Income Tax News
Gurgaon Student in Australia Discovers Rs 133.8 Crore in Fraudulent Transactions Linked to PAN Card
20 August 2024 at 16:37The father of a youngster filed a police complaint on Sunday, alleging that conmen had used his son's PAN card to carry out transactions amounting to crores
Income Tax Department Warns Taxpayers Against Fraudulent Refund Claims
20 August 2024 at 08:56The Income Tax Department has issued an urgent advisory, cautioning taxpayers to be vigilant against fraudulent schemes involving fake income tax refund claims.
ITAT Mumbai Confirms Tax Exemption on Gifts Received from Non-Resident Brother in India
20 August 2024 at 08:56In a landmark ruling, the Income-Tax Appellate Tribunal (ITAT) Mumbai bench has determined that a Rs 20 lakh gift received by a taxpayer from his non-resident brother, who resides in the UAE, is not subject to taxation.
CBDT Directs Income Tax Department to Monitor High-Value Cash Transactions at Hotels, Hospitals
19 August 2024 at 08:56The Central Board of Direct Taxes (CBDT) has issued a directive to the Income Tax department, emphasizing the need for "non-intrusive" monitoring of rampant cash transactions in sectors such as hotels, luxury brand sales, hospitals, and IVF clinics.
Finance Ministry Grants Income Tax Exemption to UIDAI for 5 Years Until FY 2027-28
16 August 2024 at 13:04IntroductionIn a significant move, the Ministry of Finance has granted the Unique Identification Authority of India (UIDAI) a five-year exemption from paying income tax, effective until the fiscal year 2027-28.
CBDT Launches Probe into Foreign Remittances Exceeding Rs 6 Lakh
16 August 2024 at 08:56The Central Board of Direct Taxes (CBDT), the apex body overseeing direct tax collection in India, has reportedly launched an extensive investigation into high-value foreign remittances exceeding ₹6 lakh.
FM Sitharaman Highlights Need for Tax Revenue to Support Green Energy Innovations
15 August 2024 at 07:36In a keynote address at the 11th convocation of the Indian Institute of Science Education and Research (IISER) Bhopal on August 13, Finance Minister Nirmala Sitharaman highlighted the critical role of tax revenue and innovation in India's transition
Supreme Court Rules States Can Recover Mineral Rights Tax Dues Only Until 1st April 2005
14 August 2024 at 17:24The Supreme Court on Wednesday (August 14) rejected the argument that its July 25 judgment, which upheld the authority of States to levy taxes on mineral rights and mineral-bearing lands, should apply only prospectively.
Adopt Guidance Over Intimidation: CBDT Chief's Directive to Tax Officials
12 August 2024 at 14:25The income tax department should do everything possible to be seen as "responsible, responsive and transparent," besides adopting a policy of 'guidance over intimidation' when dealing with taxpayers, the CBDT chairman has said.
Foreign Investors Seek Tax Indemnities for Startup Investments Amid Rising Tax Notices
12 August 2024 at 09:02Foreign private equity (PE) and venture capital (VC) funds are increasingly pushing for tax-related indemnity clauses in their investment agreements with Indian startups, according to legal experts.
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