Income Tax News

CBDT Recognizes SKAN Research Trust as Research Association for Tax Deductions

27 November 2024 at 09:05

CBDT, through Notification No. 121/2024 dated November 25, 2024, has officially designated the SKAN Research Trust as a 'Research Association' for the purpose of conducting scientific research u/s 35(1)(ii) of the IT Act, 1961

Posted in Income Tax | 186 Views

Cabinet approves the PAN 2.0 Project

26 November 2024 at 09:00

The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Shri Narendra Modi, has given its approval for the PAN 2.0 Project of the Income Tax Department.

Posted in Income Tax | 2 comments | 8397 Views

Income Tax Department Reduces Time Limit for Claiming Refunds to Five Years

25 November 2024 at 09:07

The Income Tax Department has issued a circular revising the time frame for taxpayers to claim refunds for old returns.

Posted in Income Tax | 3957 Views

ED Arrests Bengaluru Man For Manipulating ITRs, Securing Fraudulent Tax Refunds

23 November 2024 at 08:51

In a significant crackdown, the Directorate of Enforcement (ED) arrested notorious conman Dilip B R on November 18, 2024, under the Prevention of Money Laundering Act (PMLA), 2002.

Posted in Income Tax | 3399 Views

CBDT Mandates e-Filing for Forms 42, 43 and 44

22 November 2024 at 10:48

The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has announced the issuance of Notification No. 06/2024, dated 19th November 2024, specifying the forms to be submitted electronically under the Income Tax Rules, 1962.

Posted in Income Tax | 2295 Views

Income Tax Department Stresses TDS Adherence for Mizos Despite Tax Exemption

22 November 2024 at 09:12

In a recent meeting held in Aizawl, the Income Tax Department reaffirmed that Mizos, as indigenous people residing in designated tribal areas, are exempt from income tax under Central Government laws.

Posted in Income Tax | 1686 Views

74% of High-End Corporate Taxpayers Favor Real-Time Tax Reporting: Survey

21 November 2024 at 09:04

A recent survey has revealed that 74% of India’s top corporate taxpayers are advocating for the Income Tax (I-T) department to enable near real-time reporting and compliance monitoring.

Posted in Income Tax | 441 Views

CBDT Grants Income Tax Exemptions to Legal and Aviation Bodies

21 November 2024 at 08:59

The CBDT has issued two key notifications under Section 10(46) of the Income-tax Act, 1961, exempting specified income of entities in the legal and aviation sectors from taxation. Notification No. 119/2024

Posted in Income Tax | 2589 Views

CBDT Allows Condonation of Delay for Filing Forms 10-IC and 10-ID for AYs 2020-21 to 2022-23

20 November 2024 at 09:12

In a significant relief to taxpayers, the CBDT has issued Circular No. 17/2024 dated Nov 17, 2024, permitting the condonation of delays in filing Form 10-IC and Form 10-ID for AYs 2020-21, 2021-22, and 2022-23.

Posted in Income Tax | 4560 Views

CBDT Urges Taxpayers to Rectify Foreign Income Discrepancies Before 31st Dec 2024

20 November 2024 at 09:11

Ravi Agarwal, Chairman of the Central Board of Direct Taxes (CBDT), has called on taxpayers with foreign income or assets to take advantage of the current window to amend discrepancies in their income tax returns.

Posted in Income Tax | 2031 Views