Income Tax News

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 | 1581 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 | 465 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 | 1707 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 | 2022 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 | 801 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 | 1758 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 | 4353 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 | 219 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 | 8427 Views