Income Tax News

Central Government Alerts Taxpayers of Phishing Scams Offering Fake Income Tax Refunds

05 August 2024 at 14:26

The Central Government has issued a critical advisory to taxpayers regarding a new wave of phishing scams involving fraudulent income tax refund messages.

Posted in Income Tax | 2760 Views

72% of Taxpayers Opt for New Regime in AY 2024-25

05 August 2024 at 09:02

According to CBDT, 72% of those who filed their returns by the July 31 deadline opted for the new tax regime, contributing to a record high of almost 7.29 crore Income Tax return filings.

Posted in Income Tax | 2772 Views

Record of Over 7.28 crore ITRs filed for AY 2024-25 till 31st July, 2024

02 August 2024 at 16:03

The total number of ITRs for AY 2024-25 filed till 31st July, 2024 is more than 7.28 crore, which is 7.5% more than the total ITRs for AY 2023-24 (6.77 crore) filed till 31st July, 2023.

Posted in Income Tax | 3093 Views

Finance Ministry Refutes Claims of Future STCG Tax Hike

02 August 2024 at 09:01

In response to a recent report, the Finance Ministry has categorically denied any plans to increase the short-term capital gains (STCG) tax.

Posted in Income Tax | 1 comments | 3093 Views

Income Tax Department Begins Scrutiny of Reassessment Cases for AY 2018-19

01 August 2024 at 09:07

The income-tax department has begun scrutinizing cases for the assessment year (AY) 2018-19 to identify those that need to be reopened, potentially resulting in a wave of tax notices.

Posted in Income Tax | 6492 Views

Capital Gains Tax: Govt Earned Nearly Rs 99,000 Crore from Listed Equities in 2022-23

01 August 2024 at 09:06

The NDA government has reported a significant increase in revenue from long-term capital gains (LTCG) tax on listed equities, with collections reaching Rs 98,681 crore for the fiscal year 2022-23.

Posted in Income Tax | 3513 Views

Finance Ministry Clarifies: Tax Certificate Not Mandatory for All Travelling Abroad

30 July 2024 at 09:04

The Indian government has issued a clarification to address recent misleading reports about mandatory tax clearance for individuals travelling abroad.

Posted in Income Tax | 4431 Views

Income Tax Department Warns: Bogus Claims for Refunds are Punishable Offenses

30 July 2024 at 09:03

Income Tax Department has issued a stern warning to taxpayers against making fraudulent claims. The department cautions that inflating expenses, under-reporting earnings is a punishable offense and may cause delays in refund issuance.

Posted in Income Tax | 4821 Views

ICAI Issues Amendments to AS 22, Accounting for Taxes on Income

30 July 2024 at 09:00

Considering that entities may need time to determine how to apply the principles and requirements in AS 22, Accounting for Taxes on Income (issued by the ICAI) to account for deferred taxes related to top-up tax

Posted in Income Tax | 864 Views

Govt to Unveil Revised Direct Tax Code After 6-Month Comprehensive Review: Revenue Secretary

29 July 2024 at 09:03

The central government is yet to decide whether to introduce a new Direct Taxes Code or revamp the existing income tax law, stated Revenue Secretary Sanjay Malhotra at a recent post-Budget conference organized by Assocham in the Capital.

Posted in Income Tax | 1557 Views