Income Tax News

IT Department issues updated list of banks for tax payments
Posted in Income Tax on 03 December 2022
List of banks for tax payments available at e-Pay Tax service at e-Filing Portal and OLTAS ePayment of Taxes at Protean (previously NSDL)..
IT department moves to resolve tax refund issues quickly
Posted in Income Tax on 02 December 2022
The income-tax department has issued instructions to ensure taxpayer grievances about adjustment of tax dues against pending refunds are resolved quickly to che..
About Rs 400 crore tax deposited by filing updated ITRs so far
Posted in Income Tax on 25 November 2022
The recently introduced provision of allowing taxpayers to update their tax returns has seen as many as 5 lakh re-filings with about ₹400 crore additional tax c..
Verify Aadhaar before accepting it as a proof of identity: UIDAI
Posted in Income Tax on 24 November 2022
Before accepting an Aadhaar either in physical or electronic form for establishing identity of an individual, entities should verify the Aadhaar...
IT department conducts 40 raids across Tamil Nadu alleging tax evasion
Posted in Income Tax on 24 November 2022
The Income Tax department started to conduct surprise raids on goods suppliers to Public Distribution System (PDS) shops in Tamil Nadu on Wednesday. ..
Petitioner seeks tax exemption for persons earning below Rs 8 lakh, citing EWS criteria
Posted in Income Tax on 23 November 2022
Kunnur Seenivasan, a Dravida Munnetra Kazhagam (DMK) functionary, has filed a petition with the Madurai Bench of the Madras High Court on the ground of the rece..
IT Dept detects unaccounted transactions exceeding Rs. 100 crore in Bihar
Posted in Income Tax on 23 November 2022
Income Tax Department initiated a Search & Seizure action on few groups engaged in the business of gold & diamond jewellery and real estate, on 17.11.2022. ..
Several FPIs, AIFs get tax notice for errors in returns
Posted in Income Tax on 22 November 2022
The Income Tax Department has sent notices to dozens of foreign portfolio investors (FPIs) and alternative investment funds (AIFs), flagging discrepancies in th..
IT Department detects unaccounted income of more than Rs. 1300 crore in Karnataka
Posted in Income Tax on 18 November 2022
Income Tax Department initiated Search & Seizure actions on 20.10.2022 and 02.11.2022 on certain individuals who had executed Joint Development Agreements (JDAs..
Over 6.85 crore ITRs filed for FY22 so far
Posted in Income Tax on 17 November 2022
Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has confirmed that over 6.85 crore income tax returns have been filed so far for fiscal 2021-22. Moreo..