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Income Tax News

20 Nov 2024

Taxpayers Hit: New Rule Limits Tax Refund Claims for Past Periods

The Central Board of Direct Taxes (CBDT) has recently released a circular addressing the process for submitting condonation of delay applications related to filing Income Tax Returns (ITR). This request enables taxpayers to file their ITRs even after the official deadline for submission or revision has passed.

14 Nov 2024

Number Of ITRs For Incomes Above Rs 50 Lakh Surge 5-Fold In 10 Years

The percentage of income tax collection from taxpayers earning less than Rs 10 lakh has reduced, from 10.17 per cent of the total tax paid in 2014 to 6.22 per cent in 2024.

04 Nov 2024

FM Nirmala Sitharaman Apprised About Review Of Income Tax Act By Top Officials

The Revenue Secretary informed the Union Finance Minister that 22 specialised sub-committees have been established to review the various aspects of the Income Tax Act.

27 Oct 2024

India's Crorepati Taxpayers Surge 5 Times In A Decade, Reaching 2.2 Lakh

Granular analysis indicates the shifting of the middle class in India from an income range of Rs 1.5–Rs 5 lakh in AY14 to Rs 2.5–Rs 10 lakh in AY24.

26 Oct 2024

Govt Should Prioritise Review Of Income Tax Act: SBI Research

The Central Board of Direct Taxes (CBDT) has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act), as was announced in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman.

12 Oct 2024

Revised Income Tax Audit Report Deadline For AY 2024-25: Check Date, Penalties

Revised Income Tax Audit Report Deadline: The deadline for submitting the income tax audit report for the financial year 2023-24 (assessment year 2024-25) was originally set for October 7, 2024.

07 Oct 2024

Do You Want To Give Inputs On Income Tax Act? Govt Invites Suggestions

Check out the direct link which is accessible to the stakeholders/experts/public in the E-filing portal.

01 Oct 2024

Income Tax Audit Report Deadline Extended For AY 2024-25: Check New Date

Income Tax Audit Report Deadline: The new deadline specifically applies to assessees covered under section 139 of the Income Tax Act, 1961.

30 Sep 2024

6 Income Tax Rules Kicking In From Tomorrow, October 1

From tomorrow, i.e 1 October 2024, several proposals announced by Finance Minister Nirmala Sitharaman during her Budget 2024-25 announcement will come into effect.

30 Sep 2024

New Rule For Taxpayers Kicks In From Tomorrow, 1 October 2024 -- Check Details

The rules pertaining to Direct Tax Vivad Se Vishwas Rules 2024, which will provide lesser settlement amounts for a ‘new appellant’ in comparison to an ‘old appellant’.

27 Sep 2024

6 Income Tax Rules From Oct 1 --Check Latest TDS Rate, Tax On Share Buyback

Here Are 6 Income Tax Rules That Will Be Effective From October 1

24 Sep 2024

Income Tax Audit Report Deadline Ends On Sept 30 For FY 2023-24; Check Penalty

Income Tax Audit Report Deadline: A tax Audit is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax viewpoint. It makes the process of income computation for filing of return of income easier.

23 Sep 2024

New Rule For Taxpayers Effective From 1 October-- Here's All You Want To Know

The Central Board of Direct Taxes (CBDT) has notifies Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, that provides for lesser settlement amounts for a ‘new appellant’ in comparison to an ‘old appellant’.

16 Sep 2024

100 Days Of Modi 3.0: ITR Exemption Limit To Rs 7L, Hike In Standard Deduction

In the first 100 days of Modi 3.0, the government has also revised rank-wise pensions under the One Rank One Pension (OROP) scheme for retirees from the Army, Navy, Air Force and other defence units, as well as for family pensioners, effective July 1, 2024.

26 Aug 2024

ITR Processing Time: Why Is Your ITR Still Under Processing In 2024?

ITR Processing Time: Over 7 crore Income Tax Returns (ITRs) were filed by the July 31, 2024, deadline. By August 23, the Income Tax Department had processed 5.34 crore of these returns.

20 Aug 2024

Income Tax Clearance Certificate Mandatory For All? CBDT Clarifies New Rules

The total number of ITRs filed for the Assessment Year (AY) 2024-25 exceeded 7.28 crore, marking a 7.5% increase compared to the 6.77 crore ITRs filed by the same date for AY 2023-24.

12 Aug 2024

Net Direct Tax Collection Grows 22 Per Cent To Rs 6.93 Lakh Crore

Securities Transaction Tax (STT) mopped up Rs 21,599 crore, while other taxes (which include equalisation levy and gift tax) earned Rs 1,617 crore.

12 Aug 2024

Income Tax Refund Delay: Will You Get Interest On Delayed Tax Refunds?

The Income Tax department takes four to five weeks for the refund to be credited to the account of the taxpayer, according to the official website.

05 Aug 2024

India Is Not The Country With Highest Income Tax; Check Ranks Of Top 7 Nations

Income tax rates have been a subject of debate in India. Even in the recent budget, when the Finance Minister did not announce a relief for the taxpayers, the middle class was most disappointed. But do you know that while many countries have either no or very low tax rates, income tax in some countries is as high as 59%, which is almost double compared to India's top slab of 30%?

02 Aug 2024

Choosing Between Old And New Income Tax Regimes? 5 Things To Consider

Here are 5 things to consider if you are stuck between the dilemma of chosing between new and old tax regime.

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