Income Tax News

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 | 1452 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 | 462 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 | 1137 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 | 2334 Views

October Sees Decline in Corporation and Personal Income Tax Collections

06 December 2024 at 09:15

October, traditionally associated with a surge in economic activity due to the festive season, witnessed a surprising decline in direct tax collections.

Posted in Income Tax | 1383 Views

CBDT Grants Approval to IIIT Hyderabad for Scientific Research Under Income Tax Act

05 December 2024 at 08:43

In a significant development, the Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has issued Notification No. 125/2024, approving the International Institute of Information Technology (IIIT), Hyderabad, for 'Scientific Research.'

Posted in Income Tax | 444 Views

IRS Officer Trainees Urged by President Murmu to Enhance Tax Administration

04 December 2024 at 09:08

Addressing the officers, the President said that the Indian Revenue Service (Customs and Indirect Taxes) connects our economy through a uniform tax system and shared administrative values.

Posted in Income Tax | 594 Views

Income Tax Practitioners Sentenced to 3 Years in Jail for TDS Refund Fraud

03 December 2024 at 09:04

A special Central Bureau of Investigation (CBI) court in Ahmedabad on Friday convicted two income tax practitioners, Suresh Prajapati and Shobhna Prajapati, for fraudulently obtaining TDS refunds using false or forged certificates.

Posted in Income Tax | 73674 Views

Income Tax Department Launches State-Wide Searches on Builder Group for Suspected Tax Evasion

03 December 2024 at 09:00

In a coordinated operation, multiple teams comprising around 170 Income Tax (I-T) officials launched extensive searches on three interconnected real estate firms on Friday morning.

Posted in Income Tax | 1890 Views

CBDT Exempts Diplomatic Missions and UN Agencies from Section 194N Provisions

02 December 2024 at 09:11

In a significant development, the CBDT has issued Notification No. 123/2024, dated Nov 28, 2024, exempting specific foreign representations and international organizations from the provisions of Section 194N of the IT Act, 1961.

Posted in Income Tax | 1950 Views