Income Tax News

Karnataka and Tamil Nadu Rank Among Top 5 States in Direct Tax Collections

29 October 2024 at 08:58

In a recent report by the State Bank of India (SBI), Karnataka and Tamil Nadu have emerged as key contributors to India's direct tax collections, ranking second and fourth, respectively.

Posted in Income Tax | 747 Views

CBDT Extends Due Date for Audited IT Returns for AY 2024-25 to 15th Nov 2024

26 October 2024 at 11:26

On October 26, 2024, the Central Board of Direct Taxes (CBDT) announced an extension for filing the Return of Income for the Assessment Year (AY) 2024-25.

Posted in Income Tax | 2 comments | 42234 Views

Income Tax Department Releases Updated Common Offline Utility for Filing ITR 1 to ITR 4 for AY 2024-25

26 October 2024 at 08:51

The Income Tax Department has launched the latest version (1.1.7) of the Common Offline Utility for filing Income-tax Returns (ITR) 1 to ITR 4 for Assessment Year 2024-25.

Posted in Income Tax | 750 Views

Income Tax Department Releases Updated Utilities and Schema for ITR-7 Filing

26 October 2024 at 08:49

The Income Tax Department has released the latest version of utilities and schema for filing ITR-7, applicable to persons, including companies, required to furnish returns under sections 139(4A), 139(4B), 139(4C), and 139(4D)

Posted in Income Tax | 639 Views

Number of High-Income Taxpayers in India Rises Fivefold in a Decade

25 October 2024 at 08:51

The number of Indian taxpayers with taxable incomes exceeding ₹1 crore has surged more than fivefold, reaching nearly 2.3 lakh in the assessment year (AY) 2023-24, compared to just 44,078 in AY 2013-14, according to a report. This significant rise re

Posted in Income Tax | 1773 Views

Income Tax Department Releases Updated Common Offline Utility for Form 3CA-3CD and 3CB-3CD

23 October 2024 at 08:49

The Income Tax Department has launched the latest version (1.3.3) of the common offline utility for Form 3CA-3CD and 3CB-3CD, essential for taxpayers required to submit audit reports under Section 44AB of the Income-tax Act, 1961.

Posted in Income Tax | 768 Views

Income Tax Department Releases Updated ITR-3 Utility Excel-Based Tool

23 October 2024 at 08:48

The Income Tax Department has released an updated version (1.5) of the Excel-based utility for filing ITR-3, catering to individuals and Hindu Undivided Families (HUFs) with income from profits and gains of business or profession.

Posted in Income Tax | 711 Views

Surge in High-Income Taxpayers Reflects Growing Incomes and Compliance

23 October 2024 at 08:48

The number of individuals reporting taxable income exceeding ₹1 crore has seen a dramatic rise, jumping from 44,078 in AY 2013-14 (FY 2012-13) to nearly 2.3 lakh in AY 2023-24 (FY 2022-23).

Posted in Income Tax | 492 Views

Number of Income Taxpayers in India Exceeds 10 Crore, Tax Buoyancy Hits 2+ in FY24

21 October 2024 at 08:42

India's income taxpayer base has crossed 10 crore, nearly doubling in the last decade. Tax buoyancy rose to over 2 in FY24, indicating strong tax revenue growth aligned with GDP.

Posted in Income Tax | 1695 Views

Personal Income Tax Collection Surges 294% in FY24

21 October 2024 at 08:41

India's personal income tax collection rose by 294% over a decade, reaching Rs 10.45 lakh crore in FY24, while corporate tax collections grew by 112%. Tax compliance, return filings, and India's tax-to-GDP ratio also improved.

Posted in Income Tax | 1506 Views