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Search results for: income tax department

CBDT Permits Direct Accessing of AIS on Tax Portal

CBDT Authorizes New Tab for Direct Accessing of AIS On I-T Portal

The Central Board of Direct Taxes (CBDT) has introduced a convenient way for taxpayers to access the Annual Information Statement (AIS) directly through the Income Tax Portal. This development enables individuals to obtain the statement by using their unique direct tax number, which has been issued by the income tax division. To facilitate easy access […]

Don't Share Tax-related Details on Social Media

IT Dept: Don’t Share Confidential and PAN Details on SMO Sites

The Income Tax Department recently issued an important message to taxpayers, emphasising the importance of safeguarding personal information such as PAN numbers on social media platforms to prevent potential misuse. Responding to a taxpayer’s query on Twitter regarding difficulties encountered while filing income tax returns through the official e-filing system, the department advised against sharing […]

Raipur ITAT'S Order for Jain Shwetamber Murtipujak Sangh

Raipur ITAT: Form 10B Filing Condone If Filed Prior to Due Date of ITR U/S 139

In a ruling, the Income Tax Appellate Tribunal (ITAT), Raipur bench has instructed the Income Tax Department to allow the delayed filing of Form 10B. However, the condition was provided by the bench that it should be filed before the “due date” of filing of return of income under Section 139 of the Income Tax […]

20% TCS on Spending Via International Credit Card in Foreign Currency

Paying Foreign Currency Using International Credit Card Attracts 20% TCS

Recently, the Government of India released a notification and mentioned that a 20% tax will be levied as TCS on international usage of credit cards. As per the notification, usage of international credit cards will be included under the Liberalised Remittance Scheme (LRS). It was cleared by the Finance Ministry in the notification that Foreign […]

Income Tax Notification No. 27/2023 on MSSS Scheme

CBDT Sets TDS Applicability on Interest Earned from MSSS Scheme

A notification has been issued by the Central Board of Direct Taxes (CBDT) which specifies that the TDS shall be subject to be applied to the interest made on the Mahila Samman savings scheme. According to the latest notifications, the tax shall get deducted on the interest that has been made via the Mahila Samman […]

Real-time Access to Banking Transactions to Catch GST Fraud

GST Authority Seeks Banking Transactions to Catch GST Fraud

The Goods and services tax authorities would be asking for near real-time access to the banking transactions of the assessees that render to fetch the bogus invoices and more use of the ITC through the businesses sections. The same procedure complies with the recent investigations that show that the undue tax credits collected via the […]

Gen I-T Software Feature for Depreciation Chart

Easy to Make Depreciation Chart Through Gen I-T Software

Simple Intro About the Depreciation Depreciation is a concept that is used to write off the cost of an item over its usable life. Depreciation is a necessary deduction in an entity’s profit and loss statements for depreciable assets, and the Act enables deduction using either the Straight-Line technique or the Written Down Value (WDV) […]

IRDAI to Handle GST Violation Case for Insurers

FM Rejects to Take Action on Insurers’ Plea for GST Violations

The insurance industry, which is now facing penal actions by tax officials for violating input tax credit rules for the goods and services tax (GST), and the finance ministry had refused to mediate in the plea made for relief in this matter. According to those with knowledge of the situation, the ministry has sent the […]

ITR 1 and 4 Forms' Filing Excel Utilities for FY 2022-23

ITR 1 & ITR 4 Excel Utilities Are Ready for FY 2022-23

From the official e-filing portal, the income tax department would have informed the assessees that the Excel utilities of ITR-1 and ITR-4 for AY 2023-24 are available for filing. The e-filing portal stated that “Excel utilities of ITR-1 and ITR-4 for AY 2023-24 are available for filing,” The ITR-1 is for the person who is […]

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