Income Tax News
Capital Gains Tax: Govt Earned Nearly Rs 99,000 Crore from Listed Equities in 2022-23
01 August 2024 at 09:06The NDA government has reported a significant increase in revenue from long-term capital gains (LTCG) tax on listed equities, with collections reaching Rs 98,681 crore for the fiscal year 2022-23.
Finance Ministry Clarifies: Tax Certificate Not Mandatory for All Travelling Abroad
30 July 2024 at 09:04The Indian government has issued a clarification to address recent misleading reports about mandatory tax clearance for individuals travelling abroad.
Income Tax Department Warns: Bogus Claims for Refunds are Punishable Offenses
30 July 2024 at 09:03Income Tax Department has issued a stern warning to taxpayers against making fraudulent claims. The department cautions that inflating expenses, under-reporting earnings is a punishable offense and may cause delays in refund issuance.
ICAI Issues Amendments to AS 22, Accounting for Taxes on Income
30 July 2024 at 09:00Considering that entities may need time to determine how to apply the principles and requirements in AS 22, Accounting for Taxes on Income (issued by the ICAI) to account for deferred taxes related to top-up tax
Govt to Unveil Revised Direct Tax Code After 6-Month Comprehensive Review: Revenue Secretary
29 July 2024 at 09:03The central government is yet to decide whether to introduce a new Direct Taxes Code or revamp the existing income tax law, stated Revenue Secretary Sanjay Malhotra at a recent post-Budget conference organized by Assocham in the Capital.
Income Tax Department Releases New Offline Utility for ITR 1 to ITR 4 Filing for AY 2024-25
29 July 2024 at 09:01Common Offline Utility for filing Income-tax Returns ITR 1, ITR 2, ITR 3 and ITR 4 for the AY 2024-25
Income Tax Department Clarifies Cost of Acquisition for Pre-2001 Properties Under New Capital Gains Tax Regime
26 July 2024 at 11:21In the realm of property taxation, a crucial issue has surfaced regarding the Cost of Acquisition for assets bought before April 1, 2001.
Zomato Expects Rs 40 Crore Tax Refund for its Delivery Partners
22 July 2024 at 08:56In a progressive move to support its delivery partners, Zomato has enabled Income Tax Return (ITR) filing through its partner app.
Income Tax Portal Update Denies Rebate for Short-Term Capital Gains
20 July 2024 at 07:20Overview of the IssueAfter a recent update to the tax-filing utility on the income tax portal this month, many taxpayers are facing the unexpected issue of being denied a valid rebate of up to Rs 25,000 under the new tax regime.
CBDT awards Taxnet 2.0 Project to M/s Bharti-Airtel Ltd
20 July 2024 at 07:20The Central Board of Direct Taxes (CBDT) has awarded the Taxnet 2.0 project to M/s Bharti-Airtel Ltd for providing network connectivity, facility management services and video conferencing services to the Income Tax Department (ITD)
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