Income Tax News

Govt May Raise Tax Exemption Limit To Rs 5 Lakh Under New Tax Regime

20 June 2024 at 09:03

Multiple officials have indicated that the Centre may raise the income threshold for tax exemption in the upcoming budget, expected to be presented in mid-July...

Posted in Income Tax | 1 comments | 3744 Views

Gross Direct Tax collections for FY 2024-25 register a growth of 22.19%

19 June 2024 at 08:47

The provisional figures of Direct Tax collections for the Financial Year 2024-25 (as on 17.06.2024) show that Net collections are at Rs. 4,62,664 crore, compared to Rs. 3,82,414 crore

Posted in Income Tax | 501 Views

Income Tax Department Releases ITR 3 Validation Rules for AY 2024-25

18 June 2024 at 08:58

In an effort to enhance data quality and accuracy in tax returns, the Income Tax Department has introduced ITR 3 validation rules for the Assessment Year 2024-25.

Posted in Income Tax | 3900 Views

Income Tax Department Aims to Complete 170,000 Reassessments by March 2025

13 June 2024 at 09:06

The Income Tax department is set to finalize the reassessment of 170,000 notices by March 2025, focusing on undisclosed income from past assessment years.

Posted in Income Tax | 3054 Views

Excel Utility of ITR-5 for AY 2024-25 is now available for filing

11 June 2024 at 08:58

The Income Tax Department has released the Excel Utility for ITR-5 for the Assessment Year (AY) 2024-25, streamlining the tax filing process for entities required to submit this form.

Posted in Income Tax | 684 Views

Centre releases Rs 1.39 lakh crore installment of Tax Devolution to States

11 June 2024 at 08:57

It has been decided that apart from the regular release of the devolution amount for the month of June 2024, one additional instalment will be released. This release cumulatively amounts to Rs. 1,39,750 crore in the current month

Posted in Income Tax | 354 Views

IDBI Bank Receives Rs 2702 Crore Income Tax Refund for AY 2016-17

10 June 2024 at 08:59

Private sector lender IDBI Bank Ltd announced on Friday, June 7, that it has received an income tax refund order amounting to ₹2,701.62 crore for the assessment year 2016-17.

Posted in Income Tax | 570 Views

Major Relief for Taxpayers: CPC (TDS) Reprocesses TDS Returns for FY 2023-24

07 June 2024 at 09:20

In a notable development, the Centralized Processing Cell (TDS) has reprocessed TDS returns for the fiscal year 2023-24, effectively removing short deduction demands.

Posted in Income Tax | 15738 Views

CBDT Amends Form 27Q: Introduces Note 7A for Lower/No TDS Information

05 June 2024 at 08:57

CBDT has issued a new notification announcing further amendments to the Income-tax Rules, 1962. Officially termed the Income-tax (Sixth Amendment) Rules, 2024, these changes will take effect on July 1st, 2024.

Posted in Income Tax | 6933 Views

Larsen & Toubro Ltd Faces Rs 4.68 Crore Penalty by Income Tax Department

04 June 2024 at 08:50

In a significant development, the Income Tax Department has levied a penalty of Rs 4,68,91,352 on Larsen & Toubro Ltd (L&T), as revealed in a recent regulatory filing. This penalty stems from tax proceedings related to the now-merged L&T

Posted in Income Tax | 696 Views