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Individuals who have received substantial TDS deductions over their tax liability under IT Act can now seek relief, according to a recent TRACES Portal update.

Income Tax Department enables lower/nil TDS Application New Facility against Excessive TDS Deductions on TRACES Portal

The Income Tax Department sent notices to a number of taxpayers who donated to registered political parties that are not recognized by the Election Commission.

Income Tax Notice issued to Salaried Taxpayers for Donations to Political Parties

IT Department has discovered suspected transactions totalling over Rs.25,000 cr exposing more than 60 intermediate entities and hundreds of bank accounts in alleged Benami trades in the insurance industry.

Investigation on Suspected Rs.25,000 Crore Benami Transactions in Insurance Sector: IT Dept.

The Indian government may postpone Section 43B(h) of Income Tax Act 2013, which was revised to ensure prompt payment for micro and small businesses.

Indian Govt. considering Postponement of Section 43B(h) amid Industry Demands

Direct Tax collections up to Feb 10th, 2024 reveal gross collections of Rs.18.38 lakh crore, which is 17.30% higher than the gross collections for the same period last year.

Direct Tax Collection reached 80% of revised FY24 target at Rs.15.60 Lakh Crore

IT Department initiated search and seizure operations in the case of a Politically Exposed Person, his close associates and a few Government officials on 31/01/2024.

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Income Tax Department enables lower/nil TDS Application New Facility against Excessive TDS Deductions on TRACES Portal

Income Tax Notice issued to Salaried Taxpayers for Donations to Political Parties

Investigation on Suspected Rs.25,000 Crore Benami Transactions in Insurance Sector: IT Dept.

Indian Govt. considering Postponement of Section 43B(h) amid Industry Demands

Direct Tax Collection reached 80% of revised FY24 target at Rs.15.60 Lakh Crore

IT Department conducts Search Operations at 25 locations in Chhattisgarh; Seized Unaccounted Cash and Jewellery worth Rs. 2.50 crore