Background: In order to deter cash transactions, section 40A(3) was incorporated in the Income Tax Act, 1961 (IT Act). As per this section, a taxpayer who incurs cash
The Central Board of Direct Taxes (CBDT) has prescribed five broad parameters for compulsory selection of returns for complete scrutiny under faceless assessment for FY 2020-21. The Board
The income tax department on Tuesday launched a massive search operation on some Chinese individuals and their Indian associates and some bank employees spread across Delhi, Gurgaon and
CBDT notifies *new Form 26AS [Annual Information Statement] pursuant to Finance Act, 2020 amendment, inserts new Rule 114-I to be effective from June 1st and omits Rule 31AB;
The Finance Minister Nirmala Sitharaman has launched the facility for instant allotment of PAN (on near to real time basis). This facility was announced in the Union Budget 2020 by
All pending income tax refunds up to Rs 5 lakh will be issued immediately to individuals and business entities. The Income Tax Department, on its official Twitter handle,
What is PAN? Permanent Account Number (PAN), is a unique 10-digit alphanumeric identity allotted to each taxpayer by the Income Tax Department under the supervision of the Central
Experts said that the dept is pushing taxpayers to settle but govt says that it’s only ‘encouraging’ them to do so. The income tax department is asking companies
The helpline phone number and email ID launched by the income tax department will help the taxpayers to get assistance regarding the income tax notices received by them
