Income Tax News

Maharashtra Govt Abolishes NA Tax for Housing, Commercial and Industrial Properties

07 October 2024 at 08:55

In a significant move, the Maharashtra government has permanently abolished the non-agricultural (NA) tax levied on housing societies, industrial, and commercial properties in urban areas.

Posted in Income Tax | 5280 Views

FM Sitharaman Directs IT Dept to Review Lost Cases at High Courts, Supreme Court for Key Insights

04 October 2024 at 09:15

Union Finance Minister Nirmala Sitharaman has directed the Income Tax Department to analyze court cases it has lost over the past decade to derive lessons and minimize litigation disputes, official sources reported on Monday.

Posted in Income Tax | 2199 Views

CBDT Issues Procedure for Declaration and Undertaking in Form-1 under Direct Tax Vivad Se Vishwas Rules, 2024

04 October 2024 at 09:14

CBDT, through the Directorate of Income Tax (Systems), Bengaluru, has issued an important procedure for taxpayers making declarations and furnishing undertakings in Form-1 under Rule 4 of the Direct Tax Vivad Se Vishwas Rules, 2024.

Posted in Income Tax | 2295 Views

Major Win for Tax Department: Supreme Court Ruling to Impact 90,000 Reassessment Notices

03 October 2024 at 15:25

In a landmark decision, the SC ruled on Thursday that the Income Tax Act must be interpreted with the amended provisions effective from 1st April 2021. This ruling directly impacts approximately 90,000 reassessment notices

Posted in Income Tax | 6981 Views

CBDT Issues Circular on Condonation of Delay for ITR Refunds and Loss Carry Forward Claims

03 October 2024 at 09:05

CBDT issued Circular No. 11/2024 on October 1, 2024, establishing new guidelines for condoning delays in filing income tax returns (ITRs) claiming refunds or carrying forward losses under Section 119(2)(b) of the Income-tax Act, 1961

Posted in Income Tax | 2 comments | 20463 Views

ICICI Lombard Receives Rs 1388 Crore IT Demand for AY 2021-22

01 October 2024 at 09:10

ICICI Lombard General Insurance Co. has been served an income tax demand of ₹1,388.09 crore, including ₹321 crore in interest, by the Office of the Assistant Commissioner of Income-Tax, Mumbai.

Posted in Income Tax | 612 Views

Income Tax Simplification Gains Momentum: Feedback Process Set to Roll Out Ahead of Budget 2025

01 October 2024 at 09:08

Expectations are rising that the long-awaited simplification of India's Income Tax Act, 1961, could soon become a reality.

Posted in Income Tax | 2 comments | 1512 Views

ICAI invites suggestions on Comprehensive Review of the IT Act 1961 and Pre-budget Memorandum 2025

30 September 2024 at 17:24

The Hon'ble Finance Minister, while presenting the Union Budget 2024-25, announced that a comprehensive review of the Income-tax Act, 1961 for simplification of the language of the Act

Posted in Income Tax | 1185 Views

Government Seeks Industry Suggestions for Simplifying IT Act Starting October

30 September 2024 at 15:26

The Indian government recently announced that, in an attempt to reform direct taxation policy, it will soon seek public suggestions for modifications of the Income Tax Act, 1961 from the private sector and tax professionals.

Posted in Income Tax | 351 Views

ICICI Prudential Life Insurance Receives Rs 361.23 Crore Income Tax Order for AY 2022-23

30 September 2024 at 09:14

ICICI Prudential Life Insurance Company Ltd announced on Friday, September 27, 2024, that it has received an income tax order totaling ₹361.23 crore for the assessment year 2022-23.

Posted in Income Tax | 699 Views