CAclubindia News

Income Tax Department Conducts Searches at 44 Premises Over Rs 170 Crore Tax Evasion Allegations

21 January 2025 at 08:53

The Income Tax Department on Friday conducted coordinated searches across 44 locations linked to eight high-profile contractors, including relatives of two former ministers, over allegations of tax evasion amounting to more than Rs 170 crore.

Posted in Income Tax | 3648 Views

NRIs Expect Tax Relief in Budget 2025: Key Issues Highlighted

21 January 2025 at 08:53

As Finance Minister Nirmala Sitharaman gears up to present the Union Budget 2025, the global Indian diaspora of 35.42 million is hopeful for much-needed tax reforms.

Posted in Union Budget | 1791 Views

Securities Transaction Tax Revenue Jumps 75% Despite Stock Market Swings

21 January 2025 at 08:53

The Securities Transaction Tax (STT) collections have witnessed an unprecedented rise, soaring by over 75% to ₹44,538 crore as of January 12, 2025, compared to ₹25,415 crore during the same period in 2024.

Posted in Income Tax | 636 Views

Budget 2025: Govt Plans to Phase Out Old Tax Regime

20 January 2025 at 08:48

In the upcoming Budget for FY26, Finance Minister Nirmala Sitharaman is expected to announce a roadmap for the gradual phasing out of the old personal income tax regime over the next few years.

Posted in Union Budget | 14034 Views

Income Tax Department Uncovers Rs 1070 Crore in Wrongful Claims by 90,000 Salaried Individuals

20 January 2025 at 08:48

As of December 31, 2024, approximately 90,000 salaried individuals from both public sector undertakings (PSUs) and the private sector have voluntarily withdrawn incorrect tax deductions totalling Rs 1,070 crore.

Posted in Income Tax | 17634 Views

Govt Considers Personal Tax Relief in Budget 2025 to Boost Consumption

20 January 2025 at 08:48

As the Union Budget 2025 approaches, growing expectations suggest that the government is actively considering personal tax relief measures aimed at boosting consumption and accelerating economic recovery.

Posted in Union Budget | 2205 Views

EV Industry Seeks GST Cut on Batteries & Infrastructure Status for Charging Stations in Upcoming Budget

20 January 2025 at 08:48

The Electric Vehicle (EV) industry is calling on the government to slash the GST on EV batteries from the current 18% to 5%, aligning it with the GST rate applied to electric vehicles.

Posted in Union Budget | 861 Views

DGGI Busts Rs 11 Crore GST Input Tax Credit Fraud

20 January 2025 at 08:48

In a significant breakthrough, the Directorate General of GST Intelligence (DGGI), Bhubaneswar Zone, has unearthed a massive GST fraud involving bogus input tax credit (ITC) transactions worth Rs 11 crore.

Posted in GST | 23508 Views

Budget 2025: New Income Tax Law and Expectations

20 January 2025 at 08:48

The upcoming Budget 2025 session of Parliament is set to witness the introduction of a brand-new Income Tax Bill, aimed at simplifying the decades-old Income Tax Act of 1961. A

Posted in Union Budget | 4059 Views

Income Tax Department Releases Updated Utility Excel-Based & JSON Schema for ITR-1 to ITR-7

18 January 2025 at 07:55

In a significant update aimed at streamlining the Income Tax Return (ITR) filing process, the Income Tax Department has released an updated version of the Excel-based Utility and JSON Schema for ITR forms 1 to 7. ITR 1For individuals being a resident

Posted in Income Tax | 933 Views