Income Tax News

CBDT issues FAQs on Direct Tax Vivad Se Vishwas Scheme 2024 to provide clarity

16 October 2024 at 09:02

In order to facilitate the various queries raised by the stakeholders following the enactment of the DTVSV Scheme, 2024, the CBDT has today issued a Guidance Note in the form of Frequently Asked Questions (FAQs).

Posted in Income Tax | 3552 Views

CBDT Notifies Income Tax Exemptions for Various Public Authorities u/s 10(46) of the IT Act

15 October 2024 at 09:01

The Central Board of Direct Taxes (CBDT) has issued a series of notifications providing income tax exemptions for public authorities across several sectors under Section 10(46) of the Income-tax Act, 1961.

Posted in Income Tax | 6597 Views

15% Minimum Corporate Tax Rule Likely to be Included in Ongoing IT Act Review

15 October 2024 at 08:55

India is preparing to align with the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) by adopting Pillar 2, which mandates a global minimum corporate tax rate of 15% for multinational corporations (MNCs).

Posted in Income Tax | 2700 Views

Net Direct Tax Collections for FY 2024-25 Surge by 18.35% as of 10th October

14 October 2024 at 09:05

India's net direct tax collections for the financial year 2024-25 have seen significant growth, reaching ₹11.25 lakh crore by October 10, 2024, marking an 18.35% increase compared to the previous year.

Posted in Income Tax | 438 Views

Union Govt Releases Rs 1.78 Lakh Crore Tax Devolution to States, Including Advance Instalment Ahead of Festive Season

11 October 2024 at 09:18

Union Government releases tax devolution of ₹1,78,173 crore to State Governments, including one advance instalment of ₹89,086.50 crore in addition to regular instalment due in October, 2024

Posted in Income Tax | 363 Views

Bombay HC Upholds Tax Exemption on Anonymous Donations to Shirdi Sai Baba Trust

11 October 2024 at 09:03

In a significant ruling, the Bombay High Court on Tuesday upheld the exemption granted to Shree Sai Baba Sansthan Trust, Shirdi, for anonymous donations received under the Income Tax Act.

Posted in Income Tax | 744 Views

Over 34.84 Lakh Audit Reports Filed on Income Tax E-Filing Portal upto October 7 2024

10 October 2024 at 09:15

More than 34.84 lakh audit reports filed on e-filing portal of Income Tax Department upto 7th October, 2024

Posted in Income Tax | 1062 Views

Tax Refund Delays Prompt Concern Among Taxpayers and Chartered Accountants

10 October 2024 at 09:15

After Finance Minister Nirmala Sitharaman highlighted a taxpayer's grievance regarding delays in tax refunds, chartered accountants (CAs) are reporting that many of their clients are similarly affected.

Posted in Income Tax | 1590 Views