 February 2024 at 09:24

In a move towards streamlining tax procedures and enhancing transparency, the Income Tax Department has introduced significant changes to income tax return (ITR) forms, effective April 1, 2024.

Posted in Income Tax | 22497 Views

Paytm Under ED Scrutiny for Betting and Money Laundering Allegations

07 February 2024 at 09:01

The Directorate of Enforcement (ED) has initiated a comprehensive investigation into Paytm dating back to 2021, revealing potential ties to money laundering and illicit betting activities, according to credible sources.

Posted in Income Tax | 4473 Views

Govt Accumulates Over Rs 600 Crore in Penalties for Delayed PAN-Aadhaar Linking

06 February 2024 at 15:15

In a recent disclosure to the Parliament, Minister of State for Finance Pankaj Chaudhary unveiled staggering figures regarding the ongoing issue of linking Permanent Account Numbers (PAN) with Aadhaar

Posted in Income Tax | 2952 Views

Income Tax Dept Achieves Over Rs 1260 Crore TDS Collection on Online Gaming and Cryptocurrency Trade

05 February 2024 at 09:15

Government Gains INR 1,260 Crore Through Innovative TDS Framework on Online Gaming and Cryptocurrency Trade

Posted in Income Tax | 5286 Views

Income Tax Department Notifies Higher TDS/TCS Rates for 'Inoperative' PANs

03 February 2024 at 09:23

The Income Tax Department has issued a crucial attention notice to Tax Deductors and Collectors, notifying them of the implications of PAN status marked as 'Inoperative' on TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) rates.

Posted in Income Tax | 13419 Views