Income Tax
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.
Govt urges taxpayers to file returns as July 31 deadline won't be extended
Finance Ministry sources have indicated that taxpayers should file their returns as soon as possible as unlike last year, there is no likelihood of the July 31 deadline getting extended.
People face glitches on last day of linking PAN with Aadhaar
The Income Tax Department in a tweet said: "In this regard, it is to be informed that status of challan payment may be checked in ‘e-pay tax’ tab of portal after login".If a payment is successful, then PAN holder can proceed to link PAN with Aadhaar, it said.
Direct tax collection rises 11% to Rs 3,79,760 crore
The net direct tax collection of Rs 3,79,760 crore included corporation tax (CIT) at Rs 1,56,949 crore (net of refund) and personal income tax (PIT) including securities transaction tax (STT) at Rs 2,22,196 crore (net of refund). The gross collection of direct taxes (before adjusting for refunds) for 2023-24 stands at Rs 4,19,338 crore as compared to Rs 3,71,982 crore in the corresponding period of last fiscal, registering a growth of 12.73 per cent over collections of 2022-23.
RBI may cancel license of ARCS after Income Tax report
RBI had earlier sent show cause notices to a few asset reconstruction companies (ARCs), seeking answers on why their licenses should not be cancelled, as per media reports. RBI is contemplating cancelling the licenses of four Asset Reconstruction Companies (ARCs) namely, Omkara Asset Reconstruction Pvt Ltd, Rare Asset Reconstruction Pvt Ltd, CFM Asset Reconstruction Pvt Ltd, and Invent ARC Pvt Ltd.
FM directs CBDT to ensure time-bound disposal of tax payers' applications
She also exhorted CBDT to expand and strengthen its efforts to increase tax payers' awareness regarding the provisions of the direct tax laws and their compliance. In a review meeting of the board, the Finance Minister mainly focussed on efforts for increasing tax payer base, pending disciplinary proceeding cases, and disposal.
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