News

The Income Tax Department has released the guidelines to fill Foreign Source Income, Tax Relief, and Foreign Assets Schedule in the Income Tax Return.

Guidelines to fill Foreign Source Income, Tax Relief and Foreign Assets Schedule in ITR

In recent years, the Income Tax Department has begun processing income tax returns (ITRs) more promptly. However, a quick processing of ITRs created issues.

Received excess Income Tax Refund; Return it else you may get Tax Notice

Hero MotoCorp Limited said that it has received an additional tax demand of Rs 26.40 crore from the Income Tax Department for the financial year 2019-20 (AY 2020-21).

Hero MotoCorp received Additional Income Tax Demand of Rs.26.4 Crore

Notifications

The Income Tax Department announced good news for taxpayers who were entitled for the section 87A tax rebate for the FY 2023-24 but were unable to claim it.

Income Tax Department to correct ITR forms to allow eligible taxpayers to claim section 87A tax rebate for FY 2023-24

Buying luxurious goods like as Branded Handbags and watches, and so on will attract TCS w.e.f. 1st Jan if the cost of the luxury goods exceeds Rs.10 lakh.

TCS on Luxury Goods and Cars from 1st January 2025

Circulars

The Income Tax Department has extended the deadline for the Vivad Se Vishwas Scheme 2024, offering taxpayers another chance to resolve disputes at lower tax rates.

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Guidelines to fill Foreign Source Income, Tax Relief and Foreign Assets Schedule in ITR

Received excess Income Tax Refund; Return it else you may get Tax Notice

Hero MotoCorp received Additional Income Tax Demand of Rs.26.4 Crore

Income Tax Department to correct ITR forms to allow eligible taxpayers to claim section 87A tax rebate for FY 2023-24

TCS on Luxury Goods and Cars from 1st January 2025

Income Tax Relief: CBDT extended Vivad Se Vishwas Scheme Deadline to January 31st