Income Tax News

CBDT Chairman Confirms Income Tax Act Review to Meet Six-Month Deadline

22 August 2024 at 15:00

CBDT Chairman, Ravi Agrawal, has confirmed that the ongoing review of the Income Tax Act of 1961 will be completed within the six-month timeframe announced by Union Finance Minister Nirmala Sitharaman.

Posted in Income Tax | 4581 Views

FM Sitharaman Calls for Fair, User-Friendly Tax Notices and Emphasizes Speedy Refunds and Capacity Building

22 August 2024 at 09:06

Smt. Sitharaman exhorted the Department to be fair and friendly and ensure that there is improved taxpayer experience. The tax notices should be temperate, simple and easy to understand for the taxpayer

Posted in Income Tax | 2151 Views

CBDT Targets IVF Clinics and Medical Colleges in Cash Transaction Crackdown

22 August 2024 at 09:06

The Central Board of Direct Taxes (CBDT) has unveiled a rigorous Central Action Plan (CAP) for the fiscal year 2024-25, targeting sectors notorious for high cash transactions that are frequently under-reported or unreported.

Posted in Income Tax | 1 comments | 2610 Views

ITAT Ruling: No Penalty for Income Concealment if Errors Corrected in Revised Return

22 August 2024 at 09:03

In a significant ruling, the Income-Tax Appellate Tribunal (ITAT) Mumbai bench has provided relief to taxpayers by stating that penalties for income concealment cannot be imposed if a taxpayer has corrected all errors in a revised tax return.

Posted in Income Tax | 2982 Views

CBDT issues clarification in respect of Income-tax clearance certificate (ITCC)

21 August 2024 at 07:12

It is being erroneously reported that all Indian citizens must obtain income-tax clearance certificate (ITCC) before leaving the country - a position that is factually incorrect

Posted in Income Tax | 4638 Views

Kerala Finance Department Reveals Tax Default by Over 600 Bar Hotels

21 August 2024 at 07:11

The Kerala Finance Department said over 600 bar hotels are among the establishments in its list that defaulted on payment of taxes.

Posted in Income Tax | 324 Views

Gurgaon Student in Australia Discovers Rs 133.8 Crore in Fraudulent Transactions Linked to PAN Card

20 August 2024 at 16:37

The father of a youngster filed a police complaint on Sunday, alleging that conmen had used his son's PAN card to carry out transactions amounting to crores

Posted in Income Tax | 7455 Views

Income Tax Department Warns Taxpayers Against Fraudulent Refund Claims

20 August 2024 at 08:56

The Income Tax Department has issued an urgent advisory, cautioning taxpayers to be vigilant against fraudulent schemes involving fake income tax refund claims.

Posted in Income Tax | 8751 Views

ITAT Mumbai Confirms Tax Exemption on Gifts Received from Non-Resident Brother in India

20 August 2024 at 08:56

In a landmark ruling, the Income-Tax Appellate Tribunal (ITAT) Mumbai bench has determined that a Rs 20 lakh gift received by a taxpayer from his non-resident brother, who resides in the UAE, is not subject to taxation.

Posted in Income Tax | 4365 Views

CBDT Directs Income Tax Department to Monitor High-Value Cash Transactions at Hotels, Hospitals

19 August 2024 at 08:56

The Central Board of Direct Taxes (CBDT) has issued a directive to the Income Tax department, emphasizing the need for "non-intrusive" monitoring of rampant cash transactions in sectors such as hotels, luxury brand sales, hospitals, and IVF clinics.

Posted in Income Tax | 4806 Views