Income Tax News

Supreme Court's 9-Judge Bench Initiates Landmark Hearing on Royalty's Tax Status in Mining Leases

02 March 2024 at 09:17

On February 27, the Supreme Court's 9-judge Constitution Bench embarked on hearings to address intricate issues pertaining to the taxation of mineral-bearing lands. C

Posted in Income Tax | 1071 Views

Paytm Payments Bank Hit With Rs 5.49 Crore Fine Over Money Laundering Breach

02 March 2024 at 09:13

Financial Intelligence Unit-India (FIU-IND) imposes penalty of Rs. 5,49,00,000 on Paytm Payments Bank Ltd with reference to violations of its obligations under PMLA

Posted in Income Tax | 450 Views

Finance Ministry Considers Adjustment to 45-Day Payment Rule for MSMEs

29 February 2024 at 09:04

The Finance Ministry is deliberating over potential adjustments to a newly proposed income tax rule requiring business enterprises to settle payments to micro, small, and medium enterprises (MSMEs) within 45 days.

Posted in Income Tax | 1 comments | 17799 Views

Income Tax Department Unveils User Guide for Responding to Notices under e-Verification Scheme, 2021

28 February 2024 at 09:11

The Directorate of Income Tax (Systems) has unveiled Version 3.0.0 of the User Guide for Submitting Response to Notices and Letters Received under the e-Verification Scheme, 2021.

Posted in Income Tax | 5094 Views

FM Unveils 433% Surge in Capital Expenditure Alongside Strong Tax Revenue Growth

27 February 2024 at 09:09

In a significant announcement on February 22, 2024, FM revealed that the Indian government's robust tax revenue has paved the way for substantial increases in capital expenditure and sustained investment in infrastructure development projects.

Posted in Income Tax | 1614 Views

New e-Verification Scheme-2021 Rolled Out by Income Tax Department to Address Mismatches in Taxpayer Returns

27 February 2024 at 09:08

Income Tax Department has identified certain mismatches between third party information on interest and dividend income, and the Income Tax Return (ITR) filed by taxpayers

Posted in Income Tax | 17397 Views

CBDT Issues Corrigendum Clarifying 6 Changes to ITR Forms ITR-2, ITR-3 and ITR-5 for AY 2024-25

23 February 2024 at 09:11

The Central Board of Direct Taxes (CBDT) recently released a corrigendum, marked as Notification No. 22/2024 dated February 21, 2024, amending Notification No. 19/2024 dated January 31, 2024.

Posted in Income Tax | 14433 Views

Personal Income Tax Collection to Surpass Corporate Income Tax for Second Consecutive Year

22 February 2024 at 09:10

Data from the Income Tax department has revealed a significant shift in the tax landscape, with Personal Income Tax (PIT) set to outpace Corporate Income Tax (CIT) for the second consecutive year.

Posted in Income Tax | 2517 Views

Income Tax Department to Issue Notices to Non-Filers and TDS Deductees

21 February 2024 at 09:03

The Income Tax Department is gearing up to take stringent action against individuals who have failed to file their Income Tax Returns (ITRs) and those whose taxes have been deducted at source (TDS) but have not filed their returns.

Posted in Income Tax | 7737 Views

CBDT Announces Waiver of Pending Tax Demands up to Rs 1 Lakh per Individual

20 February 2024 at 10:04

The Central Board of Direct Taxes (CBDT) has issued an Order, bearing reference number F. No. 375/02/2023-IT-Budget and dated February 13, 2024, detailing the remission and extinguishment of specific outstanding direct tax demands.

Posted in Income Tax | 35964 Views