Income Tax News

CBDT Extends Deadline for Furnishing Belated / Revised ITR for AY 2024-25 to 15th January 2025

31 December 2024 at 12:35

CBDT has announced an extension for furnishing belated or revised income tax returns for the AY 2024-25. Originally set for Dec 31, 2024, the due date for submitting these returns has now been extended to January 15, 2025.

Posted in Income Tax | 8454 Views

Govt to Focus on Simplifying Tax Policies in 2025

31 December 2024 at 09:12

As India enters the New Year, the government has prioritized the simplification of direct and indirect tax policies, aiming to reduce compliance burdens and foster a taxpayer-friendly environment.

Posted in Income Tax | 2025 Views

CBDT Extends Deadline for Tax Payable Calculation Under Vivad Se Vishwas Scheme, 2024 to 31st January 2025

31 December 2024 at 09:10

In a significant relief for taxpayers, the CBDT, through Circular No. 20/2024 dated Dec 30, 2024, has extended the due date for determining the payable amount under column (3) of the Table in section 90 of the Direct Tax Vivad Se Vishwas Scheme, 2024.

Posted in Income Tax | 3021 Views

GST Rate Tweaks, Direct Tax Code: High Stakes for New Revenue Secretary

30 December 2024 at 09:06

Dr. Arunish Chawla, a seasoned IAS officer of the 1992 Bihar cadre, assumed the role of Revenue Secretary in the Ministry of Finance on Thursday. A distinguished economist with a Master's and Doctorate from the London School of Economics, Chawla brin

Posted in Income Tax | 636 Views

Income Tax Portal Introduces Direct Filing of Rectification Applications u/s 154 with the AO

30 December 2024 at 09:05

In a significant move to enhance taxpayer convenience, the Income Tax Portal now enables taxpayers to file Rectification Applications under Section 154 directly with the Assessing Officer (AO) for assessment orders they issued.

Posted in Income Tax | 1 comments | 3339 Views

Finance Ministry Intensifies Efforts to Combat Tax Evasion with Surveys and Targeted Investigations

28 December 2024 at 09:01

The Ministry of Finance has confirmed its continued efforts to combat tax evasion, with surveys being conducted under Section 133A of the Income-tax Act, 1961. ..

Posted in Income Tax | 1440 Views

PIL Filed in Supreme Court Seeks Scrapping of TDS System

28 December 2024 at 09:01

A PIL filed in the SC on Thursday has called for the scrapping of the TDS system under the Income Tax Act, labelling it as "arbitrary and irrational"

Posted in Income Tax | 2526 Views

Income Tax Refunds Surge 46% to Rs 3 Lakh Crore Between April-November 2024

27 December 2024 at 09:02

In a significant boost to taxpayer morale, the government announced that income tax refunds amounting to approximately Rs 3.08 lakh crore were disbursed between April and November this year.

Posted in Income Tax | 1359 Views

Ministry of Finance Year Ender 2024: Key Highlights from the Department of Revenue

26 December 2024 at 08:59

In the year 2024, the Central Board of Direct Taxes (CBDT) and Central Board of Indirect taxes and Customs (CBIC), under the Department of Revenue, Ministry of Finance, have continued their citizen-centric initiatives, driving significant reforms

Posted in Income Tax | 1851 Views

Income Tax Department Withdraws Erroneous Notices for Correctly Filed ITRs

21 December 2024 at 07:07

In a recent announcement, the Income Tax Department has acknowledged and withdrawn defective return notices mistakenly issued to taxpayers who had accurately filed their Income Tax Returns (ITRs) for the Assessment Year 2024-25.

Posted in Income Tax | 4224 Views