Income Tax News

SIT on black money to submit interim report to Supreme Court within 15 days

29 August 2024 at 09:11

The Supreme Court constituted Special Investigation Team (SIT) on black money will present the ninth interim report to the Supreme Court within 15 days, said the vice-chairman of the SIT, Justice retired Arijit Pasayat here on Monday.

Posted in Income Tax | 1 comments | 2262 Views

FM Sitharaman Clarifies: No NPS Rollback, UPS Aims to Improve It

28 August 2024 at 17:41

In a media briefing session held a few days ago, Union Finance Minister Nirmala Sitharaman shed more light on the newly rolled-out Unified Pension Scheme (UPS) to state that, the exercise of the scheme is in fact an optional one.

Posted in Income Tax | 2265 Views

Non-Linked PANs Trigger Tax Demands, Putting Firms in a Tight Spot

27 August 2024 at 14:45

Firms face challenges as the Income Tax Department issues demand notices for short deduction of tax due to unlinked PAN-Aadhaar.

Posted in Income Tax | 1 comments | 4122 Views

Income Tax Return Statistics for AY 2023-24

27 August 2024 at 14:43

The objective of publishing these statistics is to encourage wider use and analysis of Incometax data by Departmental personnel and academicians.

Posted in Income Tax | 7110 Views

Rs 352 Crore Seized in India's Largest Income Tax Raid: Team Honored for 10-Day Operation

27 August 2024 at 08:58

In a historic operation, the Income Tax Department conducted its largest-ever cash seizure last December, recovering a staggering Rs 352 crore from an Odisha-based distillery group.

Posted in Income Tax | 18 comments | 453315 Views

FM Sitharaman: Increase in Tax Collections Reflect India's Growing Economic Formalization

23 August 2024 at 09:03

FM Nirmala Sitharaman, presided over the 165th anniversary of Income Tax Day, observed by the Central Board of Direct Taxes (CBDT) in New Delhi.

Posted in Income Tax | 531 Views

Income Tax Department directs officers to focus on top 5,000 cases

23 August 2024 at 09:02

In a significant move to bolster tax recovery and reduce litigation, the Income Tax Department has directed its officers to concentrate on the top 5,000 cases, which account for a staggering Rs 43 lakh crore in tax demand.

Posted in Income Tax | 3627 Views

Income Tax Department Processes Nearly 4 Crore ITRs in Just 15 Days

22 August 2024 at 15:02

In a remarkable feat of digitisation, the department has processed nearly 4 crore income tax returns (ITRs) for Assessment Year (AY) 2024-25 in just 15 days.

Posted in Income Tax | 1 comments | 2622 Views

CBDT Unveils Central Action Plan (CAP) for FY 2024-25 to Enhance Tax Compliance and Expand Tax Base

22 August 2024 at 15:01

The Central Action Plan (CAP) for 2024-25, meticulously designed by the Central Board of Direct Taxes (CBDT), sets the stage for a strategic and comprehensive approach to managing India's direct taxation landscape.

Posted in Income Tax | 3315 Views

CBDT Chairman Confirms Income Tax Act Review to Meet Six-Month Deadline

22 August 2024 at 15:00

CBDT Chairman, Ravi Agrawal, has confirmed that the ongoing review of the Income Tax Act of 1961 will be completed within the six-month timeframe announced by Union Finance Minister Nirmala Sitharaman.

Posted in Income Tax | 4581 Views