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Income Tax News


Updated TDS Rate Chart for FY 2024-25 (AY 2025-26)

   28 March 2024 at 09:10

The Income Tax Department has recently published the updated Tax Deducted at Source (TDS) Rate Chart for the Assessment Year 2025-26.

Posted in Income Tax  2 comments |   9741 Views


CBDT Unveils Revised Form ITR-V for Unverified E-Filed Tax Returns for AY 2024-25

   28 March 2024 at 09:09

Changes in ITR form V and Acknowlegement for A.Y 2024 25 as per the amemdments in the provisions of the Income tax Act, 1961 and In the Income tax Rules, 1962 in consequence of the Finance Act, 2023

Posted in Income Tax |   3609 Views


Exporters Seek Exemption from 45-Day Payment Rule Impacting MSMEs

   25 March 2024 at 07:25

The Indian export sector, representing a significant portion of the nation's economy, is facing a critical challenge due to a recent regulation mandating the clearance of outstanding invoices owed to micro and small enterprises within 45 days

Posted in Income Tax |   3279 Views


Income Tax Department issued Instructions to AOs for initiating proceedings u/s 147 of IT Act in e-Verification cases

   22 March 2024 at 09:16

The Directorate of Income Tax (Systems) released e-Verification Instruction No. 2 (i) of 2024 on March 19, 2024.

Posted in Income Tax |   6444 Views


IT department sets up control room in Delhi to check use of black money in polls

   21 March 2024 at 09:04

Directorate of Income Tax (Investigation), Delhi, sets up 24X7 Control Room and toll-free Mobile Number 9868168682 in connection with the General Elections to Lok Sabha, 2024

Posted in Income Tax  1 comments |   2268 Views


Gross Direct Tax collections for FY 2023-24 register a growth of 18.74%

   20 March 2024 at 09:01

Advance Tax collections for the FY 2023-24 stand at Rs. 9,11,534 crore which shows a growth of 22.31%. Refunds aggregating to Rs. 3,36,808 crore issued in the current fiscal.

Posted in Income Tax  1 comments |   1725 Views


CBDT Orders Opening of Income Tax Offices on March 29-31, 2024 for Pending Work Clearance

   19 March 2024 at 09:06

The Central Board of Direct Taxes (CBDT) has issued an order on March 18, 2024, mandating the opening of all Income Tax Offices across India on March 29, 30, and 31, 2024.

Posted in Income Tax |   4161 Views


CBDT Issues Circular to Streamline Appeal Filings, Aiming to Reduce Litigation

   19 March 2024 at 09:05

CBDT has released Circular No. 5/2024 dated March 15, 2024, under Section 268A of the Income-tax Act, 1961, presenting comprehensive guidelines for the Department's appeal filings before various judicial bodies

Posted in Income Tax  1 comments |   3228 Views


Income Tax Department Releases JSON Schema for ITR 1 and ITR 4 for AY 2024-25

   19 March 2024 at 09:04

The Income Tax Department has announced the release of JSON Schema for Income Tax Return (ITR) forms 1 and 4 for the Assessment Year 2024-25, corresponding to the Financial Year 2023-24.

Posted in Income Tax |   381 Views


CBDT Specifies Press Trust of India Limited for Tax Exemption u/s 10(22B) for AYs 2022-2023 to 2023-2024

   18 March 2024 at 09:12

CBDT has notified "The Press Trust of India Limited, New Delhi" for the purpose of Section 10(22B) of the Income Tax Act, providing the organization with tax exemption benefits for the assessment years 2022-2023 to 2023-2024.

Posted in Income Tax  2 comments |   357 Views