Income Tax News [3]

Income Tax News

PAN Card Compulsory for Deposits Exceeding Rs 50000 in Rs 2000 Notes

Posted in Income Tax on 25 May 2023
If you deposit more than Rs 50,000 in a single transaction, then you have to mandatorily quote your PAN as per income tax rules...

CBDT provides clarity on charitable and religious trust provisions

Posted in Income Tax on 25 May 2023
CBDT vide Circular No. 6 of 2023 dated May 24, 2023 issued clarification regarding provisions relating to charitable and religious trusts...

Income tax rules amended to ensure accurate taxation of online gaming winnings

Posted in Income Tax on 24 May 2023
The Central Board of Direct Taxes (CBDT) has amended income tax rules to streamline and standardize the calculation and reporting of winnings from online gaming..

CBDT introduces Tax Calculator for FY 2023-24

Posted in Income Tax on 24 May 2023
CBDT released the Tax Calculator for FY 2023-24 (AY 2024-25)...

ITR-1 and ITR-4 e-Filing commences with prefilled data for AY 2023-24

Posted in Income Tax on 23 May 2023
Taxpayers can now file returns for AY 2023-24 through Income Tax Return (ITR) forms ITR-1 and ITR-4 on the e-filing portal in online mode with prefilled data...

Gameskraft case poses challenges for IT officials too

Posted in Income Tax on 23 May 2023
It isn't just GST authorities who have run against a legal wall in their attempt to claim Rs 21,000 crore from Gameskraft. Even the income tax (I-T) department,..

CBDT releases comprehensive guidelines for computing online gaming taxes

Posted in Income Tax on 23 May 2023
Guidelines for the removal of difficulties under Section 194BA that deals with Winnings from Online Games..

MSSC scheme exempted from TDS on interest earnings

Posted in Income Tax on 22 May 2023
TDS (tax deducted at source) will not apply to interest earned on Mahila Samman Savings Certificate (MSSC), but interest income will be added to total income fo..

Mumbai-based TV Producers face 3 months jail term for income tax delay

Posted in Income Tax on 22 May 2023
A metropolitan magistrate court has convicted a television production company and its directors Yash Patnaik and Mamta Patnaik for not submitting ₹8.37 crore in..