The Central Board of Direct Taxes (CBDT) has amended income tax rules to streamline and standardize the calculation and reporting of winnings from online gaming to improve tax compliance. The Income Tax (Fifth Amendment) Rules, 2023, notified by the direct tax authority, specifies a formula for computing …
A metropolitan magistrate court has convicted a television production company and its directors Yash Patnaik and Mamta Patnaik for not submitting ₹8.37 crore income tax. The court has sentenced the directors to three months imprisonment in three cases filed by the Income Tax department and imposed a …
The Income Tax Department has initiated raids in Pune’s Aundh area this morning, targeting builders suspected of malpractices. Sindh Society in Aundh, along with three other locations, has been raided by the department. The department has not disclosed the names of the businessmen targeted in the …
The Supreme Court has held that the income tax (I-T) department cannot reopen completed assessments under the Section 153A of the I-T Act, unless “incriminating material” is unearthed during search and seizure operations. Any other material emanating from the search can’t be relied on for issuing re-assessment …
As an Indian taxpayer, I have been following the changes in the tax regime for quite some time now. The new tax regime introduced in the Union Budget 2020 has been the talk of the town since its announcement. The new tax regime has brought about …
The income-tax (I-T) department sent notices to two large private banks in its ongoing investigation into possible malpractices involving commission payments made by insurance companies, says a report. According to the report, investigators from the tax department are apparently scrutinising transactions of over Rs 60,000 crore …
The taxation system in India is characterized by a progressive approach, where the amount of tax payable rises as income increases. In order to facilitate this approach, Income Tax slabs have been introduced in the country. The applicability of these slabs is influenced by various factors, …
Income Tax Department commenced a Search & Seizure operation in the case of some Cooperative Banks, in the State of Karnataka, on 31.03.2023. These cooperative Banks have been found to be engaged in routing of funds of various business entities of their customers, in a manner, …
The Income Tax department has been given an internal target of issuing refunds within a period of seven days. This came up during the process of drafting the budget. Meeting such a short deadline is a challenge in itself. However, the department has also been able to reduce …
