Income Tax News

CBDT Considers Revamp of Income Tax Department Designations to Enhance Clarity and Transparency

07 November 2024 at 06:44

CBDT is reportedly exploring a restructuring of designations within the Income Tax Department. This initiative aims to make roles more understandable for the public and create a transparent image of the department, aligning titles with responsibilities.

Posted in Income Tax | 1977 Views

CBDT Sets New Limits for Interest Waiver under IT Act Section 220(2)

06 November 2024 at 06:41

The Central Board of Direct Taxes (CBDT) issued Circular No. 15/2024 on November 4, 2024, defining monetary thresholds for income tax authorities regarding the waiver or reduction of interest under Section 220(2) of the Income-tax Act, 1961.

Posted in Income Tax | 3750 Views

Income Tax Department Receives 6500 Stakeholder Suggestions for Overhaul of IT Act, 1961

05 November 2024 at 07:04

The Income Tax Department has received a significant response from stakeholders, amassing 6,500 suggestions over the past month for the comprehensive review of the Income Tax Act, 1961.

Posted in Income Tax | 2784 Views

Gujarat Among Top 5 in Income Tax Contributions, Collects Rs 3.46 Lakh Crore

05 November 2024 at 07:01

Gujarat has solidified its position as one of India’s top contributors to income tax, with a remarkable cumulative collection of ₹3.46 lakh crore over the past five years, according to a recent report by the State Bank of India.

Posted in Income Tax | 1008 Views

Commercial Tax Officer Arrested in Bengaluru for Bribery and Forged Identity Documents

04 November 2024 at 08:41

In a significant operation, Lokayukta police have arrested a commercial tax officer from Division-5 in Koramangala, Bengaluru, for allegedly accepting a bribe. ..

Posted in Income Tax | 600 Views

Govt Likely to Delay Pillar-2 Tax Rules Citing Limited Revenue Benefit

02 November 2024 at 08:59

India is adopting a cautious stance on implementing the OECD-led Pillar 2 tax regime, which mandates a 15% minimum corporate tax rate for multinational enterprises (MNEs) with global revenues exceeding €750 million.

Posted in Income Tax | 1749 Views

India's Fiscal Deficit for April-September 2024 Marks 29.4% of FY25 Target

02 November 2024 at 08:54

India's fiscal deficit for the first half of FY25 (H1FY25) was reported at ₹4.7 trillion, or 29.4% of the full-year Budget Estimate (BE) of ₹16.16 trillion, as per data from the Controller General of Accounts (CGA).

Posted in Income Tax | 612 Views

CBDT Notifies Electronic Submission of Specified Forms Under Rule 131 for Income Tax Compliance

01 November 2024 at 07:58

CBDT through the Directorate of Income Tax (Systems), issued Notification No. 5/2024 on October 30, 2024, mandating the electronic submission of certain forms listed in Appendix-II of the Income Tax Rules, 1962

Posted in Income Tax | 2721 Views

CBDT Grants Delay Condonation for AY 2023-24 Income Returns Claiming Section 80P

01 November 2024 at 07:56

The Central Board of Direct Taxes (CBDT) has recently issued Circular No. 14/2024 on October 30, 2024, which allows for the condonation of delay in filing income tax returns for Assessment Year (AY) 2023-24

Posted in Income Tax | 2877 Views

CBDT Notifies Transfer Pricing Tolerance Range for AY 2024-25 Under Rule 10CA

31 October 2024 at 08:05

The Central Board of Direct Taxes (CBDT) has issued notification no. 116/2024 dated October 18, 2024 notifying the tolerance range for AY 2024-25.

Posted in Income Tax | 795 Views