Income Tax News

Net Direct Tax Collections Jump 15.88% to Rs 16.90 Lakh Crore in FY 2024-25

15 January 2025 at 07:58

According to the latest data, net direct tax collections, after refunds, have increased by 15.88%, reaching ₹16,89,928 crore.

Posted in Income Tax | 1464 Views

Centre Releases Rs 1.73 Lakh Crore Tax Devolution to States for Development

13 January 2025 at 08:46

Union Government releases tax devolution of ₹1,73,030 crore to State Governments to accelerate capital spending and finance their development and welfare-related expenditures

Posted in Income Tax | 402 Views

Income Tax Inspector Under CBI Lens for Alleged Bribery in DIT Relief Processing

13 January 2025 at 08:46

The Central Bureau of Investigation (CBI) has launched an investigation into allegations of corruption involving an income tax inspector from the International Taxation Circle, Mumbai, and an employee of a private shipping company.

Posted in Income Tax | 1875 Views

Simplified Income-Tax Act Set to Launch in Budget 2025

13 January 2025 at 08:46

The much-anticipated overhaul of the Income-Tax Act, 1961, is likely to be presented during the Budget session of Parliament on February 1, 2025.

Posted in Income Tax | 2310 Views

IT Department Releases Common Offline Utility for Filing ITR 1 to ITR 4 for AY 2024-25

10 January 2025 at 09:08

The Income Tax Department has rolled out the latest versions of its Common Offline Utility for filing Income Tax Returns (ITR) 1, 2, 3, and 4 for the Assessment Year (AY) 2024-25.

Posted in Income Tax | 1032 Views

Shri Tuhin Kanta Pandey Assumes Charge as Revenue Secretary, Ministry of Finance

10 January 2025 at 08:54

The current Finance Secretary, Shri Tuhin Kanta Pandey, took charge as the Secretary, Department of Revenue (DoR), Ministry of Finance, in forenoon today.

Posted in Income Tax | 636 Views

Income Tax Department Launches 24x7 Control Room to Monitor Unaccounted Cash and Valuables Ahead of Delhi Assembly Elections 2025

09 January 2025 at 09:04

Income Tax Department sets up 24x7 Control Room with Toll Free Number to vigil on movement of unaccounted cash, bullion & other valuables to ensure clean and fair Delhi Legislative Assembly Elections, 2025

Posted in Income Tax | 738 Views

CBDT Notifies Exemption for IFSC Units from Section 206C(1H) Tax Collection Under Income-tax Act

09 January 2025 at 08:49

CBDT has issued a key update via Notification No. 6/2025 dated January 6, 2025, exempting Units of IFSC from being treated as buyers under Section 206C(1H) of the Income-tax Act, 1961.

Posted in Income Tax | 915 Views

Income Tax Department Releases Updated Excel-Based Utility for ITR-2 and ITR-3

07 January 2025 at 09:09

The Income Tax Department has released the latest Excel-based Utility Version 1.8 for filing Income Tax Returns (ITR-2 and ITR-3), ensuring a smoother and more efficient e-filing process for taxpayers.

Posted in Income Tax | 2598 Views

Delhi Police Warns Personnel Against Filing Bogus Income Tax Returns

07 January 2025 at 09:03

The Delhi Police General Administration (GA) Department has issued a strict directive to its personnel, cautioning them against filing fraudulent income tax (IT) returns by claiming fake deductions.

Posted in Income Tax | 3945 Views