Income Tax News

Income Tax Department Releases Updated Utilities and Schema for ITR-7 Filing

26 October 2024 at 08:49

The Income Tax Department has released the latest version of utilities and schema for filing ITR-7, applicable to persons, including companies, required to furnish returns under sections 139(4A), 139(4B), 139(4C), and 139(4D)

Posted in Income Tax | 483 Views

Number of High-Income Taxpayers in India Rises Fivefold in a Decade

25 October 2024 at 08:51

The number of Indian taxpayers with taxable incomes exceeding ₹1 crore has surged more than fivefold, reaching nearly 2.3 lakh in the assessment year (AY) 2023-24, compared to just 44,078 in AY 2013-14, according to a report. This significant rise re

Posted in Income Tax | 1656 Views

Income Tax Department Releases Updated Common Offline Utility for Form 3CA-3CD and 3CB-3CD

23 October 2024 at 08:49

The Income Tax Department has launched the latest version (1.3.3) of the common offline utility for Form 3CA-3CD and 3CB-3CD, essential for taxpayers required to submit audit reports under Section 44AB of the Income-tax Act, 1961.

Posted in Income Tax | 603 Views

Income Tax Department Releases Updated ITR-3 Utility Excel-Based Tool

23 October 2024 at 08:48

The Income Tax Department has released an updated version (1.5) of the Excel-based utility for filing ITR-3, catering to individuals and Hindu Undivided Families (HUFs) with income from profits and gains of business or profession.

Posted in Income Tax | 582 Views

Surge in High-Income Taxpayers Reflects Growing Incomes and Compliance

23 October 2024 at 08:48

The number of individuals reporting taxable income exceeding ₹1 crore has seen a dramatic rise, jumping from 44,078 in AY 2013-14 (FY 2012-13) to nearly 2.3 lakh in AY 2023-24 (FY 2022-23).

Posted in Income Tax | 330 Views

Number of Income Taxpayers in India Exceeds 10 Crore, Tax Buoyancy Hits 2+ in FY24

21 October 2024 at 08:42

India's income taxpayer base has crossed 10 crore, nearly doubling in the last decade. Tax buoyancy rose to over 2 in FY24, indicating strong tax revenue growth aligned with GDP.

Posted in Income Tax | 1551 Views

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