Income Tax News

Centre to Convert Capex Loans to States into Grants, Announces FM Sitharaman

12 August 2024 at 09:02

In a landmark announcement, Finance Minister Nirmala Sitharaman revealed that the Centre plans to treat capital expenditure (capex) loans given to states as grants.

Posted in Income Tax | 2232 Views

Income Tax Department Releases Updated Utility and Schema for Form 3CEB u/s 92E

10 August 2024 at 08:59

The Income Tax Department has announced the release of the updated Utility and Schema for Form 3CEB.

Posted in Income Tax | 690 Views

ITR Processing Time Slashed Drastically in Last Decade, Marks Transformative Shift: FM Sitharaman

10 August 2024 at 08:58

The Income Tax Department has achieved a significant milestone with a record 7.28 crore Income Tax Returns (ITRs) filed in the assessment year (AY) 2024-25.

Posted in Income Tax | 3897 Views

NCLT Denies Merger Approval Over Tax Evasion and Money Laundering Concerns

09 August 2024 at 07:21

The National Company Law Tribunal (NCLT) has rejected a merger application involving three companies, citing serious concerns about the legality of the proposed amalgamation.

Posted in Income Tax | 906 Views

FM Sitharaman: Indirect Tax Rate Review in Next 6 Months

09 August 2024 at 07:19

FM Sitharaman announced plans for a comprehensive review of the indirect tax rate structure, set to take place over the next six months.

Posted in Income Tax | 2283 Views

RBI Raises UPI Transaction Limit to Rs 5 Lakh for Tax Payments

08 August 2024 at 12:07

The 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.

Posted in Income Tax | 2847 Views

Indexation in Real Estate Reinstated: New Rate Choices for Taxpayers

07 August 2024 at 09:47

In 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.

Posted in Income Tax | 7809 Views

CBDT Clarifies Non-Applicability of Higher TDS/TCS Rates in Case of Deceased Deductees or Collectees Pre-Aadhaar-PAN Linkage

06 August 2024 at 15:58

CBDT 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

Posted in Income Tax | 3180 Views

Central Government Alerts Taxpayers of Phishing Scams Offering Fake Income Tax Refunds

05 August 2024 at 14:26

The Central Government has issued a critical advisory to taxpayers regarding a new wave of phishing scams involving fraudulent income tax refund messages.

Posted in Income Tax | 2898 Views

72% of Taxpayers Opt for New Regime in AY 2024-25

05 August 2024 at 09:02

According 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.

Posted in Income Tax | 2958 Views