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CBDT Clarifies No Mass Scrutiny Of HRA Claims, Targets High-Value Mismatches; Details Inside

The Central Board of Direct Taxes (CBDT) has moved to ease concerns among taxpayers by stating that there is no ongoing special drive to scrutinize all house rent allowance (HRA) claims. Amidst recent reports hinting at widespread case reopenings, the CBDT ...

Income Tax Department Identifies Rent Mismatch in Employee Declarations

Income Tax Department finds mismatches in rent transactions for FY 2020-21, clarifies no special drive on HRA cases....

CBDT Extends Deadline for Trusts, Institutions to File Audit Reports

The income tax department has allowed trusts and institutions that filed audit reports for the assessment year 2023-24 in incorrect forms to file documents in correct forms by March 31....

Net Direct Tax Collection in India Surges by 19.41%

The net direct tax collection in India has witnessed a substantial increase of 19.41% this fiscal year, reaching approximately 81% of the annual target. Discover the latest figures and insights on direct tax collection in India....

CBDT Releases New ITR Forms And Key Changes For 2024-25; Find Details Here

The Central Board of Direct Taxes (CBDT) has released the Income Tax Return (ITR) Forms 1 and 4 for the Assessment Year 2024-25 earlier than the usual schedule. This early release not only bucks the trend of February or March launches ...

ITR Filing Update: CBDT notifies ITR Forms ITR-1 And ITR-4 For AY 2024-25; Deadline To File July 31, 2024

The Central Board of Direct Taxes (CBDT) has notified the income tax return forms, ITR-1 (SAHAJ) and ITR-4 (SUGAM), for FY 2023-24 (AY 2024-25). These forms will come into effect from April 1, 2024. The last date to file ITR for ...

Income Tax department seizes Rs 60 crore in raids on two business groups in Tamil Nadu and Puducherry

The Income Tax department has seized unaccounted cash of Rs 32 crore and gold bullion worth Rs 28 crore after its recent searches against two business groups in Tamil Nadu and Puducherry....

Govt Tweaks Angel Tax Rules After Investors Concern On Investments In Unlisted Firms

The Central Board of Direct Taxation (CBDT) has modified rule 11UA in respect of Angel Tax after non-residents raised concerns about for issue of shares by an unlisted company within the ambit of section 56(2)(viib) of the Income-tax Act. Under the ...

Due Date For Filing Form 10B/10BB, ITR-7 For Assessment Year 2023-24 Extended; Check Details Here

The Central Board of Indirect Taxes (CBDT) has extended the deadline for filing Form 10B and Form 10BB for FY22-23 till October 31, 2023. Earlier, the last date to file these forms was set as September 30. Besides, the taxation department ...

Central Board Of Direct Taxes Releases Cost Inflation Index For FY 2023-24

The Income Tax Department has notified the Cost Inflation Index for current financial year beginning April 2023, which is used in computing long-term capital gains tax arising from sale of immovable property, securities and jewellery as per The Hindu report. {image-income-tax-department-18-1479408705-11-1515692318.jpg ...

PAN-Aadhaar Linking Deadline Extended Till June 30

The deadline for linking the Permanent Account Number (PAN) with Aadhaar has been extended by the Central Board of Direct Taxes (CBDT) until June 30, 2023. According to the CBDT, the deadline has been extended to give taxpayers more time to ...

Income Tax Department Relaxes Norms For Compounding of Offence

The income tax department on Saturday said it has relaxed various norms relating to compounding of offences under the I-T Act and allowed compounding in cases where the applicant has been sentenced to up to two years of imprisonment. The Central ...

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