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Income Tax Return (ITR) Filing: Exemptions and Deductions that Senior Citizens Can Claim
India's income tax law provides several tax benefits for senior citizens. A resident Indian who is 60 years of age or older is considered a senior citizen. Only residents of the country can avail of these special benefits.
Tax Hike on International Transactions to Come into Effect from Oct 1
The Ministry of Finance on Wednesday extended the deadline to apply the proposed changes in Tax Collection at Source (TCS) rates from October 1. Centre has given more time for implementation of revised TCS rates and for inclusion of credit card payments in LRS. Till...
GST Officers Bust Nexus of 30 Fake Firms for Passing Rs 50 cr ITC
The GST officers have busted a nexus of more than 30 fake firms, who have availed ineligible input tax credit (ITC) of over Rs 50 crore, the finance ministry said on Wednesday.
After HDFC Life, ICICI Prudential receives GST demand notice of Rs 492 crore
ICICI Prudential Life Insurance Company Ltd on Monday said it has received a show cause cum demand notice from the Directorate General of GST Intelligence (DGGI) for Rs 492.06 crore for the period July 2017 to July 2022.
RBI – (Circular No. 06) Remittances To International Financial Services Centre’s (IFSC) Under The Liberalized Remittance Scheme (LRS), Dated 22.06.2023.
Attention of Authorised Persons is invited to A.P. (DIR Series) Circular No. 11 dated February 16, 2021 and A.P. (DIR Series) Circular No. 03 dated April 26, 2023 on “Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised...
COMPANY LAWS – (General Circular No. 06/2023) RELAXATION IN PAYING ADDITIONAL FEES IN CASE OF DELAY IN FILING DPT-3 FOR FINANCIAL YEAR ENDED ON 31ST MARCH 2023 UP TO 31ST JULY 2023, dated 21.06.2023.
MCA has decided to relax the additional fees on companies filing form DPT-3 for the financial year ended on March 31, 2023 up to July 31, 2023. This decision is made in view of the transition from version 2 to version 3 of the MCA-21 portal. Form DPT-3 is filed by a...
Gross Direct Tax collections for FY 2023-24 as on 17.06.23 at Rs. 4.19 lakh crore, grow at 12.73% over collections of corresponding period in preceding year
✅Net DT collections at Rs. 3.79 lakh crore, grow at 11.18%.✅Advance Tax collections for 1st quarter, at Rs. 1.16 lakh crore, grow at 13.70%.✅Refunds amounting to Rs. 39,578 crore issued upto 17.06.2023, higher by 30.13% over preceding year....
Income Tax Raid: स्टील कारोबारी के 22 ठिकानों पर इनकम टैक्स विभाग का छापा, मिली इतनी संपत्ति
स्टील कारोबारी के 22 ठिकानों पर इनकम टैक्स विभाग का छापा– रायपुर और रायगढ़ के कई स्टील कारोबारियों के यहां आयकर की जंबो टीम ने छापेमारी की है. रायगढ़, सारंगढ़, रायपुर, मुंबई और कोलकाता में संयंत्रों, कार्यालयों और घरों पर छापे मारे गए। इस ग्रुप को बने हुए 30 साल से...
CBDT Revises Monetary Limits for Condoning Delay in Claiming Refunds or Loss Carry Forward
CBDT, vide Circular No.7 of 2023 dated 31.05.2023, revises monetary limits for condoning delay in filing return of income claiming refund or carry forward of losses and set-off under Section 119(2)(b) by partially modifying its earlier Circular No.9/2015; PCITs/CITs...
e-Appeals Scheme, 2023 Prescribes Extant Procedure for Personal Hearing, Additional Grounds/Evidence, Penalty etc.
CBDT notifies e-Appeals Scheme,2023 pursuant to amendment in Section 246 of the Income-tax Act by the Finance Act, 2023 (w.e.f. 01.04.2023); The Finance Act, 2023 established a new authority Joint Commissioner of Income-tax (Appeals) [JCIT(A)] to hear the appeals...
