Income Tax News

CBDT Exempts RBI from Higher TDS/TCS Rates for Non-Filing of Income Tax Returns

29 May 2024 at 09:19

CBDT has released two significant notifications on May 27, 2024, introducing higher rates of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for individuals and entities failing to furnish their Income Tax Returns (ITR).

Posted in Income Tax | 4419 Views

CBDT Issues Guidelines for Selection of Cases for Tax Scrutiny in FY 2024-25: Key Highlights

27 May 2024 at 08:59

The Central Board of Direct Taxes (CBDT) has recently issued a notification detailing the process for the scrutiny of income tax returns (ITRs) for the financial year 2024-25.

Posted in Income Tax | 4518 Views

CBDT notifies 363 as Cost Inflation Index for FY 2024-25

25 May 2024 at 09:02

The Central Board of Direct Taxes (CBDT) has officially notified "363" as the Cost Inflation Index (CII) for the financial year 2024-25.

Posted in Income Tax | 4803 Views

Tea-Seller Faces Rs 49 Crore IT Penalty Due to Fraudulent Transactions by Longtime Customers

23 May 2024 at 08:48

In a shocking turn of events, Khemraj Dave, a humble tea-seller from Patan, has found himself entangled in a massive financial fraud, leading to an astonishing penalty notice from the Income Tax (IT) department.

Posted in Income Tax | 13323 Views

Businessman arrested in Rs 263 Crore Income Tax Refund Fraud

22 May 2024 at 09:01

Directorate of Enforcement (ED), Mumbai Zonal Office has arrested one Rajesh Brijlal Batreja on 16.05.2024 under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in case of Income Tax Refund fraud of Rs. 263 Crore.

Posted in Income Tax | 1563 Views

Income Tax Raid in Agra Uncovers Nearly Rs 60 Crore Cash from Shoe Trader's Residence

22 May 2024 at 09:00

In a significant crackdown on tax evasion, the Income Tax Department conducted a series of raids in Agra on Saturday, May 18. Nearly ₹60 crore in cash was recovered from premises linked to a prominent shoe trader,

Posted in Income Tax | 4704 Views

Income Tax Officer Loses Rs 48,902 in Online Reward Points Fraud

20 May 2024 at 09:04

A 48-year-old IRS officer with the Income Tax Department fell victim to an online reward points fraud, losing Rs 48,902.

Posted in Income Tax | 2619 Views

SEBI Eases KYC Formalities for Mutual Funds: PAN-Aadhaar Link Rule Withdrawn

20 May 2024 at 09:02

Mutual fund investors can breathe easy for now. The capital market regulator, SEBI, has withdrawn the requirement to link PAN with Aadhaar for obtaining 'KYC registered' status for mutual fund transactions.

Posted in Income Tax | 13029 Views

Retired Chartered Accountant Loses Over Rs 1.97 Crore in Online Stock Market Fraud

20 May 2024 at 09:01

An investigation has been initiated after Madhukant Patel, an 88-year-old retired Chartered Accountant from Ahmedabad, reportedly lost Rs 1.97 crore in an alleged stock trading cyber fraud, according to the police.

Posted in Income Tax | 8319 Views

FM Nirmala Sitharaman Stumped by Broker's Tax Question at BSE Event

17 May 2024 at 08:56

Finance Minister Nirmala Sitharaman recently attended the 'Viksit Bharat 2047 - Vision for Indian Financial Markets' event, organized by the Bombay Stock Exchange (BSE) in Mumbai.

Posted in Income Tax | 3789 Views