Income Tax News

CBDT Issues Circular on Condonation of Delay for ITR Refunds and Loss Carry Forward Claims

03 October 2024 at 09:05

CBDT issued Circular No. 11/2024 on October 1, 2024, establishing new guidelines for condoning delays in filing income tax returns (ITRs) claiming refunds or carrying forward losses under Section 119(2)(b) of the Income-tax Act, 1961

Posted in Income Tax | 2 comments | 21513 Views

ICICI Lombard Receives Rs 1388 Crore IT Demand for AY 2021-22

01 October 2024 at 09:10

ICICI Lombard General Insurance Co. has been served an income tax demand of ₹1,388.09 crore, including ₹321 crore in interest, by the Office of the Assistant Commissioner of Income-Tax, Mumbai.

Posted in Income Tax | 684 Views

Income Tax Simplification Gains Momentum: Feedback Process Set to Roll Out Ahead of Budget 2025

01 October 2024 at 09:08

Expectations are rising that the long-awaited simplification of India's Income Tax Act, 1961, could soon become a reality.

Posted in Income Tax | 2 comments | 1635 Views

ICAI invites suggestions on Comprehensive Review of the IT Act 1961 and Pre-budget Memorandum 2025

30 September 2024 at 17:24

The Hon'ble Finance Minister, while presenting the Union Budget 2024-25, announced that a comprehensive review of the Income-tax Act, 1961 for simplification of the language of the Act

Posted in Income Tax | 1260 Views

Government Seeks Industry Suggestions for Simplifying IT Act Starting October

30 September 2024 at 15:26

The Indian government recently announced that, in an attempt to reform direct taxation policy, it will soon seek public suggestions for modifications of the Income Tax Act, 1961 from the private sector and tax professionals.

Posted in Income Tax | 561 Views

ICICI Prudential Life Insurance Receives Rs 361.23 Crore Income Tax Order for AY 2022-23

30 September 2024 at 09:14

ICICI Prudential Life Insurance Company Ltd announced on Friday, September 27, 2024, that it has received an income tax order totaling ₹361.23 crore for the assessment year 2022-23.

Posted in Income Tax | 789 Views

HDFC Life Faces Income Tax Demand of Rs 296.76 Crore from Authorities

30 September 2024 at 09:13

HDFC Life Insurance Company has reported receiving an income tax demand totaling ₹296.76 crore from the Assistant Commissioner of Income Tax, Central Circle 6(2), Mumbai, on September 25, 2024.

Posted in Income Tax | 1173 Views

Income Tax Department Announces Special Drive to Address Taxpayers' Grievances in October

30 September 2024 at 09:11

The Income Tax Department in Srinagar has announced a special drive to address taxpayer grievances in Jammu & Kashmir, scheduled for the first week of October 2024.

Posted in Income Tax | 2076 Views

Tax Audit Due Date Extended for FY 2023-24 to 7th October 2024

30 September 2024 at 06:41

CBDT has decided to extend the specified date for filing of various reports of audit for the Previous Year 2023-24, which was 30th September to 07th October 2024.

Posted in Income Tax | 9237 Views

Income Tax Act Review Committee Set to Submit Report by October

28 September 2024 at 09:23

The government's comprehensive review of India’s decades-old Income Tax Act is making significant progress, with the review committee expected to submit its report by October, according to two government officials.

Posted in Income Tax | 1572 Views