CAclubindia News

Income Tax Department Processes Nearly 4 Crore ITRs in Just 15 Days

22 August 2024 at 15:02

In a remarkable feat of digitisation, the department has processed nearly 4 crore income tax returns (ITRs) for Assessment Year (AY) 2024-25 in just 15 days.

Posted in Income Tax | 1 comments | 2697 Views

CBDT Unveils Central Action Plan (CAP) for FY 2024-25 to Enhance Tax Compliance and Expand Tax Base

22 August 2024 at 15:01

The Central Action Plan (CAP) for 2024-25, meticulously designed by the Central Board of Direct Taxes (CBDT), sets the stage for a strategic and comprehensive approach to managing India's direct taxation landscape.

Posted in Income Tax | 3468 Views

CBDT Chairman Confirms Income Tax Act Review to Meet Six-Month Deadline

22 August 2024 at 15:00

CBDT Chairman, Ravi Agrawal, has confirmed that the ongoing review of the Income Tax Act of 1961 will be completed within the six-month timeframe announced by Union Finance Minister Nirmala Sitharaman.

Posted in Income Tax | 4629 Views

FM Sitharaman Calls for Fair, User-Friendly Tax Notices and Emphasizes Speedy Refunds and Capacity Building

22 August 2024 at 09:06

Smt. Sitharaman exhorted the Department to be fair and friendly and ensure that there is improved taxpayer experience. The tax notices should be temperate, simple and easy to understand for the taxpayer

Posted in Income Tax | 2271 Views

GST Intelligence Uncovers Rs 1.2 Trillion Tax Evasion Since 2020

22 August 2024 at 09:06

In a significant crackdown on tax evasion, the Directorate General of GST Intelligence (DGGI) has exposed fraudulent activities amounting to Rs 1.2 trillion via fake input tax credit (ITC) since 2020.

Posted in GST | 2718 Views

CBDT Targets IVF Clinics and Medical Colleges in Cash Transaction Crackdown

22 August 2024 at 09:06

The Central Board of Direct Taxes (CBDT) has unveiled a rigorous Central Action Plan (CAP) for the fiscal year 2024-25, targeting sectors notorious for high cash transactions that are frequently under-reported or unreported.

Posted in Income Tax | 1 comments | 2694 Views

ITAT Ruling: No Penalty for Income Concealment if Errors Corrected in Revised Return

22 August 2024 at 09:03

In a significant ruling, the Income-Tax Appellate Tribunal (ITAT) Mumbai bench has provided relief to taxpayers by stating that penalties for income concealment cannot be imposed if a taxpayer has corrected all errors in a revised tax return.

Posted in Income Tax | 3108 Views

GST Authorities Tighten Grip on Merchants Evading Taxes via Digital Payment Channels

22 August 2024 at 09:01

The rapid expansion of digital payments in India has brought a surge in tax evasion cases, particularly among small online merchants.

Posted in GST | 1164 Views

CBDT issues clarification in respect of Income-tax clearance certificate (ITCC)

21 August 2024 at 07:12

It is being erroneously reported that all Indian citizens must obtain income-tax clearance certificate (ITCC) before leaving the country - a position that is factually incorrect

Posted in Income Tax | 4782 Views