Income Tax News
ICAI invites suggestions on Comprehensive Review of the IT Act 1961 and Pre-budget Memorandum 2025
30 September 2024 at 17:24The Hon'ble Finance Minister, while presenting the Union Budget 2024-25, announced that a comprehensive review of the Income-tax Act, 1961 for simplification of the language of the Act
Government Seeks Industry Suggestions for Simplifying IT Act Starting October
30 September 2024 at 15:26The Indian government recently announced that, in an attempt to reform direct taxation policy, it will soon seek public suggestions for modifications of the Income Tax Act, 1961 from the private sector and tax professionals.
ICICI Prudential Life Insurance Receives Rs 361.23 Crore Income Tax Order for AY 2022-23
30 September 2024 at 09:14ICICI Prudential Life Insurance Company Ltd announced on Friday, September 27, 2024, that it has received an income tax order totaling ₹361.23 crore for the assessment year 2022-23.
HDFC Life Faces Income Tax Demand of Rs 296.76 Crore from Authorities
30 September 2024 at 09:13HDFC Life Insurance Company has reported receiving an income tax demand totaling ₹296.76 crore from the Assistant Commissioner of Income Tax, Central Circle 6(2), Mumbai, on September 25, 2024.
Income Tax Department Announces Special Drive to Address Taxpayers' Grievances in October
30 September 2024 at 09:11The Income Tax Department in Srinagar has announced a special drive to address taxpayer grievances in Jammu & Kashmir, scheduled for the first week of October 2024.
Tax Audit Due Date Extended for FY 2023-24 to 7th October 2024
30 September 2024 at 06:41CBDT has decided to extend the specified date for filing of various reports of audit for the Previous Year 2023-24, which was 30th September to 07th October 2024.
Income Tax Act Review Committee Set to Submit Report by October
28 September 2024 at 09:23The government's comprehensive review of India’s decades-old Income Tax Act is making significant progress, with the review committee expected to submit its report by October, according to two government officials.
Labourer Earning Rs 10K Per Month Shocked by Rs 2 Crore Income Tax Notice, Advised to File Appeal
27 September 2024 at 14:24In a shocking case of bureaucratic oversight, a labourer from Bihar’s Gaya district, Rajiv Kumar Verma, has been served an income tax notice for over Rs 2 crore.
Rs 382 Crore Tax Notice Exposes Aadhaar and PAN Misuse Scam in Thane with Multiple Bank Accounts
26 September 2024 at 09:18A shocking case has emerged from Thane's Diva, where a local real estate agent received an income tax notice accusing him of being involved in transactions amounting to ₹382 crore.
SC Requests Income Tax Department's Response to Notices Sent to Panel Assisting in Property Sealing
26 September 2024 at 09:16The Supreme Court has requested a response from the Income Tax Department regarding notices issued to a committee assisting the court in sealing residential premises used for commercial purposes.
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