Wed, Nov 13, 2024
There has been a significant increase in income tax compliance in the country with more than five-fold growth in the Rs 50 lakh-plus income category, according to sources.
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Tue, Oct 29, 2024
The income tax department has notified the tolerance range for variation between arm's length price and transfer pricing for international and specified domestic transactions for Assessment Year 2024-25.
Wed, Oct 16, 2024
It would also include cases pending before the Dispute Resolution Panel (DRP) and revision petitions pending before the Commissioner of Income Tax.
Tue, Mar 02, 2021
PAN Aadhaar Link: Last date is fast approaching as the Income Tax Department has set 31st March 2021 as Aadhaar PAN Link last date. Failing to do this will lead to one's PAN card becoming inoperative provided there is no extension in PAN Aadhaar Linking last date.
Wed, Feb 24, 2021
Having a PAN card is mandatory for several purposes like opening a bank account, buying mutual funds or shares and even making cash transactions of over Rs 50,000.
Tue, Jan 26, 2021
Income tax (ITR) Filing Online: CBDT has launched an automated dedicated e-portal — incometaxindiaefiling.gov.in — on the e-filing website of the Income Tax Department to receive and process complaints of tax evasion, foreign undisclosed assets and complaints regarding benami properties.
Sat, Nov 07, 2020
The Income Tax (I-T) department has carried out searches at five locations in Chennai and Madurai in the case of a Chennai-based group operating in the IT Infrastructure sector. The search on November 4 had led to unearthing of evidence related to investments in a Singapore registered company.
Thu, Nov 05, 2020
The Income Tax Department has allowed condonation of delay in filing audit reports by trusts, institutions, universities and hospitals who claim tax exemption
Thu, Oct 01, 2020
The Income Tax department on Wednesday said it has issued refunds worth over Rs 1.18 lakh crore to over 33 lakh taxpayers in 6 months till September 29
Wed, Sep 30, 2020
The Central Board of Direct Taxes (CBDT) has issued a detailed clarification in regard to the new TDS and TCS norms set to become applicable from tomorrow i.e. 1st October 2020.
Wed, Sep 23, 2020
Income Tax Department has now started being strict again. The department withdrew the decision of relief, announced in May.
Thu, Sep 03, 2020
The Income Tax Department has worked at breakneck speed to process the refund claims. It issued tax refunds at a speed of 76 cases per minute between April and June and continued the momentum well into September.
Tue, Aug 18, 2020
According to the Income Tax Department rules, no one is allowed to hold more than one PAN number.
Thu, Aug 13, 2020
ITR Last Date: In the backdrop of Coronavirus spread, the Narendra Modi Government showered much relief on ITR filers, which includes last date extension for FY 2018-19.
Fri, Jul 31, 2020
An important update for all tax payers. The income tax department has extended the due dates for filing the TDS/TCS related compliance. See the nature of compliance and the new due dates notified by the department on 24 June 2020
Sat, Jul 25, 2020
Finance Minister Nirmala Sitharaman has reserved words of praise for the Income Tax department, complementing officers for being responsive to the needs of the taxpayers during the pandemic times.
Thu, Jul 23, 2020
Do you know about the faceless assessment facility offered by the Income Tax Department? This scheme is offered by the tax department to assessees to file their replies. So if you get a scrutiny notice from the Income Tax Department, don't worry! You need not go to the I-T Office or meet the local I-T Officer to give your reply. You can use the Faceless Assessment Scheme and file your reply online
Sat, Jul 18, 2020
In a great boost to the fight against black money, the Income-Tax Department (I-T Dept) has become even more empowered now, making it ultra-difficult for tax evaders to hoard money in foreign banks.
The Income Tax Department will start an e-campaign on voluntary compliance of income tax for the convenience of taxpayers from Monday.
Sat, Jul 04, 2020
In a bid to provide relief to income tax payers who had to file their TDS and TCS statement by 30th June 2020, the Income-Tax Department has extended the deadline to 31st July 2020 for FY2019-20.
Fri, Jul 03, 2020
Income Tax Department has issued tax refunds at a speed of 76 cases per minute from 8th April to 30th June, 2020.
Fri, Jun 12, 2020
Income Tax Return (ITR) filing is a responsibility that each and every earning individual must take care of. When everything is going digital, income taxpayers are advised to do their bit and e-file their ITR - all on their own.
As per the Income Tax Act 1962, the Section 272(B) permits the Income Tax Department to impose penalty of up to Rs 10,000 on the person who has given wrong PAN card information.
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