Income tax

Income Tax Return Filing: 60 Days Left! Explore Tax Filing Options

03 Jun 2024

With the July 31 deadline for filing income tax returns (ITR) for the fiscal year 2023-24 approaching, taxpayers are gearing up to organize the necessary documents. Many documents are accessible online, including the income tax return filing forms on the income tax e-filing portal. It's crucial for taxpayers to select...

Salaried Individuals Advised to Delay Income Tax Return e-Filing; Here’s Reason

30 May 2024

The process for e-filing Income Tax Returns (ITR) for the financial year 2023-24 (assessment year 2024-25) has commenced on the Income Tax portal. The commonly used ITR forms were made available starting April 1 to facilitate early filing. However, salaried individuals are advised to wait until June 15 to file...

Income tax department informs SC, ‘It will not take any coercive steps to recover ₹1700 crore against Congress’

01 Apr 2024

The Income Tax department informed the Supreme Court on Monday, April 1, that it has opted not to take any coercive measures against the Congress party regarding the tax demand notices amounting to ₹3,500 crore, considering the Lok Sabha elections 2024. The I-T department requested the court to defer the...

Advance tax last installment deadline ends today

15 Mar 2024

March 15 marks the deadline for the payment of advance tax, a crucial obligation for taxpayers, who must ensure accurate calculation of their advance tax liability. Advance tax is the portion of income tax that individuals and businesses are required to pay in installments, rather than in a single lump...

Income tax update: Complete these tax-related duties by March 31 to avoid penalties

14 Mar 2024

As the financial year 2023-2024 draws to a close, it's imperative to engage in proactive tax planning and complete various tax-related tasks ahead of time to avoid potential complications. The Income Tax Department has set the deadline for these tasks as March 31, marking the commencement of the 2024-25 financial...

Avoid Penalties: Income Tax Warning – Dec 31 Last Date for ITR!

29 Dec 2023

The Income Tax Department has issued a warning to taxpayers who missed the July 31 deadline to file their Income Tax Return (ITR) for the financial year 2022-23. Through a post on social media platform X, the department emphasized that these taxpayers must file the belated/revised ITR by December 31,...

Delhi HC dismisses news portal plea challenging Income tax orders

12 Dec 2023

The Delhi High Court rejected the News Portal NewsClick appeal contesting the Income Tax Department's orders dated November 3 and February 20, stating that it was unable to establish a prima facie case in its favor. The petitioner's claim of financial stringency based on its balance sheet also inspires no...

Direct tax collections are up at Rs 6.53 lakh crore so far

12 Aug 2023

Until now, Gross Direct tax collections in India in the financial year 2023-24 have seen steady growth with a total wind-up at Rs 6.53 lakh crore. There is a 15.73 per cent increase over the amount received in the same period last financial year. The Net Direct Tax collection, net...

ED Raids Tamil Nadu Minister Senthil Balaji’s Residence

13 Jun 2023

The Enforcement Directorate conducted raids at the residences of Tamil Nadu Minister Senthil Balaji in Karur and Chennai. The raids are being conducted in connection to a money-laundering case revolving around an alleged job scam when he was a minister in erstwhile AIADMK government. Last month, the Supreme Court authorised a...

ITAT Deleted Addition: Any Adjustment Against Bad And Doubtful Debts Amounts To Actual Writing Of The Bad Debts

15 May 2023

The Income Tax Appellate Tribunal, Ahmedabad bench in the case Integra Engineering India Ltd Versus Asstt. Commissioner of Income-tax observed and has held while deleting the addition that any adjustments for the bad and the doubtful debts amounts to actual writing off the bad debts. The bench comprising of Judicial...

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