Income Tax News

Artisan Shocked by Rs 114 Crore Income Tax Notice, Fraudulent Firm Behind the Scam

30 October 2024 at 08:46

In a startling case of identity theft and fraud, a zari artisan from Bareilly, Uttar Pradesh, who earns just Rs 400 to Rs 500 a day, has received an income tax notice for arrears amounting to Rs 114 crore.

Posted in Income Tax | 579 Views

Tax Experts Propose Reforms for Quicker Disposal of Pending Appeals and Reduced Compliance Burden

30 October 2024 at 08:42

Tax experts are calling for significant reforms, including faster resolution of pending cases at the Commissioner of Income Tax (Appeals) level

Posted in Income Tax | 309 Views

Karnataka and Tamil Nadu Rank Among Top 5 States in Direct Tax Collections

29 October 2024 at 08:58

In a recent report by the State Bank of India (SBI), Karnataka and Tamil Nadu have emerged as key contributors to India's direct tax collections, ranking second and fourth, respectively.

Posted in Income Tax | 615 Views

CBDT Extends Due Date for Audited IT Returns for AY 2024-25 to 15th Nov 2024

26 October 2024 at 11:26

On October 26, 2024, the Central Board of Direct Taxes (CBDT) announced an extension for filing the Return of Income for the Assessment Year (AY) 2024-25.

Posted in Income Tax | 2 comments | 42156 Views

Income Tax Department Releases Updated Common Offline Utility for Filing ITR 1 to ITR 4 for AY 2024-25

26 October 2024 at 08:51

The Income Tax Department has launched the latest version (1.1.7) of the Common Offline Utility for filing Income-tax Returns (ITR) 1 to ITR 4 for Assessment Year 2024-25.

Posted in Income Tax | 681 Views

Income Tax Department Releases Updated Utilities and Schema for ITR-7 Filing

26 October 2024 at 08:49

The Income Tax Department has released the latest version of utilities and schema for filing ITR-7, applicable to persons, including companies, required to furnish returns under sections 139(4A), 139(4B), 139(4C), and 139(4D)

Posted in Income Tax | 510 Views

Number of High-Income Taxpayers in India Rises Fivefold in a Decade

25 October 2024 at 08:51

The number of Indian taxpayers with taxable incomes exceeding ₹1 crore has surged more than fivefold, reaching nearly 2.3 lakh in the assessment year (AY) 2023-24, compared to just 44,078 in AY 2013-14, according to a report. This significant rise re

Posted in Income Tax | 1701 Views

Income Tax Department Releases Updated Common Offline Utility for Form 3CA-3CD and 3CB-3CD

23 October 2024 at 08:49

The Income Tax Department has launched the latest version (1.3.3) of the common offline utility for Form 3CA-3CD and 3CB-3CD, essential for taxpayers required to submit audit reports under Section 44AB of the Income-tax Act, 1961.

Posted in Income Tax | 639 Views

Income Tax Department Releases Updated ITR-3 Utility Excel-Based Tool

23 October 2024 at 08:48

The Income Tax Department has released an updated version (1.5) of the Excel-based utility for filing ITR-3, catering to individuals and Hindu Undivided Families (HUFs) with income from profits and gains of business or profession.

Posted in Income Tax | 624 Views

Surge in High-Income Taxpayers Reflects Growing Incomes and Compliance

23 October 2024 at 08:48

The number of individuals reporting taxable income exceeding ₹1 crore has seen a dramatic rise, jumping from 44,078 in AY 2013-14 (FY 2012-13) to nearly 2.3 lakh in AY 2023-24 (FY 2022-23).

Posted in Income Tax | 369 Views