12 ViewsRevenue Secretary Tarun Bajaj on Tuesday said that the personal income tax regime needs a complete reinvent and government should come up with something new and only one regime rather than having two regimes. “The aim should not be to increase the tax rates, even if it is revenue neutral or even if it […]
Citing EWS criteria, petitioner seeks tax exemption for persons earning below Rs 8 lakh
22 ViewsA Dravida Munnetra Kazhagam (DMK) functionary has moved a plea before the Madras High Court’s Madurai Bench seeking an income tax exemption for persons earning less than Rs 8 lakh annual income. The petition filed by A Kunnur Seenivasan, a member of the Assets Protection Council of DMK, said that a part of the […]
Income Tax dept. detects Rs. 1,300 cr. black income after raids on Karnataka realty sector
25 ViewsThe Income Tax department detected unaccounted income worth more than Rs 1,300 crore after it recently conducted searches against some individuals who had executed joint development agreements with some Karnataka-based real estate developers, the CBDT said on Thursday. The raids were conducted on October 20 and November 2 at about 50 premises in Bengaluru, […]
India’s direct tax mop-up to exceed budget target by 25-30 pc: CBDT head
27 ViewsThe direct tax collection in the current fiscal is likely to exceed the budget target of Rs 14.20 lakh crore by about 30 per cent, a senior official said on Tuesday. The Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta also said that the Budget for the next fiscal could bring about some […]
Direct Tax Collections for F.Y. 2022-23 up to 10.11.2022
30 ViewsThe provisional figures of Direct Tax collections up to November 10, 2022 continue to register steady growth. Direct Tax collections up to November 10, 2022 show that gross collections are at Rs. 10.54 lakh crore which is 30.69% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net […]
CBDT releases draft for public consultation; Confusion over right ITR form may end soon
47 ViewsAs per the existing norms, the taxpayers have been using ITR Form-1 to ITR Form-7 for furnishing their financial details depending on their category. The confusion over choosing the right form while filing Income Tax Return (ITR) may end soon. In order to simplify the tax filing process the Central Board of Direct Taxes […]
After GST, income tax probes online gaming firms
38 ViewsThe net is closing in on offshore online gaming platforms that may be evading the long arms of the Indian taxman. Sources have told Business Today TV that the Central Board of Direct Taxes (CBDT) is firming up its plans to tackle this issue. “We have observed that many offshore apps are generating huge […]
Income Tax Dept tweets to clarify : due date is extended only for filing of TDS Statement in Form 26Q and not other Forms
46 Views“Attention TDS Filers: Date of filing of Form 26Q for the quarter July-September, 2022 only stands extended from October 31, 2022 to November 30, 2022. The due date for filing of other TDS Forms for the quarter July-September, 2022 remains unchanged as October 31, 2022.” Source: Twitter
I-T notices being sent to winners of online games for short-payment of tax: CBDT
119 ViewsWith Rs 58,000 crore prize money won in the last three years, the income tax department has started issuing notices to individuals who have played and won online games, CBDT Chief Nitin Gupta said on Tuesday. The department has started alerting the winners on the tax compliance dashboard wherever there is a mismatch in […]
CBDT extends the due date for filing Tax audit reports for AY 2022-23
147 ViewsNoting the hardships of taxpayers & IT glitches, @IncomeTaxIndia extends the due date for filing of various reports of audit for assessment year 2022-23 (FY2021-22) to Oct 7. Earlier the deadline was 30th Sept.