Income Tax News
Govt Highlights Shift in Tax Burden and Rising Taxpayer Base Over the Last Decade
18 November 2024 at 05:13The government has claimed a significant reduction in the tax burden on middle-class individuals earning less than ₹20 lakh annually over the past decade, while the tax contributions from high-income earners (above ₹50 lakh) have surged.
CBDT Launches Campaign to Help Taxpayers Report Foreign Assets and Income in AY 2024-25
18 November 2024 at 05:13CBDT launches Compliance-Cum-Awareness Campaign for AY 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets and reporting income from foreign sources in ITR
Over 8 Crore ITRs Filed for AY 2024-25, 74% Opt for New Tax Regime
16 November 2024 at 07:00In a significant milestone, more than 8 crore income tax returns (ITRs) have been filed for the assessment year (AY) 2024-25, reflecting a robust filing season.
FM Nirmala Sitharaman Refutes Karnataka's Claims of Tax Devolution Bias
16 November 2024 at 07:00Union Finance Minister Nirmala Sitharaman firmly rejected the Karnataka government’s allegations of "step-motherly treatment" in tax devolution, describing the claims as baseless and aimed at misleading voters.
Higher PIT Collection Doesn't Mean Increased Tax Burden on Individuals, Say Sources
15 November 2024 at 09:20The Central Board of Direct Taxes (CBDT) has clarified that recent data showing higher personal income tax (PIT) collection growth compared to corporate tax does not imply that individuals are taxed more heavily than corporates.
Tax Evasion on the Rise as 23% of Transactions Are Tracked, Says Chief Commissioner of IT
15 November 2024 at 06:36In a significant statement, Sanjay Rai, the Chief Commissioner of Income Tax, Madurai, revealed that the Income Tax Department currently captures only 23% of the total transactions occurring across the country.
Two Senior IRS Officers Appointed to Key Roles in CBIC
15 November 2024 at 06:36The Appointments Committee of the Cabinet has approved the following appointments to the posts of Member, Central Board of Indirect Taxes and Customs
Direct Tax Code Overhaul Expected in Budget 2025 to Cut Litigation and Simplify Compliance
14 November 2024 at 09:26As the Union Budget 2025 approaches, the CBDT is reportedly focused on introducing a streamlined version of India’s income tax laws.
CBDT Grants Tax Exemption to Petroleum and Natural Gas Regulatory Board Effective from AY 2024-25
14 November 2024 at 06:41On November 12, 2024, the Central Board of Direct Taxes (CBDT) issued a notification granting tax-exempt status to the Petroleum and Natural Gas Regulatory Board (PNGRB) under section 10(46A)(b) of the Income-tax Act, 1961.
Income Tax Department Cracks Down on Bogus Refund Claims, Sends Notices to Taxpayers
13 November 2024 at 06:36The Income Tax Department has intensified scrutiny on dubious tax refund claims for the assessment years 2021-22 and 2022-23, issuing notices to multiple taxpayers across the country.
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