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Income tax refunds have seen a 16% decrease this year as authorities implemented enhanced filters for payments exceeding a certain threshold to combat fraud. This reduction in refunds has contributed to a 6.3% rise in net direct tax collections, reaching nearly Rs 11.9 lakh crore.
The Income Tax (I-T) Department has introduced a new feature on its website which shows the exact date and time when the Assessing Officer (AO) or Commissioner of Income Tax (Appeals) [CIT(A)] has viewed or reviewed your tax notice submission in faceless proceedings.
A father and son found themselves in a bit of a pickle with the income tax authorities. When they jointly sold their ancestral land for Rs 13 crore, the buyer inadvertently deducted Rs 13 lakh TDS only in the father’s name.
The Gujarat High Court on Monday directed the Central Board of Direct Taxes (CBDT) to extend the due date for the filing of Income Tax Returns (ITR) for audit cases to November 30 to comply with the provisions of the Income Tax Act, which provide for a one month gap between the filing of the audit report and the ITR.
In a move that will help accelerate foreign investments, a NITI Aayog paper on Friday suggested introducing an optional presumptive taxation regime with…
The 18-year-old alleged 2G spectrum scam has come back to haunt Kalaignar TV Private Limited, with the Income Tax (I-T)…
The Income Tax Department on Tuesday (October 1) carried out extensive raids against the Khazir Group, a prominent business conglomerate in Kashmir, with operations extending across multiple sectors including hospitality.
A hitherto ignored feature in corporate law will be used by tax sleuths to fish out data tucked away in servers and entities outside the country.
Jodhpur, A special CBI court on Friday sentenced two Income Tax officials to four years in prison for accepting a bribe of ₹15 lakh, while acquitting a jeweller accused of acting as a middleman.
The Income Tax department commenced searches at properties belonging to two leading poultry firms in the western region of Tamil Nadu on Tuesday.