Page 24 - Latest Updates on Income tax
I-T dept has taken many initiatives to ensure ease of compliance: Official
Principal Chief Commissioner of Income Tax, Andhra Pradesh and Telangana, Mita Madhusmita was addressing a press conference on the 'Issue of Suspicious Refunds' being claimed by certain Taxpayers'
 "I-T dept has taken many initiatives to ensure ease of compliance: Official")
Check Form 26AS, reconcile with Form 16 before you file your tax return
Claiming excess tax credit in your return could trigger a notice from the tax authorities
 "Check Form 26AS, reconcile with Form 16 before you file your tax return")
Everything you need to know about ITR refunds for AY 2022-2023
In order to seek tax refund, the assessee has to file ITR in the prescribed form for the relevant assessment year and refund (if any) will be automatically calculated.
I-T department lens on 50-60 reporting entities for non-compliance
SOP for reporting on overseas account holders in the works
 "I-T department lens on 50-60 reporting entities for non-compliance")
GST officers bust 304 syndicates involving Rs 25k cr fake ITC claims
The chief of the Central Board of Indirect Taxes and Customs (CBIC) flagged that only 40 per cent of the corporate income taxpayer base is registered under Goods and Services Tax (GST)
 "GST officers bust 304 syndicates involving Rs 25k cr fake ITC claims")
I-T dept finds discrepancies in SFT reports filed by certain banks
The Income Tax Department on Friday said it has found discrepancies in Statement of Specified Financial Transaction (SFT) reports filed by some banks with regard to high value financial transactions
 "I-T dept finds discrepancies in SFT reports filed by certain banks")
I-T dept launches tax-evasion probe against social media influencers
The income-tax department has launched a probe against certain social media influencers and content creators on platforms like YouTube and Instagram for allegedly not showing their income and profits
 "I-T dept launches tax-evasion probe against social media influencers")
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
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")