Income Tax News

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

Income Tax Refunds Soar 46.31% to Rs 3.08 Lakh Crore in FY 2024-25 - Finance Ministry

14 December 2024 at 09:10

The Ministry of Finance announced a remarkable 46.31% surge in income tax refunds issued during the period of April 1 to November 27 in the financial year 2024-25, compared to the same period in 2023-24.

Posted in Income Tax | 1485 Views

CBDT Amends Notification on Tax Exemptions u/s 10(23FE) of Income-tax Act

13 December 2024 at 06:25

In a recent development, the Central Board of Direct Taxes (CBDT) issued Notification No. 127/2024 dated December 11, 2024, amending its earlier notification (No. 44/2020) issued on July 6, 2020, under Section 10(23FE) of the Income-tax Act, 1961.

Posted in Income Tax | 870 Views

Amit Shah Outlines Key Tax Benefits for Cooperative Societies in Rajya Sabha

13 December 2024 at 06:25

The Government of India has taken various initiatives to provide the income tax relief to cooperative societies. This was stated by the Minister of Cooperation, Shri Amit Shah in a written reply to a question in the Rajya Sabha.

Posted in Income Tax | 2292 Views

Income Tax Review Committee Aims to Simplify IT Act Without Changing Tax Rates

12 December 2024 at 09:13

The Income-Tax Review Committee, tasked with overhauling India’s Income Tax Act of 1961, is focusing solely on simplifying the law to make it more concise and user-friendly.

Posted in Income Tax | 2 comments | 1434 Views

Petroleum Sector's Tax Contribution to Witness Sharp Decline in FY 2024-25

10 December 2024 at 09:08

The sluggish excise duty collections from petroleum and natural gas, combined with the discontinuation of the windfall tax regime in December, indicate a significant drop in the sector's overall tax contribution to the public exchequer for FY25

Posted in Income Tax | 438 Views

Income Tax Department Conducts Massive Raids in Andaman and Nicobar Islands Over Tax Irregularities

09 December 2024 at 09:12

In a large-scale operation, over 120 officials from the Income Tax (IT) Department are conducting searches at multiple locations across the Andaman and Nicobar Islands.

Posted in Income Tax | 1125 Views

Ajit Pawar and Family Cleared of Benami Property Allegations: Rs 1000 Crore Worth of Assets Released

09 December 2024 at 09:10

In a significant turn of events, Maharashtra Deputy Chief Minister Ajit Pawar and his family have been exonerated of allegations of owning benami properties.

Posted in Income Tax | 2268 Views