Income Tax News

Income Tax Department Conducts Searches at 44 Premises Over Rs 170 Crore Tax Evasion Allegations

21 January 2025 at 08:53

The Income Tax Department on Friday conducted coordinated searches across 44 locations linked to eight high-profile contractors, including relatives of two former ministers, over allegations of tax evasion amounting to more than Rs 170 crore.

Posted in Income Tax | 3747 Views

Securities Transaction Tax Revenue Jumps 75% Despite Stock Market Swings

21 January 2025 at 08:53

The Securities Transaction Tax (STT) collections have witnessed an unprecedented rise, soaring by over 75% to ₹44,538 crore as of January 12, 2025, compared to ₹25,415 crore during the same period in 2024.

Posted in Income Tax | 963 Views

Income Tax Department Uncovers Rs 1070 Crore in Wrongful Claims by 90,000 Salaried Individuals

20 January 2025 at 08:48

As of December 31, 2024, approximately 90,000 salaried individuals from both public sector undertakings (PSUs) and the private sector have voluntarily withdrawn incorrect tax deductions totalling Rs 1,070 crore.

Posted in Income Tax | 17727 Views

Income Tax Department Releases Updated Utility Excel-Based & JSON Schema for ITR-1 to ITR-7

18 January 2025 at 07:55

In a significant update aimed at streamlining the Income Tax Return (ITR) filing process, the Income Tax Department has released an updated version of the Excel-based Utility and JSON Schema for ITR forms 1 to 7. ITR 1For individuals being a resident

Posted in Income Tax | 2766 Views

Income Tax Department Empowered to Attach Assets Under Anti-Benami Law Even Without Identifying Beneficial Owner

16 January 2025 at 08:50

In a significant ruling dated November 26, 2024, the Adjudicating Authority under the PBPT Act, 1988, upheld the Income Tax Department's power to attach assets under the anti-benami law, even if the actual owner of such properties remains unidentified.

Posted in Income Tax | 2160 Views

Income Tax Department Cracks Down on Tax Evasion in Educational Institutions

16 January 2025 at 08:50

The Income Tax Department has intensified its crackdown on tax evasion within the education sector, conducting nationwide surveys targeting schools suspected of financial irregularities.

Posted in Income Tax | 2379 Views

CBDT Approves Central Power Research Institute for Tax Benefits under Income Tax Act, 1961

16 January 2025 at 08:49

In a significant move, the Central Government has granted approval to the Central Power Research Institute (CPRI), Bengaluru, under the category of "Research Association" for "Scientific Research" as per Section 35(1)(ii) of the Income Tax Act, 1961.

Posted in Income Tax | 978 Views

Net Direct Tax Collections Jump 15.88% to Rs 16.90 Lakh Crore in FY 2024-25

15 January 2025 at 07:58

According to the latest data, net direct tax collections, after refunds, have increased by 15.88%, reaching ₹16,89,928 crore.

Posted in Income Tax | 1536 Views

Centre Releases Rs 1.73 Lakh Crore Tax Devolution to States for Development

13 January 2025 at 08:46

Union Government releases tax devolution of ₹1,73,030 crore to State Governments to accelerate capital spending and finance their development and welfare-related expenditures

Posted in Income Tax | 471 Views

Income Tax Inspector Under CBI Lens for Alleged Bribery in DIT Relief Processing

13 January 2025 at 08:46

The Central Bureau of Investigation (CBI) has launched an investigation into allegations of corruption involving an income tax inspector from the International Taxation Circle, Mumbai, and an employee of a private shipping company.

Posted in Income Tax | 1947 Views