Income Tax News

Finance Ministry Approves Historic Name and Gender Change for Senior IRS Officer

11 July 2024 at 08:59

In a landmark decision, the Ministry of Finance has approved an appeal by a senior Indian Revenue Service (IRS) officer to officially change her name and gender - the first instance of such a change in the history of the Indian Civil Service.

Posted in Income Tax | 2103 Views

CBDT Issues New Guidelines for Issuing Notices Under Section 148 of the Income Tax Act

09 July 2024 at 09:06

CBDT has issued new guidelines via F.No.299/10/2022-Dir(Inv.III)/1522 dated June 26, 2024. These guidelines are set to bring clarity and consistency in the handling of cases involving income that has escaped assessment.

Posted in Income Tax | 5067 Views

Bank of Baroda Faces Rs 1067.82 Crore Income Tax Demand for AY 2017-18

06 July 2024 at 09:22

State-owned Bank of Baroda has disclosed in a regulatory filing that it has received a demand order of Rs 1,067.82 crore under Section 156 of the Income Tax Act, 1961, for the assessment year 2017-18

Posted in Income Tax | 68352 Views

New Tax Regime Boosts Tamil Nadu Transport Earnings by Rs 1.6K Crore

06 July 2024 at 09:19

The transport department in Chennai has seen a significant boost in earnings following the implementation of increased motor vehicle taxes and other charges effective from November 9 last year.

Posted in Income Tax | 3417 Views

Income Tax Department Warns Against False Claims in IT Returns

04 July 2024 at 09:01

The Income Tax Department has issued a stern warning to taxpayers, cautioning against filing income tax returns with false claims for exemptions and deductions...

Posted in Income Tax | 10875 Views

New CBDT Chief Ravi Agrawal Calls for Action-Oriented 100-Day Plan

04 July 2024 at 09:00

Ravi Agrawal, the newly appointed Chairman of the Central Board of Direct Taxes (CBDT), emphasized the critical role of the Income Tax Department in shaping the nation’s economy, ease of doing business, and international transactions.

Posted in Income Tax | 696 Views

Updated List of Banks for e-Pay Tax Service Now Available on e-Filing Portal

03 July 2024 at 09:05

The Income Tax Department has updated the list of banks available for the e-Pay Tax service on the e-Filing portal.

Posted in Income Tax | 2913 Views

HDFC Life Insurance Receives Rs 1495.17 Crore Tax Demand from IT Department

01 July 2024 at 09:00

In a recent development, HDFC Life Insurance announced on Friday that it has received a tax demand of Rs 1,495.17 crore from the Income Tax department for the assessment year 2021-22.

Posted in Income Tax | 2412 Views

Ravi Agrawal Appointed as New Chairman of CBDT

01 July 2024 at 08:57

In a significant administrative move, Ravi Agrawal, a 1988-batch Indian Revenue Service (IRS) officer, has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT), the top policy-making body for the Income Tax Department.

Posted in Income Tax | 2478 Views