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Advance tax collections in the first half of 2023-24 have increased 20% year on year to Rs.3.54 lakh crore, people privy to the development said.
Collections could go up further in the final tally as the numbers reflected calculations till 11.30 pm on September 15 – the last day for paying advance tax
Read more at: Economic Times
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The income tax investigation unit of Hyderabad conducted searches on Thursday at multiple locations belonging to Anvitha Real Estate Group to investigate suspected tax evasion. The company has real estate projects in Abhi Dhabi, the United States, and Kollur, Hyderabad. Searches took place in Hyderabad and Rangareddy districts.
As the FY draws to a close, it is time for taxpayers across the country to initiate their annual ritual of filing their ITR. As per reports, the total number of income tax returns filed during the AY 2022-23 reached 7.51 crores, which is a significant increase from 6.63 crores in AY 2021-22. And in the AY 2023-24, more than 8.18 crores returns were filed.
Tax audit is the forte of chartered accountants, Institute of Chartered Accountants of India (ICAI) President Charanjiv Singh Nanda said, amid demands by cost accountants and company secretaries to be included in the definition of accountants in the Income Tax Bill.