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The Income Tax Department has marked a new milestone as more than 6 crore Income Tax Returns (ITR) had been filed as of 30th July 2023. Almost 26.76 lakh ITRs have been submitted as of 6:30 p.m. on 30th July. The last date for filing the ITR is today 31st July 2023. According to the […]
Various prominent social media influencers would come under investigation from the income tax department concerning tax fraud, as revealed in the list. Although the identities of these people are kept a secret, it is clear that tax officials are taking action against influencer tax avoidance. To prevent any legal repercussions, it is essential for social […]
The GST evasion investigation agency shall finish its probe in 30 insurance companies. The Directorate General of GST Intelligence (DGGI) would have finished the investigation in 15 of them fetching the ITC differences to the tune of 3500 cr. The same would be under the procedure of sending the notices to the left 15 people […]
According to a top government official, the income tax department has initiated an investigation into the claim that insurance businesses fraudulently claimed GST input tax credits. According to a senior government official, the department is attempting to prove that if these expenses are not legitimate, they must have avoided the income tax assessment. According to […]
The Income Tax Department, in its next drive, handing over a target of 50 cases per Assessing Officer for a survey or online TDS verification. It has 16 parameters that could be followed to pick up these cases. These criteria include cases of sick units or units with negative operating margins, cases indicating a negative […]
Sanjay Malhotra, Revenue Secretary in an Interview said that the due date for filing income tax returns (ITRs) is July 31, 2023, and the government has no intention of extending it. As of July 2023, the Income Tax Department has already claimed that more than 2 crore ITRs had been filed. As per the announcement […]
30th June 2023 will be the due date to link the Aadhaar and PAN and no extensions would get provided by the government. If the PAN does not get linked to the Aadhaar then the same shall become inoperative from 1st July 2023. Rs 1000 would be required to be deployed by the individual via […]
The Income Tax Department, under the Central Board of Direct Taxes (CBDT), has started the verification of the reporting entities. The Income Tax Department actively encourages taxpayers to comply voluntarily. To facilitate this, the department obtains financial transaction information from Reporting Entities such as banks, currency dealers, sub-registrars, and others. The Income Tax Department requires […]
For every person in India filing the ITR would be an important obligation that counted beneath the taxable income brackets. It will be known to ensure compliance with the law including that it indeed assists the person to keep the transparency in financials and contribute to the progress of the nation. However, given its complexity […]
