Income Tax News

CBDT Exempts Credit Guarantee Fund Trust for Micro and Small Enterprises from TDS

20 December 2024 at 09:03

In a significant move to bolster micro and small enterprises (MSEs), the Central Board of Direct Taxes (CBDT) has issued Notification No. 128/2024, dated December 18, 2024.

Posted in Income Tax | 1605 Views

Record-Breaking Tax Collections: Direct Tax Revenue Up 20%, Advance Tax Surges 21%

19 December 2024 at 08:48

India's direct tax collections for the financial year 2024-25, as of December 17, 2024, have demonstrated robust growth, with gross collections reaching ₹19.22 lakh crore - a remarkable 20.32% increase compared to the same period in FY 2023-24

Posted in Income Tax | 1422 Views

Vivad Se Vishwas Scheme 2024: New FAQs Released on Eligibility and Tax Payment Rules

18 December 2024 at 09:17

The Central Board of Direct Taxes (CBDT) has released Guidance Note 2/2024 via Circular No. 19 of 2024, dated December 16, 2024.

Posted in Income Tax | 3024 Views

Income Tax Department Conducts Searches at Insecticides India Ltd Premises

18 December 2024 at 09:14

Insecticides India Ltd (IIL) disclosed on Monday, December 16, that the Income Tax Department is conducting searches at its registered office and other company locations.

Posted in Income Tax | 549 Views

Income Tax Department Recovers Rs 37,000 Crore from Non-Filers Through Data Analytics

18 December 2024 at 09:12

The Income Tax Department has intensified its crackdown on tax evasion, recovering ₹37,000 crore over the past 20 months from individuals who failed to file income tax returns despite having taxable income.

Posted in Income Tax | 9177 Views

CBDT Launches Electronic Campaign to Address Income and Transaction Mismatches for FY 2023-24 and FY 2021-22

17 December 2024 at 15:35

CBDT has launched an electronic campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the AIS and those disclosed in ITRs for the financial years 2023-24 and 2021-22.

Posted in Income Tax | 2055 Views

Higher Taxes Will Drive Capital Away, Warns CEA Nageswaran

17 December 2024 at 09:20

Chief Economic Advisor (CEA) V Anantha Nageswaran emphasized on Friday that taxing capital less may not significantly boost investments, but taxing it more could deter capital flow and harm the economy.

Posted in Income Tax | 1251 Views

Rs 4.67 Crore Tax for D Gukesh: Fans Target FM Sitharaman After Chess Win

17 December 2024 at 09:17

While the nation celebrated Gukesh's incredible achievement, a section of fans humorously congratulated the Income Tax Department and Finance Minister Nirmala Sitharaman

Posted in Income Tax | 4740 Views

New Income-Tax Bill Unlikely in Budget 2025 Session

17 December 2024 at 09:13

The Finance Ministry is unlikely to introduce the much-anticipated new Income-Tax Bill during the upcoming Budget session of Parliament.

Posted in Income Tax | 2736 Views

IT Department Issues Notices to Indian Residents for Undeclared Foreign ESOPs and Assets

16 December 2024 at 09:07

Notices are being sent to employees of MNCs holding ESOPs from foreign parent companies, especially those who failed to declare dividend income or ownership of such shares in their ITRs.

Posted in Income Tax | 2205 Views