Income Tax News

Section 43B: Deductible Expenses Beyond MSME Payments

13 May 2024 at 08:57

Section 43B of the Income Tax Act, 1961, stands as a critical component shaping the financial landscape for businesses and professionals in India.

Posted in Income Tax | 1185 Views

ITR-3 Excel, Offline & Online Utility for AY 2024-25 Now Accessible for Filing

11 May 2024 at 09:05

Excel, Offline and Online Utility of ITR-3 for AY 2024-25 is available for filing.

Posted in Income Tax | 1341 Views

Over 800,000 Income Tax Returns Filed for AY 2024-25

09 May 2024 at 09:15

The Central Board of Direct Taxes (CBDT) has reported a significant surge in tax return filings for Assessment Year 2024-25, with over 800,000 returns already submitted since April 1, 2024.

Posted in Income Tax | 4485 Views

Income Tax Department Enhances User Experience with New E-Proceedings Tab

09 May 2024 at 09:13

The Income Tax Department has rolled out a new feature within its e-proceedings tab.

Posted in Income Tax | 1404 Views

Supreme Court Refuses Plea by Micro and Small Enterprises Regarding 45-Day Payment Rule

07 May 2024 at 07:56

In a recent development, the Supreme Court (SC) has declined to entertain a plea filed by Micro and Small Enterprises (MSEs) challenging the 45-day payment rule stipulated in Section 43B(h) of the Income Tax Act.

Posted in Income Tax | 4269 Views

Senior Income Tax Official Arrested in Mumbai for Alleged Bribery

06 May 2024 at 08:46

In a startling development, the Central Bureau of Investigation (CBI) has apprehended a senior official of the Income Tax (IT) department in Mumbai.

Posted in Income Tax | 1254 Views

FM Sitharaman Refutes Post-Election Income Tax Speculations

04 May 2024 at 09:00

Finance Minister Nirmala Sitharaman has refuted recent media reports speculating sweeping changes to the income tax system following the upcoming Lok Sabha election results.

Posted in Income Tax | 3627 Views