Income Tax News

CBDT Extends PAN-Aadhaar Link Deadline Until 31st May 2024

24 April 2024 at 11:01

For the transactions entered into upto 31.03.2024 and in cases where the PAN becomes operative (as a result of linkage with Aadhaar) on or before 31.05.2024, there shall be no liability on the deductor/collector

Posted in Income Tax | 2 comments | 12270 Views

Proposed Income Tax Act Amendment Targets MSME Dues Tax Treatment

24 April 2024 at 09:04

A recent alteration in the Income Tax Act, aimed at bolstering small businesses by ensuring timely payments, might have inadvertently deterred potential buyers from engaging with them.

Posted in Income Tax | 2880 Views

Income Tax Department Launches Drive to Clear 0.54 Million Appeals

24 April 2024 at 09:02

As of January 31 this year, a staggering 5,44,205 appeals awaited resolution within the corridors of the Income Tax Department

Posted in Income Tax | 1704 Views

Yes Bank Shares Surge on Receipt of Rs 284.21 Crore Tax Refund

23 April 2024 at 08:52

Shares of Yes Bank witnessed a significant uptick in early trading today, buoyed by positive developments including a substantial tax refund order and an equity allotment decision.

Posted in Income Tax | 288 Views

Supreme Court to Review Rs 33,000 Crore Income Tax Claim on Jaypee Infratech

22 April 2024 at 08:51

In a pivotal move, the Supreme Court has stepped in to assess the contentious ₹33,000 crore tax claim imposed on Jaypee Infratech Ltd (JIL), marking a crucial juncture in the ongoing legal saga that has left 22,000 homebuyers in limbo.

Posted in Income Tax | 1029 Views

Net Direct Tax Collections Surge to Rs. 19.58 Lakh Crore in FY 2023-24

22 April 2024 at 08:49

Net Direct Tax collections (provisional) for Financial Year (FY) 2023-24 exceed Union Budget Estimates by Rs. 1.35 lakh crore i.e. by 7.40%

Posted in Income Tax | 234 Views

CBDT Directs Self-Reporting Organizations to Submit High-Value Transaction Details of FY23 by 30th June

19 April 2024 at 08:58

In a recent development, the Central Board of Direct Taxes (CBDT) has issued a directive to Self-Reporting Organizations (SROs) urging them to furnish comprehensive details of high-value transactions conducted during the fiscal year 2022-23.

Posted in Income Tax | 4266 Views

ITR-1, ITR-2, ITR-4 & ITR-6 for AY 2024-25 Enabled For Offline/Online mode at e-filing portal

17 April 2024 at 08:53

ITR-1, ITR-2, ITR-4 & ITR-6 for AY 2024-25 are enabled for filing in Offline as well as Online mode at e-filing portal. Excel utilities of ITR-1, ITR-2 & ITR-4 for AY 2024-25 are available under 'Downloads' button at e-filing portal.

Posted in Income Tax | 366 Views

CBDT signs record number of 125 Advance Pricing Agreements (APAs) in FY 2023-24

17 April 2024 at 08:48

The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) in FY 2023-24 with Indian taxpayers. This includes 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs).

Posted in Income Tax | 1854 Views

Income Tax Department Targets 1.52 Crore Non-Filers for Tax Return Compliance

15 April 2024 at 08:57

According to a report, the Income Tax Department has identified a staggering 1.52 crore such individuals who, despite having taxable income or TDS, have failed to fulfill their filing obligations.

Posted in Income Tax | 3711 Views