Income Tax News
Income Tax Department Uncovers Rs 1070 Crore in Wrongful Claims by 90,000 Salaried Individuals
20 January 2025 at 08:48As of December 31, 2024, approximately 90,000 salaried individuals from both public sector undertakings (PSUs) and the private sector have voluntarily withdrawn incorrect tax deductions totalling Rs 1,070 crore.
Income Tax Department Releases Updated Utility Excel-Based & JSON Schema for ITR-1 to ITR-7
18 January 2025 at 07:55In a significant update aimed at streamlining the Income Tax Return (ITR) filing process, the Income Tax Department has released an updated version of the Excel-based Utility and JSON Schema for ITR forms 1 to 7. ITR 1For individuals being a resident
Income Tax Department Empowered to Attach Assets Under Anti-Benami Law Even Without Identifying Beneficial Owner
16 January 2025 at 08:50In a significant ruling dated November 26, 2024, the Adjudicating Authority under the PBPT Act, 1988, upheld the Income Tax Department's power to attach assets under the anti-benami law, even if the actual owner of such properties remains unidentified.
Income Tax Department Cracks Down on Tax Evasion in Educational Institutions
16 January 2025 at 08:50The Income Tax Department has intensified its crackdown on tax evasion within the education sector, conducting nationwide surveys targeting schools suspected of financial irregularities.
CBDT Approves Central Power Research Institute for Tax Benefits under Income Tax Act, 1961
16 January 2025 at 08:49In a significant move, the Central Government has granted approval to the Central Power Research Institute (CPRI), Bengaluru, under the category of "Research Association" for "Scientific Research" as per Section 35(1)(ii) of the Income Tax Act, 1961.
Net Direct Tax Collections Jump 15.88% to Rs 16.90 Lakh Crore in FY 2024-25
15 January 2025 at 07:58According to the latest data, net direct tax collections, after refunds, have increased by 15.88%, reaching ₹16,89,928 crore.
Centre Releases Rs 1.73 Lakh Crore Tax Devolution to States for Development
13 January 2025 at 08:46Union Government releases tax devolution of ₹1,73,030 crore to State Governments to accelerate capital spending and finance their development and welfare-related expenditures
Income Tax Inspector Under CBI Lens for Alleged Bribery in DIT Relief Processing
13 January 2025 at 08:46The Central Bureau of Investigation (CBI) has launched an investigation into allegations of corruption involving an income tax inspector from the International Taxation Circle, Mumbai, and an employee of a private shipping company.
Simplified Income-Tax Act Set to Launch in Budget 2025
13 January 2025 at 08:46The much-anticipated overhaul of the Income-Tax Act, 1961, is likely to be presented during the Budget session of Parliament on February 1, 2025.
IT Department Releases Common Offline Utility for Filing ITR 1 to ITR 4 for AY 2024-25
10 January 2025 at 09:08The Income Tax Department has rolled out the latest versions of its Common Offline Utility for filing Income Tax Returns (ITR) 1, 2, 3, and 4 for the Assessment Year (AY) 2024-25.
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