Income Tax News
Top 5 Industrial States Contribute 72% of Direct Taxes
13 March 2025 at 08:48The top five industrial states of India - Maharashtra, Karnataka, Delhi, Tamil Nadu and Gujarat collectively contributed more than 72% of the direct taxes and 53% of Central GST in FY 2023-24, according to data tabled in Parliament on Monday.
Personal Income Tax Collections Rise to 3.5% of GDP in FY24
13 March 2025 at 08:47The Finance Ministry informed the Lok Sabha on Monday that personal income tax (PIT) collection as a percentage of GDP surged by 140 basis points in the last decade, reaching 3.5% in FY 2023-24, up from 2.1% in FY 2014-15.
Bombay High Court Directs RBI to Accept Rs 20 Lakh in Old Demonetised Notes Seized During IT Raid
12 March 2025 at 08:54The Bombay High Court has directed the RBI to accept Rs 20 lakh in old demonetised Rs 500 and Rs 1000 currency notes that were confiscated from a group of Kolhapur residents during an Income Tax raid on December 26, 2016
Shah Rukh Khan Wins Tax Case: ITAT Rules in Favor of Foreign Tax Credit Claim
11 March 2025 at 09:05Bollywood superstar Shah Rukh Khan has secured a significant legal victory in a long-standing income tax dispute. The Income Tax Appellate Tribunal (ITAT) ruled in his favor, dismissing reassessment proceedings related to his 2011-12 income, specific
Income Tax Department Invites Suggestions for Simplification of Tax Rules and Forms
11 March 2025 at 09:00In a move to enhance efficiency and ease of compliance, the Income Tax Department has launched a dedicated initiative to simplify income tax rules and forms.
ICAI Seeks Simplification of Income Tax Bill 2025, Recommends Fewer Sections and Clarity in Language
10 March 2025 at 08:57The Institute of Chartered Accountants of India (ICAI) has submitted its recommendations to the Lok Sabha select committee currently reviewing the Income Tax Bill, 2025.
India Needs Taxpayer-Friendly Reforms, Not Just Enforcement
08 March 2025 at 08:42India's long-standing struggle between taxpayers and the tax office was supposed to end this year with the introduction of a new income tax law aimed at simplifying compliance and improving relations between the government and taxpayers.
Income Tax Department Alerts Taxpayers About Fake Tax Refund Scams
07 March 2025 at 09:04The Income Tax Department has issued an urgent warning to taxpayers, cautioning them against fraudulent calls and messages related to income tax refunds.
New Income Tax Bill: Tax Officers Could Gain Access to Emails & Social Media for Tax Scrutiny
06 March 2025 at 08:35While the government claims the bill is meant to simplify India's tax laws, a controversial provision buried within the draft has raised concerns over digital privacy.
Updated List of Banks Enabled for Direct Tax Payments on e-Filing Portal
05 March 2025 at 08:49In a move to streamline tax payments, the Income Tax Department has expanded the list of banks available for tax payments through the e-Pay Tax service on the e-Filing Portal
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