Income Tax News
NCLT Denies Merger Approval Over Tax Evasion and Money Laundering Concerns
09 August 2024 at 07:21The National Company Law Tribunal (NCLT) has rejected a merger application involving three companies, citing serious concerns about the legality of the proposed amalgamation.
FM Sitharaman: Indirect Tax Rate Review in Next 6 Months
09 August 2024 at 07:19FM Sitharaman announced plans for a comprehensive review of the indirect tax rate structure, set to take place over the next six months.
RBI Raises UPI Transaction Limit to Rs 5 Lakh for Tax Payments
08 August 2024 at 12:07The Reserve Bank of India (RBI) has announced a significant proposal to increase the Unified Payments Interface (UPI) limit for tax payments from ₹1 lakh to ₹5 lakh.
Indexation in Real Estate Reinstated: New Rate Choices for Taxpayers
07 August 2024 at 09:47In a notable shift in tax policy, the Indian government has proposed an amendment allowing property buyers to choose between two tax calculation methods for long-term capital gains (LTCG) under the Finance Bill, tabled in the Lok Sabha on August 6.
CBDT Clarifies Non-Applicability of Higher TDS/TCS Rates in Case of Deceased Deductees or Collectees Pre-Aadhaar-PAN Linkage
06 August 2024 at 15:58CBDT has issued a crucial circular (No. 08/2024 dated August 05, 2024) providing clarity on the non-applicability of higher rates of TDS and TCS under sections 206AA and 206CC of the Income-tax Act, 1961
Central Government Alerts Taxpayers of Phishing Scams Offering Fake Income Tax Refunds
05 August 2024 at 14:26The Central Government has issued a critical advisory to taxpayers regarding a new wave of phishing scams involving fraudulent income tax refund messages.
72% of Taxpayers Opt for New Regime in AY 2024-25
05 August 2024 at 09:02According to CBDT, 72% of those who filed their returns by the July 31 deadline opted for the new tax regime, contributing to a record high of almost 7.29 crore Income Tax return filings.
Record of Over 7.28 crore ITRs filed for AY 2024-25 till 31st July, 2024
02 August 2024 at 16:03The total number of ITRs for AY 2024-25 filed till 31st July, 2024 is more than 7.28 crore, which is 7.5% more than the total ITRs for AY 2023-24 (6.77 crore) filed till 31st July, 2023.
Finance Ministry Refutes Claims of Future STCG Tax Hike
02 August 2024 at 09:01In response to a recent report, the Finance Ministry has categorically denied any plans to increase the short-term capital gains (STCG) tax.
Income Tax Department Begins Scrutiny of Reassessment Cases for AY 2018-19
01 August 2024 at 09:07The income-tax department has begun scrutinizing cases for the assessment year (AY) 2018-19 to identify those that need to be reopened, potentially resulting in a wave of tax notices.
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