Income Tax News
Income Tax Department Receives 6500 Stakeholder Suggestions for Overhaul of IT Act, 1961
05 November 2024 at 07:04The Income Tax Department has received a significant response from stakeholders, amassing 6,500 suggestions over the past month for the comprehensive review of the Income Tax Act, 1961.
Gujarat Among Top 5 in Income Tax Contributions, Collects Rs 3.46 Lakh Crore
05 November 2024 at 07:01Gujarat has solidified its position as one of India’s top contributors to income tax, with a remarkable cumulative collection of ₹3.46 lakh crore over the past five years, according to a recent report by the State Bank of India.
Commercial Tax Officer Arrested in Bengaluru for Bribery and Forged Identity Documents
04 November 2024 at 08:41In a significant operation, Lokayukta police have arrested a commercial tax officer from Division-5 in Koramangala, Bengaluru, for allegedly accepting a bribe. ..
Govt Likely to Delay Pillar-2 Tax Rules Citing Limited Revenue Benefit
02 November 2024 at 08:59India is adopting a cautious stance on implementing the OECD-led Pillar 2 tax regime, which mandates a 15% minimum corporate tax rate for multinational enterprises (MNEs) with global revenues exceeding €750 million.
India's Fiscal Deficit for April-September 2024 Marks 29.4% of FY25 Target
02 November 2024 at 08:54India's fiscal deficit for the first half of FY25 (H1FY25) was reported at ₹4.7 trillion, or 29.4% of the full-year Budget Estimate (BE) of ₹16.16 trillion, as per data from the Controller General of Accounts (CGA).
CBDT Notifies Electronic Submission of Specified Forms Under Rule 131 for Income Tax Compliance
01 November 2024 at 07:58CBDT through the Directorate of Income Tax (Systems), issued Notification No. 5/2024 on October 30, 2024, mandating the electronic submission of certain forms listed in Appendix-II of the Income Tax Rules, 1962
CBDT Grants Delay Condonation for AY 2023-24 Income Returns Claiming Section 80P
01 November 2024 at 07:56The Central Board of Direct Taxes (CBDT) has recently issued Circular No. 14/2024 on October 30, 2024, which allows for the condonation of delay in filing income tax returns for Assessment Year (AY) 2023-24
CBDT Notifies Transfer Pricing Tolerance Range for AY 2024-25 Under Rule 10CA
31 October 2024 at 08:05The Central Board of Direct Taxes (CBDT) has issued notification no. 116/2024 dated October 18, 2024 notifying the tolerance range for AY 2024-25.
CBI Files Chargesheet Against Former IT Commissioner in Rs 10 Lakh Bribery Case Involving Multiple Accused
31 October 2024 at 08:03The Central Bureau of Investigation (CBI) has officially filed a chargesheet against five individuals, including the former Principal Commissioner of Income Tax for Patna and Dhanbad, in connection with an alleged Rs 10 lakh bribery case.
CBDT Chairman Urges Income Tax Department to Build Responsive, Fair and Empathetic Tax Administration
31 October 2024 at 07:53Extending Diwali greetings, Agrawal underscored the values of "perseverance, integrity, and wisdom" as guiding principles for department officials
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