Income Tax News

TCS Exemption for Rs 7 Lakh International Card Spend Expected in Interim Budget

21 November 2023 at 08:51

Anticipated Tax Relief: Government Set to Exempt Overseas Card Spending from TCS Up to ₹7 Lakh

Posted in Income Tax | 5253 Views

Industry Alleges Chaos and Legal Logjam Amid Faceless Tax Assessment System Implementation

18 November 2023 at 07:56

In an effort to enhance the efficiency of the faceless tax assessment facility introduced by the Income Tax Department, the industry has reached out to the CBDT, urging the implementation of key modifications to mitigate chaos and legal complexities.

Posted in Income Tax | 4146 Views

CBDT Chairman Forecasts India to Surpass Rs 18.23 Lakh Crore Direct Tax Collection Target

17 November 2023 at 08:44

In a positive development, Central Board of Direct Taxation (CBDT) chairman Nitin Gupta announced on Wednesday that the government is on track to exceed the ₹18.23 lakh crore direct tax collection target set for the current fiscal year

Posted in Income Tax | 2481 Views

IT Department Seizes Unexplained Cash Ahead of Key Assembly Elections in Five States

17 November 2023 at 08:41

In the lead-up to the upcoming Assembly elections in five states, the Income Tax Department has significantly increased its efforts to curb the flow of unexplained cash.

Posted in Income Tax | 5676 Views

Apple, Amazon and Google Face Legal Heat Over Alleged Rs 5000 Crore Income Tax Evasion

15 November 2023 at 08:39

Tech Giants Face Scrutiny for Potential Tax Non-Payment

Posted in Income Tax | 5421 Views

Bombay HC Declares Reassessment Proceedings Invalid for Non-Existent Entity with Active PAN

14 November 2023 at 08:37

In a recent judgment, the Bombay High Court has ruled against the validity of reassessment proceedings conducted by the tax department against non-existent entities, even though the Permanent Account Number (PAN) remained active.

Posted in Income Tax | 5550 Views

Gross Direct Tax Collections Surge to Rs. 12.37 Lakh Crore, Marking 17.59% YoY Growth in FY 2023-24

11 November 2023 at 08:44

The Gross Direct Tax collections are at Rs. 12.37 lakh crore, which is 17.59% higher than the gross collections for the corresponding period of last year. Direct Tax collection

Posted in Income Tax | 2328 Views

Bombay HC Orders Income Tax Refund of Rs 1128 Crores to Vodafone Idea

10 November 2023 at 16:00

In a significant legal victory for Vodafone Idea Ltd, the Bombay High Court has ruled in favor of the telecom giant, ordering the Income Tax Department to refund INR 1,128.47 crores in taxes paid during the assessment year 2016-17, along with interest.

Posted in Income Tax | 5979 Views

Gov Releases Rs 72,961.21 Crore Tax Devolution in Record Time

09 November 2023 at 08:46

Union Government authorises release of tax devolution of ₹72,961.21 crore to all State Governments for November, 2023; three days ahead of the usual date of 10th November

Posted in Income Tax | 2007 Views

IT Dept enables E-filing of Form 56F for AY 2023-24

08 November 2023 at 08:53

In a significant move to enhance the ease of tax compliance for businesses and individuals, the Income Tax Department has enabled the electronic filing of Form 56F for the Assessment Year (A.Y.) 2023-24

Posted in Income Tax | 4557 Views