Income Tax News

CBDT Extends ITR Filing Deadline for Taxpayers u/s 92E to 15th December 2024

30 November 2024 at 15:43

In a major relief to taxpayers, the Central Board of Direct Taxes (CBDT) has announced an extension of the due date for filing Income Tax Returns (ITRs) for Assessment Year (AY) 2024-25.

Posted in Income Tax | 4365 Views

Women Tax Filers Surge by 25.3% In Four Years

30 November 2024 at 09:16

The number of women filing income-tax returns (ITRs) in India has seen a significant rise over the last five years, signaling increased economic empowerment.

Posted in Income Tax | 1557 Views

India's Fiscal Deficit for FY25 Likely to Be Lower at 4.75% of GDP

29 November 2024 at 09:03

India's fiscal deficit for the financial year 2024-25 is projected to be 4.75% of the gross domestic product (GDP), 19 basis points (bps) lower than the budget estimate of 4.9%, according to India Ratings and Research (Ind-Ra).

Posted in Income Tax | 429 Views

Personal Income Tax Collections Plays Key Role in H1 FY25 Revenue Growth

29 November 2024 at 09:01

Personal income tax collections emerged as a critical driver of government revenues in the first half of fiscal 2025, counterbalancing subdued growth in corporate tax and other indirect tax components

Posted in Income Tax | 1677 Views

CBDT Report Highlights Need to Address Repeat Penalties for Undisclosed Foreign Assets

28 November 2024 at 09:17

A group of income-tax officials has submitted a detailed report to the CBDT, recommending significant changes to enhance the enforcement of the Black Money and Imposition of Tax Act, 2015.

Posted in Income Tax | 1983 Views

45-Day Payment Policy for MSMEs Receives Endorsement from Industry Associations, FinMin Reveals

28 November 2024 at 09:10

The revised Section 43B of the Income-tax Act, 1961, introduced in the Union Budget last year, has been widely endorsed by MSME associations across India, said Pankaj Chaudhary, Minister of State for Finance, in the Lok Sabha on Monday.

Posted in Income Tax | 777 Views

PAN 2.0 and TAN Services: A Unified Portal for Seamless Financial Integration

28 November 2024 at 09:10

The Permanent Account Number (PAN) has long been a cornerstone of India's financial and administrative systems, connecting individuals and businesses to vital economic activities while promoting financial transparency and compliance.

Posted in Income Tax | 1728 Views

CBDT Releases FAQs On PAN 2.0 Project

27 November 2024 at 09:09

FAQs On PAN 2.0 Project Released by CBDT

Posted in Income Tax | 4314 Views

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 | 192 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 | 8403 Views