Income-Tax Department sends 22,000 intimation notices for mismatch of ITRs

09/09/202309/09/2023byAdmin

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The Income-Tax Department has sent out intimation notices to 22,000 taxpayers, including salaried and high networth individuals and trusts whose deductions do not match the information furnished in their Form 16 or Annual Information Statement (AIS) or the data available with the Income Tax Department.

Cap gains of NRIs on mutual fund units can’t be taxed in India: ITAT

In a major relief for a Non-Resident Indian (NRI) investor, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has ruled that short-term capital gains worth ₹1.35 crore from redeeming mutual fund units are not taxable in India, as per the provisions of the India-Singapore tax treaty.

Give suggestions on new income tax bill: CBDT chief to industry

Central Board of Direct Taxes (CBDT) Chief Ravi Agrawal on Monday asked industry players to give their suggestions on the new income tax bill, which will be tabled in Parliament this week. The new income tax bill, which will replace the six decade old Income Tax act, 1961, has been drafted within six months and efforts have been made to simplify the language to make tax compliance easier for taxpayers and make it easier to read and understand.

Has the penal interest increased from 1% to 3% on advance tax payment in the new income tax bill 2025? Here’s what CAs say

The Lok Sabha Select Committee recommended correcting a drafting error regarding how interest is calculated for shortfalls in advance tax payments. The revised Income Tax Bill 2025 that was introduced in the parliament yesterday (August 11, 2025) had a drafting error that stated: ”the assessee shall be liable to pay simple interest at the rate of 1% for every month or part of a month, for the period….”.

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