Income Tax News

Income Tax Department Warns: Bogus Claims for Refunds are Punishable Offenses

30 July 2024 at 09:03

Income Tax Department has issued a stern warning to taxpayers against making fraudulent claims. The department cautions that inflating expenses, under-reporting earnings is a punishable offense and may cause delays in refund issuance.

Posted in Income Tax | 4821 Views

ICAI Issues Amendments to AS 22, Accounting for Taxes on Income

30 July 2024 at 09:00

Considering that entities may need time to determine how to apply the principles and requirements in AS 22, Accounting for Taxes on Income (issued by the ICAI) to account for deferred taxes related to top-up tax

Posted in Income Tax | 879 Views

Govt to Unveil Revised Direct Tax Code After 6-Month Comprehensive Review: Revenue Secretary

29 July 2024 at 09:03

The central government is yet to decide whether to introduce a new Direct Taxes Code or revamp the existing income tax law, stated Revenue Secretary Sanjay Malhotra at a recent post-Budget conference organized by Assocham in the Capital.

Posted in Income Tax | 1560 Views

Income Tax Department Releases New Offline Utility for ITR 1 to ITR 4 Filing for AY 2024-25

29 July 2024 at 09:01

Common Offline Utility for filing Income-tax Returns ITR 1, ITR 2, ITR 3 and ITR 4 for the AY 2024-25

Posted in Income Tax | 609 Views

Income Tax Department Clarifies Cost of Acquisition for Pre-2001 Properties Under New Capital Gains Tax Regime

26 July 2024 at 11:21

In the realm of property taxation, a crucial issue has surfaced regarding the Cost of Acquisition for assets bought before April 1, 2001.

Posted in Income Tax | 6174 Views

Zomato Expects Rs 40 Crore Tax Refund for its Delivery Partners

22 July 2024 at 08:56

In a progressive move to support its delivery partners, Zomato has enabled Income Tax Return (ITR) filing through its partner app.

Posted in Income Tax | 3090 Views

Income Tax Portal Update Denies Rebate for Short-Term Capital Gains

20 July 2024 at 07:20

Overview of the IssueAfter a recent update to the tax-filing utility on the income tax portal this month, many taxpayers are facing the unexpected issue of being denied a valid rebate of up to Rs 25,000 under the new tax regime.

Posted in Income Tax | 4692 Views

CBDT awards Taxnet 2.0 Project to M/s Bharti-Airtel Ltd

20 July 2024 at 07:20

The Central Board of Direct Taxes (CBDT) has awarded the Taxnet 2.0 project to M/s Bharti-Airtel Ltd for providing network connectivity, facility management services and video conferencing services to the Income Tax Department (ITD)

Posted in Income Tax | 642 Views

ICAI Requests Rebate u/s 87A for Income Tax on Short-term and Long-term Capital Gains

19 July 2024 at 09:40

The ICAI has requested the allowance of a rebate under Section 87A of the Income-tax Act on short-term capital gains chargeable under Section 111A and long-term capital gains chargeable under Section 112.

Posted in Income Tax | 9081 Views

ICAI Raises 9 Concerns related to Form 26AS/TIS/AIS and e-filing of ITR Forms

18 July 2024 at 09:21

In a letter dated July 5, 2024, Chartered Accountant Piyush S Chhajed, Chairman of the Direct Taxes Committee, highlighted issues concerning Form 26AS/TIS/AIS and the e-filing process

Posted in Income Tax | 5445 Views