# income tax department
30 posts in `income tax department` tag
Easily Obtain PAN Income Tax Department e-Filing Portal
In India, you can easily get an e-PAN through the Income Tax Department's e-filing portal. This quick process only requires your Aadhaar card, which should be linked to your PAN and have a registered mobile number.
-
By Krishna
Important Tax Compliance Dates November 2023 Complete List Income Tax Department
The Income Tax Department in India has a tax calendar that lists important dates for taxes. This includes when to file tax returns, pay taxes in advance, and deduct taxes from income. If you miss these dates, you might have to pay extra fees.
-
By Krishna
Income Tax Dept Alert Assembly Elections
As Madhya Pradesh gears up for assembly elections, the Income Tax Department is closely watching for black money and expenditures aimed at influencing voters.
-
By Krishna
Income Tax Raids Investigate Trident Group Financial Transactions Compliance
The Trident Group, established during the early years of India's economic liberalization, has expanded its presence in various industries.
-
By Krishna
Income Tax Department Initiative Facilitate Quick Refunds
As there are currently 3.5 million pending tax refund cases, the Income Tax (IT) department is examining the organization of campaigns to aid taxpayers.
-
By Krishna
Income Tax Department Extension ITR Form Due Dates Update
The deadline for filing Forms 10B and 10BB has been pushed to October 31, 2023. Additionally, the due date for ITR-7 has been extended to November 30, 2023.
-
By Krishna
Over 3 Million Audit Reports Income Tax Website
The e-filing portal efficiently managed the influx of users, ensuring a smooth experience for taxpayers and tax professionals as they submitted their audit reports.
-
By Krishna
Income Tax Regulations Startup Investment Angel Tax
This change is a result of the 2023 Finance Act, which amended the Income-tax Act, 1961, to include consideration received from non-residents for the issuance of shares by unlisted companies under section 56(2)(viib).
-
By Krishna
CBDT Income Tax Department Processes 88 Percent Validated Tax Returns
Taxpayers are firmly encouraged to complete the verification process. Additionally, there are approximately 1.2 million verified Income Tax Returns (ITRs) where the Tax Department requires further information.
-
By Krishna
Income Tax Department Carification Incorrect Tax Notices Section 80p Claims
Many people gathered on X (Formerly Twitter), a social media platform, and shared that they got notices related to Section 143(1)(a)(ii) of the Income Tax Act, 1961.
-
By Krishna
Taxpayers Alert SMS Income Tax Department How To Respond
Recently numerous taxpayers have shared that they have received an SMS from the Income Tax Department containing the following message:
-
By Krishna
CBDT Introduces New Income Tax Portal Renovated Website
The newly improved website was introduced by Nitin Gupta, the Chairman of the CBDT, during an event called 'Chintan Shivir' in Udaipur. This event was organized by the Directorate of Income Tax (Systems).
-
By Krishna
Income Tax Department Plans Reduce Refund Processing Time 10 Days Fiscal Year
Advancements in technology and a strong system are speeding up the processing of tax returns. Last year, the percentage of processed tax returns increased significantly.
-
By Krishna
Delayed Income Tax Refund: Reasons and Income Tax Department's Response
Income Tax Refund Update 2023: More than 6.8 crore individuals have submitted their income tax returns for the Assessment Year 2023-24. While many have already received their refunds, some are encountering delays.
-
By Krishna
Alert for PAN Card Holders: Income Tax Department May Impose Rs 10,000 Fine - Check Details
The permanent account number (PAN Card) is an important identity card for all financial transactions. While PAN is necessary for most tasks, carrying it around can be risky.
-
By Krishna
Itr Filing 2023 income tax department 5 crores itrs filed 27th july
If an individual earning income misses the ITR filing deadline, they can still do so by paying a late fee. The late fee is Rs. 5,000 for an annual taxable income of Rs. 5 lakhs or more, and Rs. 1,000 for taxable income below Rs. 5 lakhs. Hence, if you yet have not filed your ITR, do it as soon as you can.
-
By Krishna
Itr Filing Income Tax Department penalties up to 200 percent
Salaried individuals have been under scrutiny for submitting false or incorrect ITRs. The tax department is actively identifying and flagging such returns that involve fake rent receipts or false donation claims.
-
By Krishna
Income Tax Department Sends 1 Lakh Notices for Non-Filing and Misrepresentation of Income
Union Finance Minister Nirmala Sitharaman: Some people received notices from the tax department because their income was close to Rs. 50 lakhs. These notices are expected to be resolved by the end of this financial year.
-
By Krishna
Income Tax Department Clarifies Inoperability of PAN Cards for Certain NRIs: Read the Details
Despite this, certain NRIs and OCIs, who were exempted from linking their PAN with Aadhaar, expressed concerns over their PANs becoming inoperative.
-
By Krishna
AI-Powered I-T Department Targets Tax Fraud by Salaried Employees: Income Tax Department's New Approach
The IT department has identified various methods used to evade tax, including submitting fake rent receipts in the name of relatives, false donations, exaggerated claims against loans, and more.
-
By Krishna
ITR Filing 2023 Update: Income Tax Department Processes 1.5 Crores ITRs Out of 3 Crores Filed Returns
As of Wednesday, the income tax department has received and processed over 3 crore income tax returns (ITRs) for the fiscal year 2022-23. Among these, an impressive 91% have been electronically verified.
-
By Krishna
CBDT Direct Tax Collection Update: Income Tax Department Provides Information for ITR Filers
As of now, Net Direct Tax Collection has increased by 15.87 percent to Rs 4.75 lakh crore on an annual basis during the financial year 2023-24. As per the notification released by the Ministry of Finance, the gross collection is Rs 5.17 lakh crore.
-
By Krishna
Income Tax Department Conducts Verification of Reporting Entities: Insights and Implications
The obtained information is then presented to taxpayers in the form of the Annual Information Statement (AIS) through their e-filing accounts. This significant measure aims to simplify the process of accurately filing income tax returns for individuals.
-
By Krishna
Income Tax Department Cracks Down on Tax-Evading Social Media Influencers: Learn More about the Action Taken
In a recent development, the Income Tax Department has taken a step further by utilizing data analytics to examine the social media accounts of influencers. They aim to identify any disparities between their social status and the income declared in their Income Tax Returns (ITRs).
-
By Krishna
Advance Tax payment due dates applicability procedure installment details
Advance Tax Payment is a crucial aspect of income tax compliance in many countries, including India. It requires taxpayers to pay their tax liability in installments throughout the financial year, rather than in a lump sum at the end. This ensures timely revenue collection for the government and helps taxpayers manage their tax obligations effectively. This article will take you through the due dates, applicability, procedure, etc. So, Read on to know more…
-
By Krishna
BE AWARE! The income tax department can Deliver Notice even on your friend’s transaction
Receiving notices from the Income Tax Department is a common occurrence, and sometimes these notices are issued for transactions that you haven't actually made. This can happen to anyone, causing a sense of anxiety. However, there's no need to panic excessively. In a special program called CNBC Awaaz Tax Guru, tax expert Sharad Kohli shared valuable insights on how to address this issue. Let's find out what steps you need to take to resolve the situation.
-
By Krishna
How to Check Outstanding Tax Demand Status
The process of filing an Income Tax Return (ITR) is mandatory for individuals and businesses as it involves reporting income and fulfilling tax obligations to the government. This procedure necessitates submitting essential financial details and relevant documents to the Income Tax Department.
-
By Krishna
How To File Returns Using the Income Department’s Excel Utilities
Excel utilities have been made available by the I-T department for taxpayers who are required to file their returns using ITR 1 and ITR 4 forms.
-
By Krishna
Launch of new e-filing Portal of the Income Tax Department
On June 7, 2021, the Income Tax Department will unveil its new e-filing platform in an effort to streamline and simplify the process of filing normal ITRs.
-
By Krishna
New Record For Income Tax Department
ITR (Income Tax Return) is a form that taxpayers are believed to submit to the Income Tax Department of India. The Department of income tax has announced seven types of forms to date. The Relevancy of these ITR forms differs on the basis of earned income, source of the income of tax-payer, and category of income.
-
By Krishna