Income Tax News

CBDT Launches Campaign to Help Taxpayers Report Foreign Assets and Income in AY 2024-25

18 November 2024 at 05:13

CBDT launches Compliance-Cum-Awareness Campaign for AY 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets and reporting income from foreign sources in ITR

Posted in Income Tax | 1833 Views

Over 8 Crore ITRs Filed for AY 2024-25, 74% Opt for New Tax Regime

16 November 2024 at 07:00

In a significant milestone, more than 8 crore income tax returns (ITRs) have been filed for the assessment year (AY) 2024-25, reflecting a robust filing season.

Posted in Income Tax | 1902 Views

FM Nirmala Sitharaman Refutes Karnataka's Claims of Tax Devolution Bias

16 November 2024 at 07:00

Union Finance Minister Nirmala Sitharaman firmly rejected the Karnataka government’s allegations of "step-motherly treatment" in tax devolution, describing the claims as baseless and aimed at misleading voters.

Posted in Income Tax | 1413 Views

Higher PIT Collection Doesn't Mean Increased Tax Burden on Individuals, Say Sources

15 November 2024 at 09:20

The Central Board of Direct Taxes (CBDT) has clarified that recent data showing higher personal income tax (PIT) collection growth compared to corporate tax does not imply that individuals are taxed more heavily than corporates.

Posted in Income Tax | 1104 Views

Tax Evasion on the Rise as 23% of Transactions Are Tracked, Says Chief Commissioner of IT

15 November 2024 at 06:36

In a significant statement, Sanjay Rai, the Chief Commissioner of Income Tax, Madurai, revealed that the Income Tax Department currently captures only 23% of the total transactions occurring across the country.

Posted in Income Tax | 1977 Views

Two Senior IRS Officers Appointed to Key Roles in CBIC

15 November 2024 at 06:36

The Appointments Committee of the Cabinet has approved the following appointments to the posts of Member, Central Board of Indirect Taxes and Customs

Posted in Income Tax | 387 Views

Direct Tax Code Overhaul Expected in Budget 2025 to Cut Litigation and Simplify Compliance

14 November 2024 at 09:26

As the Union Budget 2025 approaches, the CBDT is reportedly focused on introducing a streamlined version of India’s income tax laws.

Posted in Income Tax | 4923 Views

CBDT Grants Tax Exemption to Petroleum and Natural Gas Regulatory Board Effective from AY 2024-25

14 November 2024 at 06:41

On November 12, 2024, the Central Board of Direct Taxes (CBDT) issued a notification granting tax-exempt status to the Petroleum and Natural Gas Regulatory Board (PNGRB) under section 10(46A)(b) of the Income-tax Act, 1961.

Posted in Income Tax | 1824 Views

Income Tax Department Cracks Down on Bogus Refund Claims, Sends Notices to Taxpayers

13 November 2024 at 06:36

The Income Tax Department has intensified scrutiny on dubious tax refund claims for the assessment years 2021-22 and 2022-23, issuing notices to multiple taxpayers across the country.

Posted in Income Tax | 10035 Views

Centre Likely to Retain Direct Tax Revenue Estimates in Revised Projections

12 November 2024 at 05:58

As per sources within the Finance Ministry, the Centre is likely to maintain its original budgeted estimate of ₹22.07 lakh crore for direct tax collection when it revises estimates in February.

Posted in Income Tax | 408 Views