Income Tax News

ITR-5: Online & Offline Utilities for AY 2024-25 Now Accessible

01 June 2024 at 09:02

The Income Tax Department has made the ITR-5 form available for filing for the Assessment Year (AY) 2024-25. Taxpayers can now access both the offline and online utilities to submit their ITR-5 forms.

Posted in Income Tax | 510 Views

State Government Employees Protest Against Flawed Tax Deduction System for Opting Old Regime

31 May 2024 at 09:06

In a significant demonstration of discontent, over 50 employees of the Tamil Nadu Arasu Uzhiyargal Sangam gathered outside the Department of Treasuries and Accounts office in Saidapet on Wednesday.

Posted in Income Tax | 2433 Views

FM Sitharaman: Section 43B may be reverted if MSMEs Accept Delayed Payments Over 45 Days

30 May 2024 at 08:46

In a significant development for Micro, Small, and Medium Enterprises (MSMEs), Finance Minister Nirmala Sitharaman announced on Tuesday that the government is open to repealing the recent changes to Section 43B of the Income Tax Act.

Posted in Income Tax | 1 comments | 26001 Views

CBDT Exempts RBI from Higher TDS/TCS Rates for Non-Filing of Income Tax Returns

29 May 2024 at 09:19

CBDT has released two significant notifications on May 27, 2024, introducing higher rates of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for individuals and entities failing to furnish their Income Tax Returns (ITR).

Posted in Income Tax | 4449 Views

CBDT Issues Guidelines for Selection of Cases for Tax Scrutiny in FY 2024-25: Key Highlights

27 May 2024 at 08:59

The Central Board of Direct Taxes (CBDT) has recently issued a notification detailing the process for the scrutiny of income tax returns (ITRs) for the financial year 2024-25.

Posted in Income Tax | 4527 Views

CBDT notifies 363 as Cost Inflation Index for FY 2024-25

25 May 2024 at 09:02

The Central Board of Direct Taxes (CBDT) has officially notified "363" as the Cost Inflation Index (CII) for the financial year 2024-25.

Posted in Income Tax | 4815 Views

Tea-Seller Faces Rs 49 Crore IT Penalty Due to Fraudulent Transactions by Longtime Customers

23 May 2024 at 08:48

In a shocking turn of events, Khemraj Dave, a humble tea-seller from Patan, has found himself entangled in a massive financial fraud, leading to an astonishing penalty notice from the Income Tax (IT) department.

Posted in Income Tax | 13341 Views

Businessman arrested in Rs 263 Crore Income Tax Refund Fraud

22 May 2024 at 09:01

Directorate of Enforcement (ED), Mumbai Zonal Office has arrested one Rajesh Brijlal Batreja on 16.05.2024 under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in case of Income Tax Refund fraud of Rs. 263 Crore.

Posted in Income Tax | 1578 Views

Income Tax Raid in Agra Uncovers Nearly Rs 60 Crore Cash from Shoe Trader's Residence

22 May 2024 at 09:00

In a significant crackdown on tax evasion, the Income Tax Department conducted a series of raids in Agra on Saturday, May 18. Nearly ₹60 crore in cash was recovered from premises linked to a prominent shoe trader,

Posted in Income Tax | 4719 Views