Income Tax News

CBDT Forms Committee to Review Income Tax Act, Seeks Public Input via e-Filing Portal

08 October 2024 at 08:38

In pursuance of the announcement in the Union Budget 2024-25 by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, the CBDT has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act).

Posted in Income Tax | 1365 Views

FM Nirmala Sitharaman Urges IT Department to Address Tax Refund Delay Complaint

07 October 2024 at 09:04

On October 4, Finance Minister Nirmala Sitharaman called on the Income Tax department to address a complaint raised by a taxpayer who has faced delays in receiving a tax refund.

Posted in Income Tax | 1 comments | 3441 Views

LSG Forms Committee to Simplify and Streamline Tax Collections in Urban Areas

07 October 2024 at 08:56

The Local Self Government (LSG) department has constituted a five-member committee to make tax collection in urban local bodies more user-friendly, aiming to boost tax revenue.

Posted in Income Tax | 423 Views

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 | 5283 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 | 20475 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