Income Tax News
Higher PIT Collection Doesn't Mean Increased Tax Burden on Individuals, Say Sources
15 November 2024 at 09:20The Central Board of Direct Taxes (CBDT) has clarified that recent data showing higher personal income tax (PIT) collection growth compared to corporate tax does not imply that individuals are taxed more heavily than corporates.
Tax Evasion on the Rise as 23% of Transactions Are Tracked, Says Chief Commissioner of IT
15 November 2024 at 06:36In a significant statement, Sanjay Rai, the Chief Commissioner of Income Tax, Madurai, revealed that the Income Tax Department currently captures only 23% of the total transactions occurring across the country.
Two Senior IRS Officers Appointed to Key Roles in CBIC
15 November 2024 at 06:36The Appointments Committee of the Cabinet has approved the following appointments to the posts of Member, Central Board of Indirect Taxes and Customs
Direct Tax Code Overhaul Expected in Budget 2025 to Cut Litigation and Simplify Compliance
14 November 2024 at 09:26As the Union Budget 2025 approaches, the CBDT is reportedly focused on introducing a streamlined version of India’s income tax laws.
CBDT Grants Tax Exemption to Petroleum and Natural Gas Regulatory Board Effective from AY 2024-25
14 November 2024 at 06:41On November 12, 2024, the Central Board of Direct Taxes (CBDT) issued a notification granting tax-exempt status to the Petroleum and Natural Gas Regulatory Board (PNGRB) under section 10(46A)(b) of the Income-tax Act, 1961.
Income Tax Department Cracks Down on Bogus Refund Claims, Sends Notices to Taxpayers
13 November 2024 at 06:36The Income Tax Department has intensified scrutiny on dubious tax refund claims for the assessment years 2021-22 and 2022-23, issuing notices to multiple taxpayers across the country.
Centre Likely to Retain Direct Tax Revenue Estimates in Revised Projections
12 November 2024 at 05:58As per sources within the Finance Ministry, the Centre is likely to maintain its original budgeted estimate of ₹22.07 lakh crore for direct tax collection when it revises estimates in February.
Finance Ministry Highlights Digital Innovations in RRBs, Urges Expansion of Customer-Centric Services
11 November 2024 at 06:44Focus of the meeting was business performance, upgrading digital technology services, and fostering business growth in activities allied to agriculture and micro and small industry
CII Urges Tax Reforms and Increased Capital Investment in Union Budget 2025-26
11 November 2024 at 06:44In a pre-Budget meeting with Revenue Secretary Sanjay Malhotra, the Confederation of Indian Industry (CII) urged the government to continue tax reforms and boost capital expenditure in the Union Budget for 2025-26.
Industry Bodies Urge Finance Ministry to Simplify TDS Rates in Union Budget 2025
11 November 2024 at 06:44In anticipation of the Union Budget 2025, leading industry bodies have urged the finance ministry to streamline the tax deducted at source (TDS) structure, aiming to reduce the compliance burden and minimize litigation for taxpayers, as per reports.
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