Income Tax News

Income Tax Department Dismisses Claims of Using DigiYatra Data to Track Tax Evaders

01 January 2025 at 08:00

The Income Tax Department has clarified that it has no plans to use data from the DigiYatra app to monitor tax evasion, addressing speculation fueled by recent media reports.

Posted in Income Tax | 399 Views

Pre-Budget 2024-25 Discussions Focus on Tax Relief for Middle Class, Fuel Duty Cuts and Public Capex Push

01 January 2025 at 08:00

Tax exemptions for the middle class, reduction in excise duties on petrol and diesel, and an increased focus on public capital expenditure (capex) emerged as key suggestions during Pre-Budget discussions held on Monday.

Posted in Income Tax | 468 Views

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 | 8475 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 | 2034 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 | 3027 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 | 639 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 | 3345 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 | 1443 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 | 2532 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 | 1365 Views