Income Tax News

India's Fiscal Deficit for April-September 2024 Marks 29.4% of FY25 Target

02 November 2024 at 08:54

India's fiscal deficit for the first half of FY25 (H1FY25) was reported at ₹4.7 trillion, or 29.4% of the full-year Budget Estimate (BE) of ₹16.16 trillion, as per data from the Controller General of Accounts (CGA).

Posted in Income Tax | 591 Views

CBDT Notifies Electronic Submission of Specified Forms Under Rule 131 for Income Tax Compliance

01 November 2024 at 07:58

CBDT through the Directorate of Income Tax (Systems), issued Notification No. 5/2024 on October 30, 2024, mandating the electronic submission of certain forms listed in Appendix-II of the Income Tax Rules, 1962

Posted in Income Tax | 2712 Views

CBDT Grants Delay Condonation for AY 2023-24 Income Returns Claiming Section 80P

01 November 2024 at 07:56

The Central Board of Direct Taxes (CBDT) has recently issued Circular No. 14/2024 on October 30, 2024, which allows for the condonation of delay in filing income tax returns for Assessment Year (AY) 2023-24

Posted in Income Tax | 2859 Views

CBDT Notifies Transfer Pricing Tolerance Range for AY 2024-25 Under Rule 10CA

31 October 2024 at 08:05

The Central Board of Direct Taxes (CBDT) has issued notification no. 116/2024 dated October 18, 2024 notifying the tolerance range for AY 2024-25.

Posted in Income Tax | 789 Views

CBI Files Chargesheet Against Former IT Commissioner in Rs 10 Lakh Bribery Case Involving Multiple Accused

31 October 2024 at 08:03

The Central Bureau of Investigation (CBI) has officially filed a chargesheet against five individuals, including the former Principal Commissioner of Income Tax for Patna and Dhanbad, in connection with an alleged Rs 10 lakh bribery case.

Posted in Income Tax | 1506 Views

CBDT Chairman Urges Income Tax Department to Build Responsive, Fair and Empathetic Tax Administration

31 October 2024 at 07:53

Extending Diwali greetings, Agrawal underscored the values of "perseverance, integrity, and wisdom" as guiding principles for department officials

Posted in Income Tax | 1797 Views

Surge in Crorepati Tax Filers: Over 2.38 Lakh Report Rs 1 Crore+ Income for AY 2024-25

31 October 2024 at 07:46

India has seen a remarkable rise in high-income individual income tax return (ITR) filings, with over 2.38 lakh taxpayers reporting incomes above ₹1 crore in the first half of the current fiscal year (April-September 2023).

Posted in Income Tax | 402 Views

Artisan Shocked by Rs 114 Crore Income Tax Notice, Fraudulent Firm Behind the Scam

30 October 2024 at 08:46

In a startling case of identity theft and fraud, a zari artisan from Bareilly, Uttar Pradesh, who earns just Rs 400 to Rs 500 a day, has received an income tax notice for arrears amounting to Rs 114 crore.

Posted in Income Tax | 528 Views

Tax Experts Propose Reforms for Quicker Disposal of Pending Appeals and Reduced Compliance Burden

30 October 2024 at 08:42

Tax experts are calling for significant reforms, including faster resolution of pending cases at the Commissioner of Income Tax (Appeals) level

Posted in Income Tax | 267 Views

Karnataka and Tamil Nadu Rank Among Top 5 States in Direct Tax Collections

29 October 2024 at 08:58

In a recent report by the State Bank of India (SBI), Karnataka and Tamil Nadu have emerged as key contributors to India's direct tax collections, ranking second and fourth, respectively.

Posted in Income Tax | 588 Views