Income Tax News

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

CBDT Pushes for Swift Review of Income-Tax Act: Officers to Station in Delhi

02 December 2024 at 09:02

In a significant step towards the modernization of India's direct tax laws, the CBDT has instructed 28 officers involved in the comprehensive review of the six-decade-old Income-tax Act to work from Delhi between December 2 and December 27.

Posted in Income Tax | 4416 Views

CBDT Extends ITR Filing Deadline for Taxpayers u/s 92E to 15th December 2024

30 November 2024 at 15:43

In a major relief to taxpayers, the Central Board of Direct Taxes (CBDT) has announced an extension of the due date for filing Income Tax Returns (ITRs) for Assessment Year (AY) 2024-25.

Posted in Income Tax | 4350 Views

Women Tax Filers Surge by 25.3% In Four Years

30 November 2024 at 09:16

The number of women filing income-tax returns (ITRs) in India has seen a significant rise over the last five years, signaling increased economic empowerment.

Posted in Income Tax | 1551 Views

India's Fiscal Deficit for FY25 Likely to Be Lower at 4.75% of GDP

29 November 2024 at 09:03

India's fiscal deficit for the financial year 2024-25 is projected to be 4.75% of the gross domestic product (GDP), 19 basis points (bps) lower than the budget estimate of 4.9%, according to India Ratings and Research (Ind-Ra).

Posted in Income Tax | 417 Views

Personal Income Tax Collections Plays Key Role in H1 FY25 Revenue Growth

29 November 2024 at 09:01

Personal income tax collections emerged as a critical driver of government revenues in the first half of fiscal 2025, counterbalancing subdued growth in corporate tax and other indirect tax components

Posted in Income Tax | 1671 Views

CBDT Report Highlights Need to Address Repeat Penalties for Undisclosed Foreign Assets

28 November 2024 at 09:17

A group of income-tax officials has submitted a detailed report to the CBDT, recommending significant changes to enhance the enforcement of the Black Money and Imposition of Tax Act, 2015.

Posted in Income Tax | 1977 Views

45-Day Payment Policy for MSMEs Receives Endorsement from Industry Associations, FinMin Reveals

28 November 2024 at 09:10

The revised Section 43B of the Income-tax Act, 1961, introduced in the Union Budget last year, has been widely endorsed by MSME associations across India, said Pankaj Chaudhary, Minister of State for Finance, in the Lok Sabha on Monday.

Posted in Income Tax | 774 Views

PAN 2.0 and TAN Services: A Unified Portal for Seamless Financial Integration

28 November 2024 at 09:10

The Permanent Account Number (PAN) has long been a cornerstone of India's financial and administrative systems, connecting individuals and businesses to vital economic activities while promoting financial transparency and compliance.

Posted in Income Tax | 1713 Views