Income Tax News

CBDT Clarifies Non-Applicability of Higher TDS/TCS Rates in Case of Deceased Deductees or Collectees Pre-Aadhaar-PAN Linkage

06 August 2024 at 15:58

CBDT has issued a crucial circular (No. 08/2024 dated August 05, 2024) providing clarity on the non-applicability of higher rates of TDS and TCS under sections 206AA and 206CC of the Income-tax Act, 1961

Posted in Income Tax | 3069 Views

Central Government Alerts Taxpayers of Phishing Scams Offering Fake Income Tax Refunds

05 August 2024 at 14:26

The Central Government has issued a critical advisory to taxpayers regarding a new wave of phishing scams involving fraudulent income tax refund messages.

Posted in Income Tax | 2772 Views

72% of Taxpayers Opt for New Regime in AY 2024-25

05 August 2024 at 09:02

According to CBDT, 72% of those who filed their returns by the July 31 deadline opted for the new tax regime, contributing to a record high of almost 7.29 crore Income Tax return filings.

Posted in Income Tax | 2799 Views

Record of Over 7.28 crore ITRs filed for AY 2024-25 till 31st July, 2024

02 August 2024 at 16:03

The total number of ITRs for AY 2024-25 filed till 31st July, 2024 is more than 7.28 crore, which is 7.5% more than the total ITRs for AY 2023-24 (6.77 crore) filed till 31st July, 2023.

Posted in Income Tax | 3120 Views

Finance Ministry Refutes Claims of Future STCG Tax Hike

02 August 2024 at 09:01

In response to a recent report, the Finance Ministry has categorically denied any plans to increase the short-term capital gains (STCG) tax.

Posted in Income Tax | 1 comments | 3120 Views

Income Tax Department Begins Scrutiny of Reassessment Cases for AY 2018-19

01 August 2024 at 09:07

The income-tax department has begun scrutinizing cases for the assessment year (AY) 2018-19 to identify those that need to be reopened, potentially resulting in a wave of tax notices.

Posted in Income Tax | 6513 Views

Capital Gains Tax: Govt Earned Nearly Rs 99,000 Crore from Listed Equities in 2022-23

01 August 2024 at 09:06

The NDA government has reported a significant increase in revenue from long-term capital gains (LTCG) tax on listed equities, with collections reaching Rs 98,681 crore for the fiscal year 2022-23.

Posted in Income Tax | 3546 Views

Finance Ministry Clarifies: Tax Certificate Not Mandatory for All Travelling Abroad

30 July 2024 at 09:04

The Indian government has issued a clarification to address recent misleading reports about mandatory tax clearance for individuals travelling abroad.

Posted in Income Tax | 4443 Views

Income Tax Department Warns: Bogus Claims for Refunds are Punishable Offenses

30 July 2024 at 09:03

Income Tax Department has issued a stern warning to taxpayers against making fraudulent claims. The department cautions that inflating expenses, under-reporting earnings is a punishable offense and may cause delays in refund issuance.

Posted in Income Tax | 4824 Views

ICAI Issues Amendments to AS 22, Accounting for Taxes on Income

30 July 2024 at 09:00

Considering that entities may need time to determine how to apply the principles and requirements in AS 22, Accounting for Taxes on Income (issued by the ICAI) to account for deferred taxes related to top-up tax

Posted in Income Tax | 879 Views