The government has allowed individuals under new lower tax regime to claim I-T exemption on conveyance allowance received from employers. The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees.
The income tax department on Thursday notified the revised Form 26AS, containing details of tax collected or deducted at source which will now include information pertaining to property and share transactions.
Central Board of Direct Taxes on Friday has issued tax refunds worth Rs. 26,242 crore to 16,84,298 tax assesses since April 1 to May 21, 2020 and corporate tax refund to 1.02 lakh assesses amounting to Rs 11,610 cr given during this period.
The Income Tax Department on Monday deferred for the third time the requirement for companies to include in their I-T audit report the details of the Goods and Services Tax (GST) and GAAR.
The controversial FORCE document of Income Tax officers which triggered a controversy with the Central Board of Direct Taxes (CBDT) promising action has given credits to 47 officers.
The government has decided to revise the income tax return forms for assessment year 2020-21 due to the coronavirus pandemic.
The Income Tax department has issued over 10.2 lakh refunds worth Rs 4,250 crore within a week, the Central Board of Direct Taxes (CBDT) said on Wednesday.
The income tax department on Monday said employees will have to inform their employers about their intention to opt for the new optional tax regime to enable the latter to deduct TDS while paying salaries.
The Income Tax Department on Monday has issued a public message stating that it was 'mandatory' to link PAN card with Aadhaar. The IT Department also advised people not to 'miss' the deadline of March 31 for the same.
Income Tax raids conducted in Chhattisgarh have revealed that "unaccounted cash" sourced from liquor and mining businesses was being paid to public servants every month, the CBDT said on Monday.
The Central Board of Direct Taxes (CBDT) on Tuesday clarified that the budget proposal of 10 percent TDS will be applicable only on dividend payment by mutual funds and not on the gain arising out of redemption of units.
Are you a salaried person and earning over ₹ 2.5 lakh per annum? Then this news is important for you. The Income Tax Department has reiterated that employers must cut tax at source at 20 per cent or a higher rate if the employees do not provide PAN and Aadhaar details to the employer.
Shops, business firms or companies with an annual turnover of Rs 50 crore or more and required to provide digital payment facilities to customers as part of government's stride towards a less-cash economy, will not have to pay any penalty till January 31 for not installing the system.
The Central Board of Direct Taxes (CBDT) has extended the Aadhaar-PAN linking deadline till March 31, 2020.
PAN-Aadhaar linking deadline: Your PAN card will be treated as 'inoperative' if you fail to link it with your Aadhaar card by 31 December 2019. The income tax department extended the Aadhaar-PAN linking deadline seven times. The Central Board of Direct Taxes (CBDT) in September extended the deadline from September 30 to December 31, 2019.
There are no plans to impose Goods and Services Tax (GST) on salaries paid to CEOs or employees, the Central Board of Indirect Taxes & Customs (CBIC) clarified on Friday. The CBIC clarification comes after reports in certain sections of media that the government was mulling to bring salaries paid to CEOs and high-paid employees will be brought under GST. The CBIC has categorically denied such reports as "false."
The Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax returns till November 30 in the Union Territories of Jammu and Kashmir, and Ladakh.
The number of crorepati taxpayers shot up 20 per cent to 97,689 during assessment year (AY) 2018-19, as per tax returns data released by the revenue department.
PAN-Aadhaar link deadline: If you are a taxpayer but don't have a valid PAN number then this news is very important for you. As CBDT had fixed September 30, 2019, as the deadline to link PAN card with Aadhaar card, those unlinked PAN number will be 'inoperative' after the deadline.
The Central Board of Direct Taxes (CBDT) has extended the due date for filing of ITRs & Tax Audit Reports to October 31.
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