CBDT asks self-reporting orgs to file details of high-value transactions by June 30
CBDT has asked SROs or self-reporting organisations to file details of all high-value transactions that were carried out in 2022-23 by June 30. The SROs include organisations such as banks, …
Hospital chain KIMS subsidiary gets income tax demand of Rs.306.97 crore
Hospital chain Krishna Institute of Medical Sciences Ltd (KIMS) on Tuesday (April 16) said its subsidiary SPANV Medisearch Lifesciences Private Ltd has received a demand notice under Section 156 of …
Due Dates For Filing Income Tax Returns, TDS, Advance Tax Payments
Taxpayers in India are gearing up for the impending deadline as the clock ticks closer to the last date for filing Income Tax Returns (ITR). With July 31, 2024, looming …
Tax Authority to Contact 15.2 Million Individuals for Income Tax Returns Filing
The income-tax department is set to initiate a drive against individuals and entities who are required to file tax returns but have not done so, said officials. The department has …
Real estate deals, credit card transactions: 6 times one can get Income Tax notice
The I-T Department uses data from different sources to verify tax compliance, with certain transactions triggering additional scrutiny. For example, the tax department keeps a close on eye on all …
Income tax refund will be available soon and the seized properties will also be returned
The Central Board of Direct Taxes (CBDT) has asked the Income Tax Department to prepare an action plan by which possible tax-related issues are identified and resolved immediately. In this …
CBDT Issues FY’25 Interim Action Plan for Tax Officers
The income tax department has come out with an interim action plan for 2024-25 fiscal year, which include identification of potential cases of prosecution, wherein there is short-payment of TDS …
Employees must prove TDS deduction if company defaults on its deposit
A decision by the Mumbai bench of Income-Tax Appellate Tribunal (ITAT) emphases that the onus of proof of TDS against salary income lies with the employee …
Income tax return filing for FY23-24: Check details of Form 16 issue date, ITR forms
All salaried individuals need to wait at least more than two months to file income tax returns (ITR) for the financial year 2023-24. As per the usual schedule, employers issue …
Plan to bring Rs 200 crore hawala money in Tamil Nadu busted
The Income Tax department on Wednesday thwarted an attempt to bring Rs 200 crore of hawala money into Tamil Nadu for a prominent political party ahead of the Lok Sabha …
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