Income Tax News

HDFC Life Insurance Receives Rs 1495.17 Crore Tax Demand from IT Department

01 July 2024 at 09:00

In a recent development, HDFC Life Insurance announced on Friday that it has received a tax demand of Rs 1,495.17 crore from the Income Tax department for the assessment year 2021-22.

Posted in Income Tax | 2451 Views

Ravi Agrawal Appointed as New Chairman of CBDT

01 July 2024 at 08:57

In a significant administrative move, Ravi Agrawal, a 1988-batch Indian Revenue Service (IRS) officer, has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT), the top policy-making body for the Income Tax Department.

Posted in Income Tax | 2481 Views

CBDT Issues New Order Under Direct Tax Vivad se Vishwas Act for Tax Dispute Resolution

29 June 2024 at 08:57

The Central Board of Direct Taxes (CBDT) has issued a new order under the Direct Tax Vivad se Vishwas Act, 2020 (DTVsV Act).

Posted in Income Tax | 5277 Views

CBDT Mandates Electronic Filing of Appendix-II Forms under Income Tax Rules 1962

29 June 2024 at 08:56

The Central Board of Direct Taxes (CBDT) has issued a new notification that mandates the electronic submission of certain forms under the Income Tax Rules, 1962. This move aims to streamline the filing process and enhance compliance.

Posted in Income Tax | 4833 Views

Income Tax Department Releases Complete Income Tax Act, 1961 PDF with Finance Act, 2024 Amendments

27 June 2024 at 09:01

The Income Tax Department has taken a significant step towards transparency and accessibility by making available the complete Income Tax Act, 1961, as amended by the Finance Act, 2024.

Posted in Income Tax | 1 comments | 11526 Views

Madhya Pradesh Cabinet Ends 1972 Rule: Ministers to Pay Their Own Income Taxes

26 June 2024 at 09:01

In a landmark move, the Madhya Pradesh Cabinet decided on Tuesday that state ministers will now pay their own income taxes on salaries and allowances

Posted in Income Tax | 2643 Views

New Tax Regime Default for AY 2024-25: How to Opt for Old Regime

22 June 2024 at 08:52

For AY 2024-25, NEW TAX REGIME is the default regime for Individual, HUF, AOP (other than co-operative society), BOI and Artificial Juridical Person.

Posted in Income Tax | 4572 Views

Offline and Online Utility of ITR-7 for AY 2024-25 Now Available for Filing

22 June 2024 at 08:49

The Income Tax Department has released the offline and online utilities for filing Income Tax Return (ITR) Form 7 for the Assessment Year (AY) 2024-25.

Posted in Income Tax | 717 Views

Govt May Raise Tax Exemption Limit To Rs 5 Lakh Under New Tax Regime

20 June 2024 at 09:03

Multiple officials have indicated that the Centre may raise the income threshold for tax exemption in the upcoming budget, expected to be presented in mid-July...

Posted in Income Tax | 1 comments | 3756 Views

Gross Direct Tax collections for FY 2024-25 register a growth of 22.19%

19 June 2024 at 08:47

The provisional figures of Direct Tax collections for the Financial Year 2024-25 (as on 17.06.2024) show that Net collections are at Rs. 4,62,664 crore, compared to Rs. 3,82,414 crore

Posted in Income Tax | 507 Views