Income Tax News
Govt Likely to Delay Pillar-2 Tax Rules Citing Limited Revenue Benefit
02 November 2024 at 08:59India is adopting a cautious stance on implementing the OECD-led Pillar 2 tax regime, which mandates a 15% minimum corporate tax rate for multinational enterprises (MNEs) with global revenues exceeding €750 million.
India's Fiscal Deficit for April-September 2024 Marks 29.4% of FY25 Target
02 November 2024 at 08:54India's fiscal deficit for the first half of FY25 (H1FY25) was reported at ₹4.7 trillion, or 29.4% of the full-year Budget Estimate (BE) of ₹16.16 trillion, as per data from the Controller General of Accounts (CGA).
CBDT Notifies Electronic Submission of Specified Forms Under Rule 131 for Income Tax Compliance
01 November 2024 at 07:58CBDT through the Directorate of Income Tax (Systems), issued Notification No. 5/2024 on October 30, 2024, mandating the electronic submission of certain forms listed in Appendix-II of the Income Tax Rules, 1962
CBDT Grants Delay Condonation for AY 2023-24 Income Returns Claiming Section 80P
01 November 2024 at 07:56The Central Board of Direct Taxes (CBDT) has recently issued Circular No. 14/2024 on October 30, 2024, which allows for the condonation of delay in filing income tax returns for Assessment Year (AY) 2023-24
CBDT Notifies Transfer Pricing Tolerance Range for AY 2024-25 Under Rule 10CA
31 October 2024 at 08:05The Central Board of Direct Taxes (CBDT) has issued notification no. 116/2024 dated October 18, 2024 notifying the tolerance range for AY 2024-25.
CBDT Chairman Urges Income Tax Department to Build Responsive, Fair and Empathetic Tax Administration
31 October 2024 at 07:53Extending Diwali greetings, Agrawal underscored the values of "perseverance, integrity, and wisdom" as guiding principles for department officials
CBI Files Chargesheet Against Former IT Commissioner in Rs 10 Lakh Bribery Case Involving Multiple Accused
31 October 2024 at 08:03The Central Bureau of Investigation (CBI) has officially filed a chargesheet against five individuals, including the former Principal Commissioner of Income Tax for Patna and Dhanbad, in connection with an alleged Rs 10 lakh bribery case.
Surge in Crorepati Tax Filers: Over 2.38 Lakh Report Rs 1 Crore+ Income for AY 2024-25
31 October 2024 at 07:46India has seen a remarkable rise in high-income individual income tax return (ITR) filings, with over 2.38 lakh taxpayers reporting incomes above ₹1 crore in the first half of the current fiscal year (April-September 2023).
Artisan Shocked by Rs 114 Crore Income Tax Notice, Fraudulent Firm Behind the Scam
30 October 2024 at 08:46In 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.
Tax Experts Propose Reforms for Quicker Disposal of Pending Appeals and Reduced Compliance Burden
30 October 2024 at 08:42Tax experts are calling for significant reforms, including faster resolution of pending cases at the Commissioner of Income Tax (Appeals) level
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