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Income Tax
Income Tax News
Income Tax
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.
Income Tax
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.
Income Tax
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.
Income Tax
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.
Income Tax
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.
Income Tax
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.
Income Tax
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.
CBDT
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’.
Income Tax
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
Income Tax
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.
CBDT
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’.
Narendra Modi
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.
Income Tax
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.
Income Tax
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.
Income Tax
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.
Income Tax
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.
Income Tax
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%?
Income Tax
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.
Sikkim Tax Act
31 Jul 2024
Find Out Why Residents Of THIS State Enjoy Complete Tax Exemption
The Sikkim Income Tax exemption is explained in Section 10(26AAA) of the Income Tax Act.
ITR filing 2024
30 Jul 2024
ITR Filing: Pay Zero Tax On Rs 10 Lakh Yearly Income --Here's The Math
An individual's salary is taxed as per his/her income tax structure and pay bracket. However, if you judiciously use the savings instrument prescribed in the Income Tax laws, you can save a huge amount on your taxes. Here's how.
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