Income Tax News

CII Urges Tax Reforms and Increased Capital Investment in Union Budget 2025-26

11 November 2024 at 06:44

In 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.

Posted in Income Tax | 1410 Views

Industry Bodies Urge Finance Ministry to Simplify TDS Rates in Union Budget 2025

11 November 2024 at 06:44

In 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.

Posted in Income Tax | 1785 Views

Supreme Court Revives Rs 20,000 to 23,000 Crore in DRI Tax Notices Against Leading Companies

09 November 2024 at 07:02

On Thursday, the Supreme Court of India reinstated tax notices worth an estimated ₹20,000-23,000 crore issued by the Directorate of Revenue Intelligence (DRI) to several major corporations, including Vedanta Ltd, Vodafone Idea Ltd, Adani Enterprises

Posted in Income Tax | 2172 Views

Supreme Court Rules Salaries of Nuns and Priests in Aided Schools Are Subject to Income Tax

09 November 2024 at 07:00

In a landmark judgment, the Supreme Court on Thursday upheld the Madras High Court's ruling that salaries paid to priests and nuns working as teachers in church-run, government-aided schools are subject to income tax.

Posted in Income Tax | 1851 Views

Truecaller India Offices Face Income Tax Raids Amid Ongoing Compliance Checks

08 November 2024 at 06:39

In a recent development, Truecaller, the Stockholm-based caller identification and spam-blocking app, confirmed that it is cooperating with Indian income tax authorities following raids on its offices in Noida, Mumbai and Bengaluru.

Posted in Income Tax | 1458 Views

CBDT Considers Revamp of Income Tax Department Designations to Enhance Clarity and Transparency

07 November 2024 at 06:44

CBDT is reportedly exploring a restructuring of designations within the Income Tax Department. This initiative aims to make roles more understandable for the public and create a transparent image of the department, aligning titles with responsibilities.

Posted in Income Tax | 2127 Views

CBDT Sets New Limits for Interest Waiver under IT Act Section 220(2)

06 November 2024 at 06:41

The Central Board of Direct Taxes (CBDT) issued Circular No. 15/2024 on November 4, 2024, defining monetary thresholds for income tax authorities regarding the waiver or reduction of interest under Section 220(2) of the Income-tax Act, 1961.

Posted in Income Tax | 3930 Views

Income Tax Department Receives 6500 Stakeholder Suggestions for Overhaul of IT Act, 1961

05 November 2024 at 07:04

The Income Tax Department has received a significant response from stakeholders, amassing 6,500 suggestions over the past month for the comprehensive review of the Income Tax Act, 1961.

Posted in Income Tax | 2865 Views

Gujarat Among Top 5 in Income Tax Contributions, Collects Rs 3.46 Lakh Crore

05 November 2024 at 07:01

Gujarat has solidified its position as one of India’s top contributors to income tax, with a remarkable cumulative collection of ₹3.46 lakh crore over the past five years, according to a recent report by the State Bank of India.

Posted in Income Tax | 1203 Views

Commercial Tax Officer Arrested in Bengaluru for Bribery and Forged Identity Documents

04 November 2024 at 08:41

In a significant operation, Lokayukta police have arrested a commercial tax officer from Division-5 in Koramangala, Bengaluru, for allegedly accepting a bribe. ..

Posted in Income Tax | 714 Views