Income Tax News

Personal Income Tax Collection Surges 294% in FY24

21 October 2024 at 08:41

India's personal income tax collection rose by 294% over a decade, reaching Rs 10.45 lakh crore in FY24, while corporate tax collections grew by 112%. Tax compliance, return filings, and India's tax-to-GDP ratio also improved.

Posted in Income Tax | 1377 Views

Income Tax Department Releases Handbook on Judicial Matters for Internal Use Only

21 October 2024 at 08:41

Explore key insights from the Handbook on Judicial Matters, including guidelines for filing appeals in the ITAT, High Court, NCLT and NCLAT, along with prosecution procedures and more.

Posted in Income Tax | 927 Views

Direct Tax Share in GDP Reaches 24-Year High at 6.64% in FY24

21 October 2024 at 08:40

Direct taxes surged to 6.64% of GDP in FY24, with collections rising by 17.82%, outpacing nominal GDP growth. Personal income tax collections also surpassed corporation tax for the second year in a row.

Posted in Income Tax | 270 Views

Direct Tax Collections Soar 182% in 10 years, Hit Rs 19.60 Trillion in FY24

19 October 2024 at 08:05

India's direct tax collections have seen an unprecedented surge of 182% in the decade under Prime Minister Narendra Modi's leadership, crossing ₹19.60 trillion in the fiscal year 2023-24.

Posted in Income Tax | 1392 Views

CBDT Releases Updated TDS Rates for FY 2024-25

18 October 2024 at 09:13

The Central Board of Direct Taxes (CBDT) has announced revised TDS rates for the financial year 2024-25, applicable for the assessment year 2025-26.

Posted in Income Tax | 16209 Views

CBDT Exempts RBI from TCS Requirement under Section 206C(1F) of the Income Tax Act

18 October 2024 at 09:13

CBDT has issued Notification No. 115/2024, dated October 16, 2024, exempting the Reserve Bank of India (RBI) from the requirement of tax collection at source (TCS) under Section 206C(1F) of the Income Tax Act, 1961

Posted in Income Tax | 3849 Views

CBDT issues Revised Guidelines for Compounding Offences under IT Act 1961

18 October 2024 at 09:12

CBDT has issued Revised Guidelines for Compounding of offences under the Income-tax Act, 1961(the 'Act') on 17.10.2024.

Posted in Income Tax | 1836 Views

CBDT releases Updated Time Series data upto FY 2023-24

18 October 2024 at 09:11

The Central Board of Direct Taxes (CBDT) has released updated Time-Series data up to FY 2023-24.

Posted in Income Tax | 972 Views

CBDT Amends IT Rules for Easier TCS/TDS Credit Claims by Salaried Employees and Parents of Minors

17 October 2024 at 16:38

CBDT Notifies Amendments in Income-tax Rules for Ease in Claiming Credit for TCS Collected/TDS Deducted for Salaried Employees and Enabling claiming TCS Credit of Minors in the Hands of Parents

Posted in Income Tax | 2148 Views

CBDT Unveils Form 12BAA and Revised TDS/TCS Guidelines

17 October 2024 at 09:03

The Central Board of Direct Taxes (CBDT) has issued Notification No. 112/2024 on October 15, 2024, introducing significant modifications to the Income-tax (Eighth Amendment) Rules, 2024.

Posted in Income Tax | 4329 Views