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Income Tax News


Govt Likely to Delay Pillar-2 Tax Rules Citing Limited Revenue Benefit

   02 November 2024 at 08:59

India is adopting a cautious stance on implementing the OECD-led Pillar 2 tax regime, which mandates a 15% minimum corporate tax rate for multinational enterprises (MNEs) with global revenues exceeding €750 million.

Posted in Income Tax |   126 Views


India's Fiscal Deficit for April-September 2024 Marks 29.4% of FY25 Target

   02 November 2024 at 08:54

India's fiscal deficit for the first half of FY25 (H1FY25) was reported at ₹4.7 trillion, or 29.4% of the full-year Budget Estimate (BE) of ₹16.16 trillion, as per data from the Controller General of Accounts (CGA).

Posted in Income Tax |   75 Views


CBDT Notifies Electronic Submission of Specified Forms Under Rule 131 for Income Tax Compliance

   01 November 2024 at 07:58

CBDT through the Directorate of Income Tax (Systems), issued Notification No. 5/2024 on October 30, 2024, mandating the electronic submission of certain forms listed in Appendix-II of the Income Tax Rules, 1962

Posted in Income Tax |   687 Views


CBDT Grants Delay Condonation for AY 2023-24 Income Returns Claiming Section 80P

   01 November 2024 at 07:56

The Central Board of Direct Taxes (CBDT) has recently issued Circular No. 14/2024 on October 30, 2024, which allows for the condonation of delay in filing income tax returns for Assessment Year (AY) 2023-24

Posted in Income Tax |   417 Views


CBDT Notifies Transfer Pricing Tolerance Range for AY 2024-25 Under Rule 10CA

   31 October 2024 at 08:05

The Central Board of Direct Taxes (CBDT) has issued notification no. 116/2024 dated October 18, 2024 notifying the tolerance range for AY 2024-25.

Posted in Income Tax |   447 Views


CBI Files Chargesheet Against Former IT Commissioner in Rs 10 Lakh Bribery Case Involving Multiple Accused

   31 October 2024 at 08:03

The Central Bureau of Investigation (CBI) has officially filed a chargesheet against five individuals, including the former Principal Commissioner of Income Tax for Patna and Dhanbad, in connection with an alleged Rs 10 lakh bribery case.

Posted in Income Tax |   1131 Views


CBDT Chairman Urges Income Tax Department to Build Responsive, Fair and Empathetic Tax Administration

   31 October 2024 at 07:53

Extending Diwali greetings, Agrawal underscored the values of "perseverance, integrity, and wisdom" as guiding principles for department officials

Posted in Income Tax |   330 Views


Surge in Crorepati Tax Filers: Over 2.38 Lakh Report Rs 1 Crore+ Income for AY 2024-25

   31 October 2024 at 07:46

India has seen a remarkable rise in high-income individual income tax return (ITR) filings, with over 2.38 lakh taxpayers reporting incomes above ₹1 crore in the first half of the current fiscal year (April-September 2023).

Posted in Income Tax |   132 Views


Artisan Shocked by Rs 114 Crore Income Tax Notice, Fraudulent Firm Behind the Scam

   30 October 2024 at 08:46

In a startling case of identity theft and fraud, a zari artisan from Bareilly, Uttar Pradesh, who earns just Rs 400 to Rs 500 a day, has received an income tax notice for arrears amounting to Rs 114 crore.

Posted in Income Tax |   279 Views


Tax Experts Propose Reforms for Quicker Disposal of Pending Appeals and Reduced Compliance Burden

   30 October 2024 at 08:42

Tax experts are calling for significant reforms, including faster resolution of pending cases at the Commissioner of Income Tax (Appeals) level

Posted in Income Tax |   135 Views