Income Tax News

Tax Refund Delays Prompt Concern Among Taxpayers and Chartered Accountants

10 October 2024 at 09:15

After Finance Minister Nirmala Sitharaman highlighted a taxpayer's grievance regarding delays in tax refunds, chartered accountants (CAs) are reporting that many of their clients are similarly affected.

Posted in Income Tax | 1818 Views

New Offline Utility Released for Filing ITRs on Income Tax Portal for AY 2024-25

10 October 2024 at 09:15

Common Offline Utility for filing Income-tax Returns ITR 1, ITR 2, ITR 3 and ITR 4 for the AY 2024-25

Posted in Income Tax | 585 Views

CBDT Extends Form 10B/10BB Filing Deadline to 10th November 2024

09 October 2024 at 09:28

The Central Board of Direct Taxes (CBDT), in a significant move, has extended the deadline for filing Form 10B and 10BB until November 10, 2024

Posted in Income Tax | 7143 Views

CBDT Forms Committee to Review Income Tax Act, Seeks Public Input via e-Filing Portal

08 October 2024 at 08:38

In pursuance of the announcement in the Union Budget 2024-25 by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, the CBDT has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act).

Posted in Income Tax | 1437 Views

FM Nirmala Sitharaman Urges IT Department to Address Tax Refund Delay Complaint

07 October 2024 at 09:04

On October 4, Finance Minister Nirmala Sitharaman called on the Income Tax department to address a complaint raised by a taxpayer who has faced delays in receiving a tax refund.

Posted in Income Tax | 1 comments | 3618 Views

LSG Forms Committee to Simplify and Streamline Tax Collections in Urban Areas

07 October 2024 at 08:56

The Local Self Government (LSG) department has constituted a five-member committee to make tax collection in urban local bodies more user-friendly, aiming to boost tax revenue.

Posted in Income Tax | 597 Views

Maharashtra Govt Abolishes NA Tax for Housing, Commercial and Industrial Properties

07 October 2024 at 08:55

In a significant move, the Maharashtra government has permanently abolished the non-agricultural (NA) tax levied on housing societies, industrial, and commercial properties in urban areas.

Posted in Income Tax | 5835 Views

FM Sitharaman Directs IT Dept to Review Lost Cases at High Courts, Supreme Court for Key Insights

04 October 2024 at 09:15

Union Finance Minister Nirmala Sitharaman has directed the Income Tax Department to analyze court cases it has lost over the past decade to derive lessons and minimize litigation disputes, official sources reported on Monday.

Posted in Income Tax | 2298 Views

CBDT Issues Procedure for Declaration and Undertaking in Form-1 under Direct Tax Vivad Se Vishwas Rules, 2024

04 October 2024 at 09:14

CBDT, through the Directorate of Income Tax (Systems), Bengaluru, has issued an important procedure for taxpayers making declarations and furnishing undertakings in Form-1 under Rule 4 of the Direct Tax Vivad Se Vishwas Rules, 2024.

Posted in Income Tax | 2382 Views

Major Win for Tax Department: Supreme Court Ruling to Impact 90,000 Reassessment Notices

03 October 2024 at 15:25

In a landmark decision, the SC ruled on Thursday that the Income Tax Act must be interpreted with the amended provisions effective from 1st April 2021. This ruling directly impacts approximately 90,000 reassessment notices

Posted in Income Tax | 7155 Views