Income Tax News

Income Tax Department Recovers Rs 37,000 Crore from Non-Filers Through Data Analytics

18 December 2024 at 09:12

The Income Tax Department has intensified its crackdown on tax evasion, recovering ₹37,000 crore over the past 20 months from individuals who failed to file income tax returns despite having taxable income.

Posted in Income Tax | 9255 Views

CBDT Launches Electronic Campaign to Address Income and Transaction Mismatches for FY 2023-24 and FY 2021-22

17 December 2024 at 15:35

CBDT has launched an electronic campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the AIS and those disclosed in ITRs for the financial years 2023-24 and 2021-22.

Posted in Income Tax | 2067 Views

Higher Taxes Will Drive Capital Away, Warns CEA Nageswaran

17 December 2024 at 09:20

Chief Economic Advisor (CEA) V Anantha Nageswaran emphasized on Friday that taxing capital less may not significantly boost investments, but taxing it more could deter capital flow and harm the economy.

Posted in Income Tax | 1275 Views

Rs 4.67 Crore Tax for D Gukesh: Fans Target FM Sitharaman After Chess Win

17 December 2024 at 09:17

While the nation celebrated Gukesh's incredible achievement, a section of fans humorously congratulated the Income Tax Department and Finance Minister Nirmala Sitharaman

Posted in Income Tax | 4773 Views

New Income-Tax Bill Unlikely in Budget 2025 Session

17 December 2024 at 09:13

The Finance Ministry is unlikely to introduce the much-anticipated new Income-Tax Bill during the upcoming Budget session of Parliament.

Posted in Income Tax | 2742 Views

IT Department Issues Notices to Indian Residents for Undeclared Foreign ESOPs and Assets

16 December 2024 at 09:07

Notices are being sent to employees of MNCs holding ESOPs from foreign parent companies, especially those who failed to declare dividend income or ownership of such shares in their ITRs.

Posted in Income Tax | 2241 Views

Income Tax Refunds Soar 46.31% to Rs 3.08 Lakh Crore in FY 2024-25 - Finance Ministry

14 December 2024 at 09:10

The Ministry of Finance announced a remarkable 46.31% surge in income tax refunds issued during the period of April 1 to November 27 in the financial year 2024-25, compared to the same period in 2023-24.

Posted in Income Tax | 1521 Views

CBDT Amends Notification on Tax Exemptions u/s 10(23FE) of Income-tax Act

13 December 2024 at 06:25

In a recent development, the Central Board of Direct Taxes (CBDT) issued Notification No. 127/2024 dated December 11, 2024, amending its earlier notification (No. 44/2020) issued on July 6, 2020, under Section 10(23FE) of the Income-tax Act, 1961.

Posted in Income Tax | 948 Views

Amit Shah Outlines Key Tax Benefits for Cooperative Societies in Rajya Sabha

13 December 2024 at 06:25

The Government of India has taken various initiatives to provide the income tax relief to cooperative societies. This was stated by the Minister of Cooperation, Shri Amit Shah in a written reply to a question in the Rajya Sabha.

Posted in Income Tax | 2343 Views

Income Tax Review Committee Aims to Simplify IT Act Without Changing Tax Rates

12 December 2024 at 09:13

The Income-Tax Review Committee, tasked with overhauling India’s Income Tax Act of 1961, is focusing solely on simplifying the law to make it more concise and user-friendly.

Posted in Income Tax | 2 comments | 1464 Views