Income Tax News

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 | 1866 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In a recent announcement, the Income Tax Department has acknowledged and withdrawn defective return notices mistakenly issued to taxpayers who had accurately filed their Income Tax Returns (ITRs) for the Assessment Year 2024-25.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

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 | 1620 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 | 1425 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 | 3054 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 | 570 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 | 9183 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 | 2058 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 | 1254 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 | 4752 Views