Income Tax News

Union Govt Releases Rs 1.78 Lakh Crore Tax Devolution to States, Including Advance Instalment Ahead of Festive Season

11 October 2024 at 09:18

Union Government releases tax devolution of ₹1,78,173 crore to State Governments, including one advance instalment of ₹89,086.50 crore in addition to regular instalment due in October, 2024

Posted in Income Tax | 366 Views

Bombay HC Upholds Tax Exemption on Anonymous Donations to Shirdi Sai Baba Trust

11 October 2024 at 09:03

In a significant ruling, the Bombay High Court on Tuesday upheld the exemption granted to Shree Sai Baba Sansthan Trust, Shirdi, for anonymous donations received under the Income Tax Act.

Posted in Income Tax | 753 Views

Over 34.84 Lakh Audit Reports Filed on Income Tax E-Filing Portal upto October 7 2024

10 October 2024 at 09:15

More than 34.84 lakh audit reports filed on e-filing portal of Income Tax Department upto 7th October, 2024

Posted in Income Tax | 1062 Views

Tax Refund Delays Prompt Concern Among Taxpayers and Chartered Accountants

10 October 2024 at 09:15

After Finance Minister Nirmala Sitharaman highlighted a taxpayer's grievance regarding delays in tax refunds, chartered accountants (CAs) are reporting that many of their clients are similarly affected.

Posted in Income Tax | 1695 Views

New Offline Utility Released for Filing ITRs on Income Tax Portal for AY 2024-25

10 October 2024 at 09:15

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 | 519 Views

CBDT Extends Form 10B/10BB Filing Deadline to 10th November 2024

09 October 2024 at 09:28

The Central Board of Direct Taxes (CBDT), in a significant move, has extended the deadline for filing Form 10B and 10BB until November 10, 2024

Posted in Income Tax | 6906 Views

CBDT Forms Committee to Review Income Tax Act, Seeks Public Input via e-Filing Portal

08 October 2024 at 08:38

In pursuance of the announcement in the Union Budget 2024-25 by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, the CBDT has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act).

Posted in Income Tax | 1365 Views

FM Nirmala Sitharaman Urges IT Department to Address Tax Refund Delay Complaint

07 October 2024 at 09:04

On October 4, Finance Minister Nirmala Sitharaman called on the Income Tax department to address a complaint raised by a taxpayer who has faced delays in receiving a tax refund.

Posted in Income Tax | 1 comments | 3456 Views

LSG Forms Committee to Simplify and Streamline Tax Collections in Urban Areas

07 October 2024 at 08:56

The Local Self Government (LSG) department has constituted a five-member committee to make tax collection in urban local bodies more user-friendly, aiming to boost tax revenue.

Posted in Income Tax | 438 Views

Maharashtra Govt Abolishes NA Tax for Housing, Commercial and Industrial Properties

07 October 2024 at 08:55

In a significant move, the Maharashtra government has permanently abolished the non-agricultural (NA) tax levied on housing societies, industrial, and commercial properties in urban areas.

Posted in Income Tax | 5541 Views