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Income Tax News


Net Direct Tax Collections Surge 21.48% YoY, Reach Rs 12.01 Lakh Crore by September 2024

   19 September 2024 at 14:43

For the period from April to September 2024, gross direct tax collections have reached Rs 12.01 lakh crore, a significant rise from Rs 9.88 lakh crore collected during the same period in 2023.

Posted in Income Tax |   45 Views


FM Sitharaman Launches NPS Vatsalya: New Pension Scheme for Parents to Secure Children's Future

   19 September 2024 at 08:59

Union Finance Minister Smt. Nirmala Sitharaman launches NPS Vatsalya in New Delhi

Posted in Income Tax |   1269 Views


Income Tax Department Raises Threshold for Filing Appeals in Tribunals and Courts

   18 September 2024 at 14:40

In accordance with the latest circular from the Income Tax Department, it has raised the minimum threshold for filing appeals to the Income Tax Appellate Tribunal (ITAT) and the High Courts and Supreme Court.

Posted in Income Tax |   2562 Views


FM Sitharaman Confirms No Tax Rate Reductions for Old Tax Regime

   17 September 2024 at 11:25

In a recent address at an event, Finance Minister Nirmala Sitharaman reaffirmed that the government will not be reducing tax rates under the old tax regime. This statement comes in response to ongoing calls from taxpayers for similar rate reductions

Posted in Income Tax |   2523 Views


3 Mumbai Businessmen Arrested in GST Fraud: Fake ITC Claims via 8 Shell Companies

   16 September 2024 at 09:07

In a major crackdown on fraudulent Input Tax Credit (ITC) claims, the Central Goods and Services Tax (CGST) Palghar Commissionerate has uncovered a fake ITC racket amounting to Rs. 59.11 crore.

Posted in Income Tax |   3996 Views


TCS Employees Receive Income Tax Demand Notices Over TDS Claims

   14 September 2024 at 09:20

Employees of Tata Consultancy Services (TCS) have recently been issued tax demand notices by the Income Tax Department over discrepancies in their Tax Deducted at Source (TDS) claims.

Posted in Income Tax |   4599 Views


Virat Kohli Emerges as Highest Tax-Paying Indian Sportsperson for FY 2023-24, Dhoni and Tendulkar in Top 3

   05 September 2024 at 09:20

According to a recent report, Virat Kohli leads the pack as the highest tax-paying Indian sportsperson for the financial year 2023-24, contributing a staggering Rs 66 crore to the government.

Posted in Income Tax |   2754 Views


GlaxoSmithKline Pharma Receives Rs 222.23 Crore Income Tax Refund for AY 2022-23

   05 September 2024 at 09:14

Global healthcare company GlaxoSmithKline Pharmaceuticals Ltd (GSK) announced on September 3, 2024, that it has received an income tax refund of Rs 222.23 crore for the assessment year 2022-23, following an order issued by the Income Tax Department

Posted in Income Tax  1 comments |   690 Views


Siemens Hit with Rs 29.4 Crore Tax Demand from Income Tax Department

   02 September 2024 at 08:58

Technology giant Siemens Ltd announced on Friday, August 30, that it has received a new tax demand order from the Deputy Commissioner of Income Tax, Circle 8(2)(1), amounting to approximately ₹29.4 crore. This demand was disclosed in a stock exchange

Posted in Income Tax |   333 Views


CBDT rolls out Dispute Resolution Scheme (e-DRS) 2022 to minimise litigation

   31 August 2024 at 09:08

In pursuance of section 245MA in the Income-tax Act, 1961 (hereinafter referred to as "the Act"), the CBDT notified the e-Dispute Resolution Scheme, 2022 (e-DRS) with the aim to reduce litigation and provide relief to eligible taxpayers.

Posted in Income Tax |   2781 Views