Income Tax
Qatar Imposes Rs 239 Crore Tax Penalty on L&T
L&T swiftly appealed against the imposition of these penalties, asserting their belief in the arbitrary and unjust nature of the charges.
Over 7.65 Crore Income Tax Returns Submitted for Assessment Year 2023-24
A total of more than 7.65 crore ITRs were filed for assessment year 2023-24 by this deadline.
Income Tax compliance in India is on the upswing across slabs
The data shows that the number of returns filed have shot up across various tax slabs reflecting the more robust revenue base. The number of ITR filings has shown a consistent upswing over the last few years. The returns filed by individual taxpayers have shot up from 3.36 crore in Assessment Year (AY) 2013-14 to 6.37 crore in AY 2021-22 registering an overall increase of 90 per cent.
I-T Dept urges taxpayers with previous arrears to have them adjusted in refund claims
In a statement issued on Saturday, the I-T Department said it “is making every effort to complete the processing of Income Tax Returns (ITRs) and issuance of refunds expeditiously".
Almost 7 crore income tax returns filed till Sep 5, says govt
More than six crore ITRs of assessment year (AY) 2023-24 have been processed out of the verified ITRs as on September 5, the Income Tax Department said, informing that this resulted in the processing of over 88 per cent of the verified ITRs.
Income Tax Department clarifies on erroneously sent notices under Section 80 P
In response to a query raised by tax payer, chartered accountant Nirav Choksi on X (formerly Twitter), the tax department said that "an email communication regarding this will be sent to you shortly".
Income Tax Deptartment launches revamped website with add-on features
The newly revamped website was launched by Nitin Gupta, chairman, Central Board of Direct Taxes (CBDT) Nitin Gupta, at the ‘Chintan Shivir’, organised by Directorate of Income Tax (Systems) at Udaipur recently.
Net direct tax collections stand at Rs 5.84 lakh crore, 17% higher than last fiscal
In a statement, the Finance Ministry said that the collections from direct taxes, which include personal income tax and corporate tax, up to August 10, 2023, continue to register "steady growth".
More than 6 crore ITRs filed till July 31, 16% more than last year, says IT Department
This was 16.1 per cent more than the 5.83 crore ITRs which were filed for the assessment year 2022-23, till July 31, 2022. The filing of ITRs peaked on July 31, which was the last date for filing returns for salaried taxpayers, the department said, with over 64.33 lakh ITRs being filed on a single day.
3 crore Income Tax Returns filed till July 18, says I-T Department
"Grateful to our taxpayers & tax professionals for having helped us reach the milestone of 3 crore Income Tax Returns (ITRs), 7 days early this year, compared to the preceding year!" the Department said in a Twitter post. Over 3 crore ITRs for assessment year 2023-24 have already been filed till July 18 as compared to the 3 crore ITRs filed till July 25, 2022.
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