Income Tax News

CBDT Directs Income Tax Department to Monitor High-Value Cash Transactions at Hotels, Hospitals

19 August 2024 at 08:56

The Central Board of Direct Taxes (CBDT) has issued a directive to the Income Tax department, emphasizing the need for "non-intrusive" monitoring of rampant cash transactions in sectors such as hotels, luxury brand sales, hospitals, and IVF clinics.

Posted in Income Tax | 4806 Views

Finance Ministry Grants Income Tax Exemption to UIDAI for 5 Years Until FY 2027-28

16 August 2024 at 13:04

IntroductionIn a significant move, the Ministry of Finance has granted the Unique Identification Authority of India (UIDAI) a five-year exemption from paying income tax, effective until the fiscal year 2027-28.

Posted in Income Tax | 3171 Views

CBDT Launches Probe into Foreign Remittances Exceeding Rs 6 Lakh

16 August 2024 at 08:56

The Central Board of Direct Taxes (CBDT), the apex body overseeing direct tax collection in India, has reportedly launched an extensive investigation into high-value foreign remittances exceeding ₹6 lakh.

Posted in Income Tax | 4623 Views

FM Sitharaman Highlights Need for Tax Revenue to Support Green Energy Innovations

15 August 2024 at 07:36

In a keynote address at the 11th convocation of the Indian Institute of Science Education and Research (IISER) Bhopal on August 13, Finance Minister Nirmala Sitharaman highlighted the critical role of tax revenue and innovation in India's transition

Posted in Income Tax | 2133 Views

Supreme Court Rules States Can Recover Mineral Rights Tax Dues Only Until 1st April 2005

14 August 2024 at 17:24

The Supreme Court on Wednesday (August 14) rejected the argument that its July 25 judgment, which upheld the authority of States to levy taxes on mineral rights and mineral-bearing lands, should apply only prospectively.

Posted in Income Tax | 1308 Views

Adopt Guidance Over Intimidation: CBDT Chief's Directive to Tax Officials

12 August 2024 at 14:25

The income tax department should do everything possible to be seen as "responsible, responsive and transparent," besides adopting a policy of 'guidance over intimidation' when dealing with taxpayers, the CBDT chairman has said.

Posted in Income Tax | 2439 Views

Foreign Investors Seek Tax Indemnities for Startup Investments Amid Rising Tax Notices

12 August 2024 at 09:02

Foreign private equity (PE) and venture capital (VC) funds are increasingly pushing for tax-related indemnity clauses in their investment agreements with Indian startups, according to legal experts.

Posted in Income Tax | 1557 Views

Centre to Convert Capex Loans to States into Grants, Announces FM Sitharaman

12 August 2024 at 09:02

In a landmark announcement, Finance Minister Nirmala Sitharaman revealed that the Centre plans to treat capital expenditure (capex) loans given to states as grants.

Posted in Income Tax | 1995 Views

Income Tax Department Releases Updated Utility and Schema for Form 3CEB u/s 92E

10 August 2024 at 08:59

The Income Tax Department has announced the release of the updated Utility and Schema for Form 3CEB.

Posted in Income Tax | 486 Views

ITR Processing Time Slashed Drastically in Last Decade, Marks Transformative Shift: FM Sitharaman

10 August 2024 at 08:58

The Income Tax Department has achieved a significant milestone with a record 7.28 crore Income Tax Returns (ITRs) filed in the assessment year (AY) 2024-25.

Posted in Income Tax | 3750 Views