Income Tax News

Bombay High Court Disposes of PIL Regarding Eligibility of Rebate u/s 87A of the Income Tax Act

25 January 2025 at 10:21

The Bombay High Court on January 24, 2025, disposed of the Public Interest Litigation (PIL) filed by the Chamber of Tax Consultants concerning the eligibility of the rebate under Section 87A of the Income Tax Act, 1961.

Posted in Income Tax | 2220 Views

Bombay High Court Upholds 2007 Income Tax Amendments Affecting Bank Officers

24 January 2025 at 09:25

The Bombay High Court dismissed petitions filed by nationalized bank officers challenging the constitutional validity of the 2007 amendments to the IT Act

Posted in Income Tax | 1278 Views

CBDT Introduces Special Taxation Provisions for Non-Resident Cruise Ship Operators

23 January 2025 at 09:19

As a measure to promote investment and employment, Finance (No. 2) Act, 2024 inter alia provided a presumptive taxation regime for non-residents, engaged in the business of operation of cruise ships.

Posted in Income Tax | 1782 Views

Two Impersonators of IT and GST Officers Held for Cheating Jeweller of Rs 40 Lakh

22 January 2025 at 08:50

The Greater Chennai Police on Saturday announced the arrest of two men who posed as officials from the Income Tax (I-T) and Goods and Services Tax (GST) departments.

Posted in Income Tax | 288 Views

CBDT Issues Key Clarification on Appeals Timeline for Vivad Se Vishwas Scheme 2024

21 January 2025 at 08:54

In a bid to address challenges arising from the implementation of the Direct Tax Vivad Se Vishwas Scheme, 2024, the Central Board of Direct Taxes (CBDT) has issued a clarification through a gazette notification dated January 20, 2025.

Posted in Income Tax | 2229 Views

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 | 3075 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 | 243 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 | 16257 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 | 360 Views

Income Tax Department Empowered to Attach Assets Under Anti-Benami Law Even Without Identifying Beneficial Owner

16 January 2025 at 08:50

In a significant ruling dated November 26, 2024, the Adjudicating Authority under the PBPT Act, 1988, upheld the Income Tax Department's power to attach assets under the anti-benami law, even if the actual owner of such properties remains unidentified.

Posted in Income Tax | 1683 Views