Income Tax News

Simplified Income-Tax Act Set to Launch in Budget 2025

13 January 2025 at 08:46

The much-anticipated overhaul of the Income-Tax Act, 1961, is likely to be presented during the Budget session of Parliament on February 1, 2025.

Posted in Income Tax | 2376 Views

IT Department Releases Common Offline Utility for Filing ITR 1 to ITR 4 for AY 2024-25

10 January 2025 at 09:08

The 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.

Posted in Income Tax | 1140 Views

Shri Tuhin Kanta Pandey Assumes Charge as Revenue Secretary, Ministry of Finance

10 January 2025 at 08:54

The current Finance Secretary, Shri Tuhin Kanta Pandey, took charge as the Secretary, Department of Revenue (DoR), Ministry of Finance, in forenoon today.

Posted in Income Tax | 726 Views

Income Tax Department Launches 24x7 Control Room to Monitor Unaccounted Cash and Valuables Ahead of Delhi Assembly Elections 2025

09 January 2025 at 09:04

Income Tax Department sets up 24x7 Control Room with Toll Free Number to vigil on movement of unaccounted cash, bullion & other valuables to ensure clean and fair Delhi Legislative Assembly Elections, 2025

Posted in Income Tax | 795 Views

CBDT Notifies Exemption for IFSC Units from Section 206C(1H) Tax Collection Under Income-tax Act

09 January 2025 at 08:49

CBDT has issued a key update via Notification No. 6/2025 dated January 6, 2025, exempting Units of IFSC from being treated as buyers under Section 206C(1H) of the Income-tax Act, 1961.

Posted in Income Tax | 978 Views

Income Tax Department Releases Updated Excel-Based Utility for ITR-2 and ITR-3

07 January 2025 at 09:09

The Income Tax Department has released the latest Excel-based Utility Version 1.8 for filing Income Tax Returns (ITR-2 and ITR-3), ensuring a smoother and more efficient e-filing process for taxpayers.

Posted in Income Tax | 2718 Views

Delhi Police Warns Personnel Against Filing Bogus Income Tax Returns

07 January 2025 at 09:03

The Delhi Police General Administration (GA) Department has issued a strict directive to its personnel, cautioning them against filing fraudulent income tax (IT) returns by claiming fake deductions.

Posted in Income Tax | 4038 Views

Ministry of Civil Aviation Denies Digi Yatra Data Sharing with Tax Authorities

06 January 2025 at 08:54

The Ministry of Civil Aviation has strongly refuted claims that passenger data from the Digi Yatra app is being shared with Indian tax authorities.

Posted in Income Tax | 849 Views

CBDT Issues Key Income Tax Exemptions for Credit Guarantee Entities and IFSC Units

04 January 2025 at 08:57

The Central Board of Direct Taxes (CBDT) has issued three significant notifications under the Income-tax Act, 1961, aimed at tax relief and compliance facilitation, effective from January 1, 2025.

Posted in Income Tax | 1824 Views

Income Tax Department to Update ITR Forms for Section 87A Tax Rebate Claims for FY 2023-24

03 January 2025 at 09:02

The Income Tax Department has announced a major relief for resident individuals eligible to claim the Section 87A tax rebate for FY 2023-24 but were unable to do so earlier.

Posted in Income Tax | 5544 Views