Income Tax News

Gujarat Among Top 5 in Income Tax Contributions, Collects Rs 3.46 Lakh Crore

05 November 2024 at 07:01

Gujarat has solidified its position as one of India’s top contributors to income tax, with a remarkable cumulative collection of ₹3.46 lakh crore over the past five years, according to a recent report by the State Bank of India.

Posted in Income Tax | 1062 Views

Commercial Tax Officer Arrested in Bengaluru for Bribery and Forged Identity Documents

04 November 2024 at 08:41

In a significant operation, Lokayukta police have arrested a commercial tax officer from Division-5 in Koramangala, Bengaluru, for allegedly accepting a bribe. ..

Posted in Income Tax | 642 Views

Govt Likely to Delay Pillar-2 Tax Rules Citing Limited Revenue Benefit

02 November 2024 at 08:59

India is adopting a cautious stance on implementing the OECD-led Pillar 2 tax regime, which mandates a 15% minimum corporate tax rate for multinational enterprises (MNEs) with global revenues exceeding €750 million.

Posted in Income Tax | 1773 Views

India's Fiscal Deficit for April-September 2024 Marks 29.4% of FY25 Target

02 November 2024 at 08:54

India's fiscal deficit for the first half of FY25 (H1FY25) was reported at ₹4.7 trillion, or 29.4% of the full-year Budget Estimate (BE) of ₹16.16 trillion, as per data from the Controller General of Accounts (CGA).

Posted in Income Tax | 651 Views

CBDT Notifies Electronic Submission of Specified Forms Under Rule 131 for Income Tax Compliance

01 November 2024 at 07:58

CBDT through the Directorate of Income Tax (Systems), issued Notification No. 5/2024 on October 30, 2024, mandating the electronic submission of certain forms listed in Appendix-II of the Income Tax Rules, 1962

Posted in Income Tax | 2763 Views

CBDT Grants Delay Condonation for AY 2023-24 Income Returns Claiming Section 80P

01 November 2024 at 07:56

The Central Board of Direct Taxes (CBDT) has recently issued Circular No. 14/2024 on October 30, 2024, which allows for the condonation of delay in filing income tax returns for Assessment Year (AY) 2023-24

Posted in Income Tax | 2916 Views

CBDT Notifies Transfer Pricing Tolerance Range for AY 2024-25 Under Rule 10CA

31 October 2024 at 08:05

The Central Board of Direct Taxes (CBDT) has issued notification no. 116/2024 dated October 18, 2024 notifying the tolerance range for AY 2024-25.

Posted in Income Tax | 822 Views

CBI Files Chargesheet Against Former IT Commissioner in Rs 10 Lakh Bribery Case Involving Multiple Accused

31 October 2024 at 08:03

The Central Bureau of Investigation (CBI) has officially filed a chargesheet against five individuals, including the former Principal Commissioner of Income Tax for Patna and Dhanbad, in connection with an alleged Rs 10 lakh bribery case.

Posted in Income Tax | 1575 Views

CBDT Chairman Urges Income Tax Department to Build Responsive, Fair and Empathetic Tax Administration

31 October 2024 at 07:53

Extending Diwali greetings, Agrawal underscored the values of "perseverance, integrity, and wisdom" as guiding principles for department officials

Posted in Income Tax | 1809 Views

Surge in Crorepati Tax Filers: Over 2.38 Lakh Report Rs 1 Crore+ Income for AY 2024-25

31 October 2024 at 07:46

India has seen a remarkable rise in high-income individual income tax return (ITR) filings, with over 2.38 lakh taxpayers reporting incomes above ₹1 crore in the first half of the current fiscal year (April-September 2023).

Posted in Income Tax | 447 Views