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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : Income Tax

Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
Posted Date : 22-Apr-2024 , 07:51:53 am | Posted By CASANSAAR

As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ...

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Category : Income Tax | Comments : 0 | Hits : 1816

Functionalities to file commonly used ITRs enabled by CBDT on 1st April, 2024
Posted Date : 06-Apr-2024 , 08:59:31 am | Posted By CASANSAAR

  The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers...

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Category : Income Tax | Comments : 0 | Hits : 1647

Clarification regarding applicability of new tax regime and old tax regime
Posted Date : 01-Apr-2024 , 08:00:53 pm | Posted By CASANSAAR

It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without...

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Category : Income Tax | Comments : 0 | Hits : 3676

Income Tax Dept starts sending emails, SMSs to assessees for mismatches in tax profiles, financial transactions
Posted Date : 10-Mar-2024 , 09:22:59 pm | Posted By CASANSAAR

The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions. To flag the mismatches in payment of taxes in financial year 2023-24 (assessment year 2024-25) and the financia...

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Category : Income Tax | Comments : 0 | Hits : 466

CBDT clarifies provisions under Finance Act 2023 relating to donations made by a trust / institution to another trust / institution
Posted Date : 07-Mar-2024 , 08:32:55 am | Posted By CASANSAAR

  Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in specified sub-clauses of section 10 (23C) of the Income-tax Act, 1961 (the ‘Act’) or any trust or institution registered und...

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Category : Income Tax | Comments : 0 | Hits : 380

Last date for filing of updated returns (ITR-U) for A.Y. 2021-22 is 31.03.2024
Posted Date : 05-Mar-2024 , 08:36:20 am | Posted By CASANSAAR

The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. To increase transparency and to promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) module and is available to the taxpayer for ...

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Category : Income Tax | Comments : 0 | Hits : 265

Income Tax Department to send notice to taxpayers for ITR mismatch
Posted Date : 05-Mar-2024 , 08:19:44 am | Posted By CASANSAAR

The Income Tax Department on Monday said it is in the process of issuing notice to taxpayers pertaining to a ‘mismatch’ between the information filed in the Income Tax Return (ITR) vis-a-vis information of specified financial transactions, as available with the department, for the assess...

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Category : Income Tax | Comments : 0 | Hits : 460

FinMin looking to modify income tax rule on payments to MSMEs within 45 days
Posted Date : 05-Mar-2024 , 08:13:08 am | Posted By CASANSAAR

The finance ministry is looking to modify the income tax rule on payments to micro, small and medium enterprises (MSMEs) within 45 days. The new rule, to take effect from April 1, is being reviewed by the North Block officials following demands from industry. While some businesses have sought ...

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Category : Income Tax | Comments : 0 | Hits : 341

SC refused to interfere in High Court's Guidelines on Reopening of Income Tax Assessments
Posted Date : 16-Feb-2024 , 04:03:49 pm | Posted By CASANSAAR

The Supreme Court has refused to interfere with a 2017 Delhi High Court judgment which issued a set of guidelines to the Income Tax Department regarding the reopening of assessments.  A bench comprising Justice PS Narasimha and Justice Aravind Kumar dismissed a Special Leave Petition filed b...

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Category : Income Tax | Comments : 0 | Hits : 1543

Income Tax e-filing portal to be down for maintenance from Feb 3 to 5
Posted Date : 01-Feb-2024 , 08:13:53 am | Posted By CASANSAAR

The Income Tax department on Wednesday said that services for taxpayers on the e-filing portal will not be available between February 3 and early February 5 on account of scheduled maintenance. “…taxpayer services on the e-filing portal will be restricted from 2 pm on Saturday (03....

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Category : Income Tax | Comments : 0 | Hits : 1208

Income tax Department introduces new ‘Discard ITR’ facility on Income Tax Website
Posted Date : 29-Nov-2023 , 07:21:13 am | Posted By CASANSAAR

The income tax (I-T) department has introduced a crucial functionality on its website allowing taxpayers to discard their previously filed but unverified Income Tax Returns (ITR). Earlier, taxpayers were allowed to revise the ITR only in case of error or omission. “The income tax portal has...

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Category : Income Tax | Comments : 0 | Hits : 583

Delhi HC imposes Rs 2 lakh fine on ex-Bharat Pe MD Ashneer Grover for derogatory posts
Posted Date : 29-Nov-2023 , 07:18:00 am | Posted By CASANSAAR

The Delhi High Court on November 28 imposed a fine of Rs 2 lakh on Ashneer Grover, the former Managing Director and co-founder of Bharat Pe, for sharing inappropriate posts about Bharat Pe. The action, however, was taken despite Grover giving assurance to the court that he would refrain from doing s...

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Category : Income Tax | Comments : 0 | Hits : 401

CBDT Amended ITR-7 Permitting Assesses Taxable Income to File ITR-7 for AOPs Tax Rate
Posted Date : 22-Nov-2023 , 08:10:32 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) through its Notification No. 94/2023 dated 31/10/2023 has introduced changes to the ITR-7 form to accommodate the taxable income of individuals eligible to file the ITR-7 form under the tax rates applicable to AOP, which aligns with the slab rates applicable ...

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Category : Income Tax | Comments : 0 | Hits : 814

Income Tax Returns filed by individual taxpayers registered increase of 90%
Posted Date : 28-Oct-2023 , 07:53:34 am | Posted By CASANSAAR

Income Tax Returns filed by individual taxpayers have registered an increase of 90 per cent from 3.36 crore in Assessment Year 2013-14 to 6.37 crores in 2021-22.  Finance Ministry said, the average gross total income for individual taxpayers have registered an increase of 56 percent from 201...

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Category : Income Tax | Comments : 0 | Hits : 359

Supreme Court rejects lower tax on dividend under treaties
Posted Date : 21-Oct-2023 , 08:28:58 am | Posted By CASANSAAR

In a big win for revenue authorities, the Supreme Court has held that the provisions of the 'Most Favoured Nation' clause in a tax treaty are not triggered automatically and a separate notification is required. The SC's order is likely to result in re-opening of several high-value cases,...

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Category : Income Tax | Comments : 0 | Hits : 495

Simplified e-procedure for nil and lower TDS certificates effective from October 1
Posted Date : 04-Oct-2023 , 08:45:34 am | Posted By CASANSAAR

If you are eligible for lower or NIL or lower TDS (Tax Deducted at Source) under Income Tax Act, filing for the certificate will be much easier as the Income Tax Department has finalised the e-procedure for the process. The new mechanism has come into effect from October 1. An assessee must compl...

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Category : Income Tax | Comments : 0 | Hits : 2244

CBI registers corruption case against former Income-Tax Additional Commissioner and others
Posted Date : 16-Sep-2023 , 10:03:53 am | Posted By CASANSAAR

The Central Bureau of Investigation (CBI) has registered an alleged corruption case against a former Additional Commissioner of Income Tax, Santosh Karnani, his wife, one director of an Ahmedabad-based firm and others. It is based on the findings of another case taken over by the agency in Octobe...

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Category : Income Tax | Comments : 0 | Hits : 2134

Govt plans to reduce income tax refund processing time
Posted Date : 25-Aug-2023 , 08:23:48 am | Posted By CASANSAAR

The income tax department is planning to reduce the average processing time for getting tax refunds. As per a report in Business Standard, the tax department is mulling over the reduction of days to 10 from the current 16 days. The report says that the new timeline is expected to be implemented d...

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Category : Income Tax | Comments : 0 | Hits : 535

Delhi HC dismisses Ashneer Grover's plea against income tax notice issued under Black Money Act
Posted Date : 04-Aug-2023 , 07:36:03 am | Posted By CASANSAAR

The Delhi High Court on Tuesday dismissed a plea filed by Ashneer Grover, former managing director of BharatPe, challenging an income tax notice issued to him under Section 8 of the Black Money Act.  The high court asked Grover's counsel to withdraw the petition voluntarily, or the court...

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Category : Income Tax | Comments : 0 | Hits : 1018

Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
Posted Date : 25-Jul-2023 , 01:32:36 pm | Posted By CASANSAAR

CLICK ON THE LINK FOR COMPLETE VIDEO, https://youtu.be/bbla_-LmrJQ A cavalier attitude towards filing of income tax returns (ITRs), complete with fake rent receipts from close relatives, extra claims against home loans, false donations and a slew of dodgy practices encouraged by some of the ta...

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Category : Income Tax | Comments : 0 | Hits : 336782

Interest rate on deposits under EPF scheme hiked to 8.15% for FY 2022-23
Posted Date : 25-Jul-2023 , 07:55:11 am | Posted By CASANSAAR

The government has approved an interest rate of 8.15 percent on deposits under the Employees Provident Fund scheme for the financial year 2022-23. According to the Employees' Provident Fund Organization (EPFO), the Ministry of Labour and Employment has conveyed the approval of the Central gov...

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Category : Income Tax | Comments : 0 | Hits : 300

Income tax dept processed 1.5 Cr ITRS of total 3 Cr filed
Posted Date : 20-Jul-2023 , 07:12:55 am | Posted By CASANSAAR

Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday. "Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 9...

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Category : Income Tax | Comments : 0 | Hits : 655

ED arrests former I-T officer, 2 Associates in Rs 263-crore TDS scam
Posted Date : 15-Jul-2023 , 06:53:35 am | Posted By CASANSAAR

The Enforcement Directorate (ED) on Friday arrested former Income-Tax (I-T) officer Tanaji Mandal Adhikari and his associates Bhushan Patil and Rajesh Shetty in connection with a Rs 263-crore TDS scam. Adhikari allegedly generated fake TDS (Tax Deducted at Source) refunds to the tune of Rs 263 crore...

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Category : Income Tax | Comments : 0 | Hits : 1303

Brought GST under PMLA purview to empower investigators in fighting financial fraud - Centre
Posted Date : 13-Jul-2023 , 08:26:45 am | Posted By CASANSAAR

The Centre’s move to bring the Goods and Services Tax Network (GSTN) under the purview of the Prevention of Money Laundering Act (PMLA) was to empower the relevant investigating agencies to deal with tax fraud and money laundering matters, and not giving outright access to data to any party, s...

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Category : Income Tax | Comments : 0 | Hits : 616

Income Tax Dept issues clarification on PAN-Aadhaar linking
Posted Date : 01-Jul-2023 , 09:59:02 am | Posted By CASANSAAR

Kind Attention PAN holders! Instances have come to notice where PAN holders have faced difficulty in downloading the challan after payment of fee for Aadhaar-PAN linking.  In this regard, it is to be informed that status of challan payment may be checked in ‘e-pay tax’ tab of ...

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Category : Income Tax | Comments : 0 | Hits : 1589

Income Tax Department Conducts Verification of Reporting Entities
Posted Date : 01-Jul-2023 , 09:38:06 am | Posted By CASANSAAR

The Income-Tax Department has been focusing its efforts on promoting voluntary compliance. In this endeavour, information is received about financial transactions of taxpayers from Reporting Entities, such as Banks, Forex Dealers, Sub-Registrars, etc. The information furnished by the Reporting Entit...

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Category : Income Tax | Comments : 0 | Hits : 1228

Income Tax Dept tweaks disclosure norms for Charitable Institutions
Posted Date : 27-Jun-2023 , 08:58:41 am | Posted By CASANSAAR

The income tax department has tweaked disclosure norms for charitable institutions claiming I-T exemption by seeking additional details. As per amendments to the Income Tax Rules, which will come into effect from October 1, charitable institutions will have to now disclose whether the activities ...

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Category : Income Tax | Comments : 0 | Hits : 779

Govt seeks applications for hiring 15 judicial, technical members at NCLT, NCLAT
Posted Date : 09-Jun-2023 , 10:08:15 am | Posted By CASANSAAR

The Government has sought applications for a total of 15 positions of judicial and technical members at the National Company Law Tribunal (NCLT) as well as the appellate tribunal NCLAT. As many as 15 posts, including that of 5 judicial members and 5 technical members, are to be filled up at the...

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Category : Income Tax | Comments : 0 | Hits : 712

Income Tax Dept. to conduct Scrutiny where assessees failed to respond to I.T. Notices
Posted Date : 29-May-2023 , 10:21:25 am | Posted By CASANSAAR

The Income Tax department has come out with guidelines for selection of cases for scrutiny, under which cases wherein assessees have not responded to I-T notices will be picked up for compulsory examination. The department will also undertake cases for scrutiny where specific information regarding t...

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Category : Income Tax | Comments : 0 | Hits : 3170

Income Tax exemption limit for leave encashment on retirement for salaried employees hiked to Rs 25 lakh
Posted Date : 26-May-2023 , 09:55:45 am | Posted By CASANSAAR

In line with the Budget announcement, the finance ministry on Thursday hiked the tax exemption limit for leave encashment upon retirement for private sector salaried employees to Rs 25 lakh. So far, the tax exemption on leave encashment for non-government employees was Rs 3 lakh which was fixed...

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Category : Income Tax | Comments : 0 | Hits : 763

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