Income Tax News

New Tax Regime Boosts Tamil Nadu Transport Earnings by Rs 1.6K Crore

06 July 2024 at 09:19

The transport department in Chennai has seen a significant boost in earnings following the implementation of increased motor vehicle taxes and other charges effective from November 9 last year.

Posted in Income Tax | 3522 Views

Income Tax Department Warns Against False Claims in IT Returns

04 July 2024 at 09:01

The Income Tax Department has issued a stern warning to taxpayers, cautioning against filing income tax returns with false claims for exemptions and deductions...

Posted in Income Tax | 10956 Views

New CBDT Chief Ravi Agrawal Calls for Action-Oriented 100-Day Plan

04 July 2024 at 09:00

Ravi Agrawal, the newly appointed Chairman of the Central Board of Direct Taxes (CBDT), emphasized the critical role of the Income Tax Department in shaping the nation’s economy, ease of doing business, and international transactions.

Posted in Income Tax | 732 Views

Updated List of Banks for e-Pay Tax Service Now Available on e-Filing Portal

03 July 2024 at 09:05

The Income Tax Department has updated the list of banks available for the e-Pay Tax service on the e-Filing portal.

Posted in Income Tax | 2973 Views

HDFC Life Insurance Receives Rs 1495.17 Crore Tax Demand from IT Department

01 July 2024 at 09:00

In a recent development, HDFC Life Insurance announced on Friday that it has received a tax demand of Rs 1,495.17 crore from the Income Tax department for the assessment year 2021-22.

Posted in Income Tax | 2559 Views

Ravi Agrawal Appointed as New Chairman of CBDT

01 July 2024 at 08:57

In a significant administrative move, Ravi Agrawal, a 1988-batch Indian Revenue Service (IRS) officer, has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT), the top policy-making body for the Income Tax Department.

Posted in Income Tax | 2553 Views

CBDT Issues New Order Under Direct Tax Vivad se Vishwas Act for Tax Dispute Resolution

29 June 2024 at 08:57

The Central Board of Direct Taxes (CBDT) has issued a new order under the Direct Tax Vivad se Vishwas Act, 2020 (DTVsV Act).

Posted in Income Tax | 5394 Views

CBDT Mandates Electronic Filing of Appendix-II Forms under Income Tax Rules 1962

29 June 2024 at 08:56

The Central Board of Direct Taxes (CBDT) has issued a new notification that mandates the electronic submission of certain forms under the Income Tax Rules, 1962. This move aims to streamline the filing process and enhance compliance.

Posted in Income Tax | 4896 Views

Income Tax Department Releases Complete Income Tax Act, 1961 PDF with Finance Act, 2024 Amendments

27 June 2024 at 09:01

The Income Tax Department has taken a significant step towards transparency and accessibility by making available the complete Income Tax Act, 1961, as amended by the Finance Act, 2024.

Posted in Income Tax | 1 comments | 11628 Views