Income Tax News

Govt to Unveil Revised Direct Tax Code After 6-Month Comprehensive Review: Revenue Secretary

29 July 2024 at 09:03

The central government is yet to decide whether to introduce a new Direct Taxes Code or revamp the existing income tax law, stated Revenue Secretary Sanjay Malhotra at a recent post-Budget conference organized by Assocham in the Capital.

Posted in Income Tax | 1569 Views

Income Tax Department Releases New Offline Utility for ITR 1 to ITR 4 Filing for AY 2024-25

29 July 2024 at 09:01

Common Offline Utility for filing Income-tax Returns ITR 1, ITR 2, ITR 3 and ITR 4 for the AY 2024-25

Posted in Income Tax | 615 Views

Income Tax Department Clarifies Cost of Acquisition for Pre-2001 Properties Under New Capital Gains Tax Regime

26 July 2024 at 11:21

In the realm of property taxation, a crucial issue has surfaced regarding the Cost of Acquisition for assets bought before April 1, 2001.

Posted in Income Tax | 6381 Views

Zomato Expects Rs 40 Crore Tax Refund for its Delivery Partners

22 July 2024 at 08:56

In a progressive move to support its delivery partners, Zomato has enabled Income Tax Return (ITR) filing through its partner app.

Posted in Income Tax | 3093 Views

Income Tax Portal Update Denies Rebate for Short-Term Capital Gains

20 July 2024 at 07:20

Overview of the IssueAfter a recent update to the tax-filing utility on the income tax portal this month, many taxpayers are facing the unexpected issue of being denied a valid rebate of up to Rs 25,000 under the new tax regime.

Posted in Income Tax | 4698 Views

CBDT awards Taxnet 2.0 Project to M/s Bharti-Airtel Ltd

20 July 2024 at 07:20

The Central Board of Direct Taxes (CBDT) has awarded the Taxnet 2.0 project to M/s Bharti-Airtel Ltd for providing network connectivity, facility management services and video conferencing services to the Income Tax Department (ITD)

Posted in Income Tax | 642 Views

ICAI Requests Rebate u/s 87A for Income Tax on Short-term and Long-term Capital Gains

19 July 2024 at 09:40

The ICAI has requested the allowance of a rebate under Section 87A of the Income-tax Act on short-term capital gains chargeable under Section 111A and long-term capital gains chargeable under Section 112.

Posted in Income Tax | 9099 Views

ICAI Raises 9 Concerns related to Form 26AS/TIS/AIS and e-filing of ITR Forms

18 July 2024 at 09:21

In a letter dated July 5, 2024, Chartered Accountant Piyush S Chhajed, Chairman of the Direct Taxes Committee, highlighted issues concerning Form 26AS/TIS/AIS and the e-filing process

Posted in Income Tax | 5457 Views

ITR Filing Surge to 13 Lakh, Total 2.7 Crore Filed by July 14

18 July 2024 at 09:18

With the deadline approaching, the daily filing of income tax returns (ITR) has surged to an impressive 13 lakhs, the Income Tax Department reported.

Posted in Income Tax | 2376 Views

Personal Income Tax Emerges as Largest Revenue Source for Govt, Surpassing Corporate Tax and GST

18 July 2024 at 09:15

In a significant shift in the Indian tax landscape, personal income tax has now become the largest revenue contributor for the Indian government, surpassing both corporate tax and the Goods and Services Tax (GST).

Posted in Income Tax | 855 Views