Income Tax News
CBDT Issues Key Income Tax Exemptions for Credit Guarantee Entities and IFSC Units
04 January 2025 at 08:57The Central Board of Direct Taxes (CBDT) has issued three significant notifications under the Income-tax Act, 1961, aimed at tax relief and compliance facilitation, effective from January 1, 2025.
Income Tax Department to Update ITR Forms for Section 87A Tax Rebate Claims for FY 2023-24
03 January 2025 at 09:02The Income Tax Department has announced a major relief for resident individuals eligible to claim the Section 87A tax rebate for FY 2023-24 but were unable to do so earlier.
FM Nirmala Sitharaman Defends Tax Policies, Hints at Future Reforms for Middle Class
01 January 2025 at 08:00With Budget 2025 on the horizon, Finance Minister Nirmala Sitharaman has addressed criticisms over taxation policies, offering a robust defense of her government's initiatives while acknowledging the challenges faced by the middle class.
Income Tax Department Dismisses Claims of Using DigiYatra Data to Track Tax Evaders
01 January 2025 at 08:00The Income Tax Department has clarified that it has no plans to use data from the DigiYatra app to monitor tax evasion, addressing speculation fueled by recent media reports.
Pre-Budget 2024-25 Discussions Focus on Tax Relief for Middle Class, Fuel Duty Cuts and Public Capex Push
01 January 2025 at 08:00Tax exemptions for the middle class, reduction in excise duties on petrol and diesel, and an increased focus on public capital expenditure (capex) emerged as key suggestions during Pre-Budget discussions held on Monday.
CBDT Extends Deadline for Furnishing Belated / Revised ITR for AY 2024-25 to 15th January 2025
31 December 2024 at 12:35CBDT has announced an extension for furnishing belated or revised income tax returns for the AY 2024-25. Originally set for Dec 31, 2024, the due date for submitting these returns has now been extended to January 15, 2025.
Govt to Focus on Simplifying Tax Policies in 2025
31 December 2024 at 09:12As India enters the New Year, the government has prioritized the simplification of direct and indirect tax policies, aiming to reduce compliance burdens and foster a taxpayer-friendly environment.
CBDT Extends Deadline for Tax Payable Calculation Under Vivad Se Vishwas Scheme, 2024 to 31st January 2025
31 December 2024 at 09:10In a significant relief for taxpayers, the CBDT, through Circular No. 20/2024 dated Dec 30, 2024, has extended the due date for determining the payable amount under column (3) of the Table in section 90 of the Direct Tax Vivad Se Vishwas Scheme, 2024.
GST Rate Tweaks, Direct Tax Code: High Stakes for New Revenue Secretary
30 December 2024 at 09:06Dr. Arunish Chawla, a seasoned IAS officer of the 1992 Bihar cadre, assumed the role of Revenue Secretary in the Ministry of Finance on Thursday. A distinguished economist with a Master's and Doctorate from the London School of Economics, Chawla brin
Income Tax Portal Introduces Direct Filing of Rectification Applications u/s 154 with the AO
30 December 2024 at 09:05In a significant move to enhance taxpayer convenience, the Income Tax Portal now enables taxpayers to file Rectification Applications under Section 154 directly with the Assessing Officer (AO) for assessment orders they issued.
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