Income Tax News
Govt unveils Vivad se Vishwas II Scheme for Pending Contract Disputes
Posted in Income Tax on 31 May 2023Ministry of Finance has issued Office Memorandum vide No.F.1/7/2022-PPD dated May 29, 2023 has decided to implement a one-time settlement scheme called "Vivad s..
Income Tax Department Tightens Grip on Companies' Advance Tax Payments
Posted in Income Tax on 30 May 2023The income tax department is closely monitoring advance tax payments by scrutinising companies' annual and quarterly balance sheets..
Govt's push to align TCS with TDS: Insights from Chief Economic Advisor
Posted in Income Tax on 29 May 2023The government is attempting to link tax collected at source for payments made by individuals with tax deducted from their income sources, a move that will help..
Banks directed to alert Income Tax Department on large Rs 2000 Deposits
Posted in Income Tax on 29 May 2023Banks will be required to notify the income tax department about large cash deposits of ₹2,000 currency notes above a threshold as part of the statement of fina..
CBDT releases guidelines for compulsory selection of returns for complete scrutiny during FY 2023-24
Posted in Income Tax on 27 May 2023CBDT has issued the guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2023-24...
MSME Ministry Allows Informal Micro Units to Opt-Out of Aadhaar Authentication
Posted in Income Tax on 27 May 2023The Ministry of MSME has made the Aadhaar authentication for informal micro units voluntary to encourage informal micro enterprises (IMEs) for Udyam registratio..
CBDT raises tax exemption limit on Leave Encashment to Rs 25 lakh for Non-Govt Salaried Employees
Posted in Income Tax on 26 May 2023In pursuance to the proposal in the Budget Speech, 2023, by the Hon'ble FM, the Central Government has notified the increased limit for tax exemption on leave ..
CBDT exempts investments from Angel Tax for 21 International Countries
Posted in Income Tax on 26 May 2023The Finance Ministry has notified 21 countries, including the US, UK and France, from where non-resident investment in unlisted Indian startups will not attract..
IT Department introduces validation rules for e-filing of ITR-1, ITR-2 and ITR-4 for AY 2023-24
Posted in Income Tax on 25 May 2023Income Tax Department has issued Validation Rules dated May 23, 2023 (Version 1.0) w.r.t. e-filing of ITR-1, ITR-2 and ITR-4 for AY 2023-24...
Excel utility for ITR-3 AY 2023-24 now available for e-filing
Posted in Income Tax on 25 May 2023For individuals and HUFs having income from profits and gains of business or profession..
Popular News
- IT Department introduces validation rules for e-filing of ITR-1, ITR-2 and ITR-4 for AY 2023-24
- Banks directed to alert Income Tax Department on large Rs 2000 Deposits
- IT Department initiates FIRs against 404 individuals and CA in bogus refund cases
- ICAI releases Annual Membership Fees Structure for the year 2023-2024
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