Income Tax News
IRS Officer Trainees Urged by President Murmu to Enhance Tax Administration
04 December 2024 at 09:08Addressing the officers, the President said that the Indian Revenue Service (Customs and Indirect Taxes) connects our economy through a uniform tax system and shared administrative values.
Income Tax Practitioners Sentenced to 3 Years in Jail for TDS Refund Fraud
03 December 2024 at 09:04A special Central Bureau of Investigation (CBI) court in Ahmedabad on Friday convicted two income tax practitioners, Suresh Prajapati and Shobhna Prajapati, for fraudulently obtaining TDS refunds using false or forged certificates.
Income Tax Department Launches State-Wide Searches on Builder Group for Suspected Tax Evasion
03 December 2024 at 09:00In a coordinated operation, multiple teams comprising around 170 Income Tax (I-T) officials launched extensive searches on three interconnected real estate firms on Friday morning.
CBDT Exempts Diplomatic Missions and UN Agencies from Section 194N Provisions
02 December 2024 at 09:11In a significant development, the CBDT has issued Notification No. 123/2024, dated Nov 28, 2024, exempting specific foreign representations and international organizations from the provisions of Section 194N of the IT Act, 1961.
CBDT Pushes for Swift Review of Income-Tax Act: Officers to Station in Delhi
02 December 2024 at 09:02In a significant step towards the modernization of India's direct tax laws, the CBDT has instructed 28 officers involved in the comprehensive review of the six-decade-old Income-tax Act to work from Delhi between December 2 and December 27.
CBDT Extends ITR Filing Deadline for Taxpayers u/s 92E to 15th December 2024
30 November 2024 at 15:43In a major relief to taxpayers, the Central Board of Direct Taxes (CBDT) has announced an extension of the due date for filing Income Tax Returns (ITRs) for Assessment Year (AY) 2024-25.
Women Tax Filers Surge by 25.3% In Four Years
30 November 2024 at 09:16The number of women filing income-tax returns (ITRs) in India has seen a significant rise over the last five years, signaling increased economic empowerment.
India's Fiscal Deficit for FY25 Likely to Be Lower at 4.75% of GDP
29 November 2024 at 09:03India's fiscal deficit for the financial year 2024-25 is projected to be 4.75% of the gross domestic product (GDP), 19 basis points (bps) lower than the budget estimate of 4.9%, according to India Ratings and Research (Ind-Ra).
Personal Income Tax Collections Plays Key Role in H1 FY25 Revenue Growth
29 November 2024 at 09:01Personal income tax collections emerged as a critical driver of government revenues in the first half of fiscal 2025, counterbalancing subdued growth in corporate tax and other indirect tax components
CBDT Report Highlights Need to Address Repeat Penalties for Undisclosed Foreign Assets
28 November 2024 at 09:17A group of income-tax officials has submitted a detailed report to the CBDT, recommending significant changes to enhance the enforcement of the Black Money and Imposition of Tax Act, 2015.
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