Income Tax News

New ITR E-Filing Portal 3.0 to Launch Soon: IT Dept Invites Suggestions

17 October 2024 at 08:55

The Income Tax Department is gearing up to introduce a new and improved e-filing portal, as part of Project IEC 3.0, to replace the current platform (IEC 2.0). ..

Posted in Income Tax | 2328 Views

CBDT Frees 1 Lakh Sq. Ft, Earns Revenue from Scrap in Special Campaign 4.0 Cleanliness Drive

17 October 2024 at 08:54

The Central Board of Direct Taxes (CBDT), in collaboration with the field units of the Income Tax Department, is actively implementing Special Campaign 4.0

Posted in Income Tax | 591 Views

Income Tax Department to Verify 'High-Risk' Refund Claims for AY 2024-25 Using SOP

16 October 2024 at 09:05

The Income Tax Department will implement a systematic process to verify 'high-risk' refund claims filed for the assessment year (AY) 2024-25, which corresponds to the financial year ending March 31, 2024.

Posted in Income Tax | 4203 Views

CBDT issues FAQs on Direct Tax Vivad Se Vishwas Scheme 2024 to provide clarity

16 October 2024 at 09:02

In order to facilitate the various queries raised by the stakeholders following the enactment of the DTVSV Scheme, 2024, the CBDT has today issued a Guidance Note in the form of Frequently Asked Questions (FAQs).

Posted in Income Tax | 3735 Views

CBDT Notifies Income Tax Exemptions for Various Public Authorities u/s 10(46) of the IT Act

15 October 2024 at 09:01

The Central Board of Direct Taxes (CBDT) has issued a series of notifications providing income tax exemptions for public authorities across several sectors under Section 10(46) of the Income-tax Act, 1961.

Posted in Income Tax | 6783 Views

15% Minimum Corporate Tax Rule Likely to be Included in Ongoing IT Act Review

15 October 2024 at 08:55

India is preparing to align with the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) by adopting Pillar 2, which mandates a global minimum corporate tax rate of 15% for multinational corporations (MNCs).

Posted in Income Tax | 2865 Views

Net Direct Tax Collections for FY 2024-25 Surge by 18.35% as of 10th October

14 October 2024 at 09:05

India's net direct tax collections for the financial year 2024-25 have seen significant growth, reaching ₹11.25 lakh crore by October 10, 2024, marking an 18.35% increase compared to the previous year.

Posted in Income Tax | 600 Views

Union Govt Releases Rs 1.78 Lakh Crore Tax Devolution to States, Including Advance Instalment Ahead of Festive Season

11 October 2024 at 09:18

Union Government releases tax devolution of ₹1,78,173 crore to State Governments, including one advance instalment of ₹89,086.50 crore in addition to regular instalment due in October, 2024

Posted in Income Tax | 474 Views

Bombay HC Upholds Tax Exemption on Anonymous Donations to Shirdi Sai Baba Trust

11 October 2024 at 09:03

In a significant ruling, the Bombay High Court on Tuesday upheld the exemption granted to Shree Sai Baba Sansthan Trust, Shirdi, for anonymous donations received under the Income Tax Act.

Posted in Income Tax | 858 Views