Income Tax News

Over 8 Crore ITRs Filed for AY 2024-25, 74% Opt for New Tax Regime

16 November 2024 at 07:00

In a significant milestone, more than 8 crore income tax returns (ITRs) have been filed for the assessment year (AY) 2024-25, reflecting a robust filing season.

Posted in Income Tax | 2103 Views

FM Nirmala Sitharaman Refutes Karnataka's Claims of Tax Devolution Bias

16 November 2024 at 07:00

Union Finance Minister Nirmala Sitharaman firmly rejected the Karnataka government’s allegations of "step-motherly treatment" in tax devolution, describing the claims as baseless and aimed at misleading voters.

Posted in Income Tax | 1476 Views

Higher PIT Collection Doesn't Mean Increased Tax Burden on Individuals, Say Sources

15 November 2024 at 09:20

The 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.

Posted in Income Tax | 1215 Views

Tax Evasion on the Rise as 23% of Transactions Are Tracked, Says Chief Commissioner of IT

15 November 2024 at 06:36

In 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.

Posted in Income Tax | 2154 Views

Two Senior IRS Officers Appointed to Key Roles in CBIC

15 November 2024 at 06:36

The Appointments Committee of the Cabinet has approved the following appointments to the posts of Member, Central Board of Indirect Taxes and Customs

Posted in Income Tax | 492 Views

Direct Tax Code Overhaul Expected in Budget 2025 to Cut Litigation and Simplify Compliance

14 November 2024 at 09:26

As the Union Budget 2025 approaches, the CBDT is reportedly focused on introducing a streamlined version of India’s income tax laws.

Posted in Income Tax | 4986 Views

CBDT Grants Tax Exemption to Petroleum and Natural Gas Regulatory Board Effective from AY 2024-25

14 November 2024 at 06:41

On 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.

Posted in Income Tax | 1980 Views

Income Tax Department Cracks Down on Bogus Refund Claims, Sends Notices to Taxpayers

13 November 2024 at 06:36

The 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.

Posted in Income Tax | 10242 Views

Centre Likely to Retain Direct Tax Revenue Estimates in Revised Projections

12 November 2024 at 05:58

As 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.

Posted in Income Tax | 570 Views

Finance Ministry Highlights Digital Innovations in RRBs, Urges Expansion of Customer-Centric Services

11 November 2024 at 06:44

Focus of the meeting was business performance, upgrading digital technology services, and fostering business growth in activities allied to agriculture and micro and small industry

Posted in Income Tax | 801 Views