Page 21 - Latest Updates on Income tax
I-T dept issues notices to 15 social media influencers over low tax payment
The social media influencers came under the radar of the I-T department after posting their travel to exotic locations and luxury shopping on social media platforms
 "I-T dept issues notices to 15 social media influencers over low tax payment")
Filing tax returns for the first time? Make sure you read these handy tips
Collect essential documents like Form-16 / 16A bank statements, investment proofs, and receipts for deductions
 "Filing tax returns for the first time? Make sure you read these handy tips")
ITR 2022-23: Three key changes to keep in mind while filing your return
Those filing ITR themselves this year need to keep in mind a few key things
 "ITR 2022-23: Three key changes to keep in mind while filing your return")
I-T dept tweaks exemption norms for charitable institutions, seeks details
As per amendments to the Income Tax Rules, which will come into effect from October 1, charitable institutions will have to now disclose whether the activities undertaken by them are charitable
 "I-T dept tweaks exemption norms for charitable institutions, seeks details")
Respond to I-T notice on time or risk refund adjustment against tax demand
If AO doesn't respond within 21 days, CPC may release refund, or adjust it partially based on taxpayer's consent
 "Respond to I-T notice on time or risk refund adjustment against tax demand")
10 things taxpayers should keep in mind before filing income tax return
Form 16 contains all the salary details that need to be entered while filing income tax returns
 "10 things taxpayers should keep in mind before filing income tax return")
AIADMK asks ED, I-T dept to probe corruption charges against Udayanidhi
In an audio tape allegedly of then Tamil Nadu finance minister, P Thiagarajan (PTR), there were allegations against Udayanidhi and Sabareesan
 "AIADMK asks ED, I-T dept to probe corruption charges against Udayanidhi")
Ten Sports sale to Sony: I-T dept to appeal ITAT's capital gains tax ruling
The Income Tax Appellate Tribunal (ITAT) had claimed that the IT's contribution to play-out facilities was an afterthought
 "Ten Sports sale to Sony: I-T dept to appeal ITAT's capital gains tax ruling")
BBC communicates to I-T Dept on unpaid taxes, probe still underway
The Central Board of Direct Taxes (CBDT), the administrative authority of the tax department, said they do not comment on individual cases
 "BBC communicates to I-T Dept on unpaid taxes, probe still underway")
When and how can I claim a TCS refund on foreign remittance?
TCS credit is available to be adjusted against actual tax liability to be payable at the end of the year. In case of no such tax liability, one can claim a refund at the end of the year.
 "When and how can I claim a TCS refund on foreign remittance?")
28K J&K govt employees under I-T dept scanner for claiming bogus refunds
More than 28,000 govt employees working in Jammu and Kashmir, including 8,000 police and paramilitary force personnel, are under the scanner of the Income-tax department
 "28K J&K govt employees under I-T dept scanner for claiming bogus refunds")
Explained: How you can minimise the impact of 20% TCS on foreign trips
Avoid booking travel packages and use a debit or credit card during your personal international trip
 "Explained: How you can minimise the impact of 20% TCS on foreign trips")
Switched jobs in 2022-23? Consolidate multiple Form 16s accurately
If you find any discrepancy in the Form 16 received from employer, request the latter to amend it
 "Switched jobs in 2022-23? Consolidate multiple Form 16s accurately")
Delhi HC dismisses Gandhis' pleas against income tax assessment transfer
Delhi HC dismissed petitions by Congress leaders Sonia Gandhi, Rahul Gandhi and Priyanka Gandhi Vadra against Income Tax department's decision to transfer their assessments to the Central Circle
 "Delhi HC dismisses Gandhis' pleas against income tax assessment transfer")
I-T searches underway at premises linked to TN Minister Senthil Balaji
Income Tax authorities launched coordinated searches across different locations in Tamil Nadu linked to state Electricity Minister V Senthil Balaji, police sources said
 "I-T searches underway at premises linked to TN Minister Senthil Balaji")
I-T dept enables filing of income tax returns 1, 4 at e-filing portal
The Income Tax department has enabled online filing of income tax returns (ITRs) 1 and 4, filed by individuals, professionals and small businesses, for 2022-23 fiscal
RBI may cancel licence of asset reconstruction companies after I-T report
The move follows a special audit conducted by the banking regulator after the income tax (I-T) department raided the premises of these ARCs in 2021
 "RBI may cancel licence of asset reconstruction companies after I-T report")
Link PAN-Aadhaar to avoid restrictions on NPS A/C: Step-by-step guide here
PAN-Aadhaar link: The deadline to link PAN and Aadhaar cards was extended to June 30 on March 28. The earlier deadline was March 31
 "Link PAN-Aadhaar to avoid restrictions on NPS A/C: Step-by-step guide here")
Income Tax officials search Mankind Pharma's New Delhi office: Report
India's Income Tax Department is conducting searches at Mankind Pharma Ltd's office in New Delhi, a government source told Reuters on Thursday, days after the condom maker's successful public listing
 "Income Tax officials search Mankind Pharma's New Delhi office: Report")
I-T raids unearth Rs 15.3 cr cash, 10.14 kg gold in poll-bound Karnataka
The I-T officials seized 6.59 kg of gold worth Rs five crore from Hebbal, Shanti Nagar and Gandhi Nagar constituencies
 "I-T raids unearth Rs 15.3 cr cash, 10.14 kg gold in poll-bound Karnataka")