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The Income-Tax Department has recently issued notification notices to 22,000 taxpayers, which include both salaried individuals and high-net-worth individuals as well as trusts. These notifications were sent because there were inconsistencies detected between the deductions declared in their Form 16 or Annual Information Statement (AIS) and the data available in the possession of the Income […]
What is New Income Tax E-form 71? The Central Board of Direct Taxes (CBDT) via notification number G.S.R. 637(E) on 31st August 2023, has introduced a new electronic application Form 71 for the objective of crediting Tax Deduction at Source (TDS) by amending the Income Tax Rules, 1962. These rules are called the Income-tax (Twentieth […]
Despite companies having already paid the TDS along with the imposed penal interest, they are still receiving show-cause notices from the Income Tax Department, which may lead to prosecution. Additionally, directors are being implicated in these cases. While departmental sources argue that this isn’t a widespread phenomenon and prosecution is only pursued in cases involving […]
To rectify the experience of the assessee the income tax department would have opted a significant step through initiating the newly updated national website, www.incometaxindia.gov.in. The website secures an upgraded user interface, helpful additional features, and new modules to uphold growing technology. Nitin Gupta, the Chairman of the Central Board of Direct Taxes (CBDT), launched […]
The taxman is seeking to avail more time because there are large numbers of cases that are still in consideration related to international taxation and contentious transfer pricing matters. The tax tribunal, a quasi-judicial authority, has been requested to postpone ongoing hearings concerning these cases until the Supreme Court concludes. This request was conveyed through […]
Are you relieved that the income tax return filing season is over? But, for some assessee, receiving the return processing notification isn’t finished off the process this year. Since Budget 2022 various revisions would have been made within the laws of tax, which directed that you need to open your tax file again despite filing […]
The number of Income Tax Returns submitted touched a record high of more than 6.77 crore in the assessment year 2023–24, according to a statement released on Tuesday by the Income Tax Department. In comparison to the total number of ITRs filed during the prior assessment year, which saw 5.83 crore returns filed, this amount […]
The deadline to file an ITR for the assessment year 2023-24 (FY 2022-23) was July 31, 2023. Despite requests for an extension, the government has not extended the deadline for filing ITRs. This is the second time the administration has failed to extend the deadline. Last year’s ITR filing deadline was likewise not extended. The […]
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 […]
