The ICAI has requested the allowance of a rebate under Section 87A of the Income-tax Act on short-term capital gains chargeable under Section 111A and long-term capital gains chargeable under Section 112.
In a letter dated July 5, 2024, Chartered Accountant Piyush S Chhajed, Chairman of the Direct Taxes Committee, highlighted issues concerning Form 26AS/TIS/AIS and the e-filing process
With the deadline approaching, the daily filing of income tax returns (ITR) has surged to an impressive 13 lakhs, the Income Tax Department reported.
In a significant shift in the Indian tax landscape, personal income tax has now become the largest revenue contributor for the Indian government, surpassing both corporate tax and the Goods and Services Tax (GST).
Enforcement Directorate (ED) Mumbai has provisionally attached the Malabar Hill flat belonging to Purushottam Chavan, husband of an IPS officer, in connection with the Rs 263 crore Income Tax Refund fraud case.
In a significant development, the Supreme Court of India has sought the response of the Income Tax Department to a petition filed by NewsClick against two income tax notices.
Income Tax Department has released updated e-filing utilities for ITR-7. This form is specifically for persons including companies required to furnish returns under sections 139(4A), 139(4B), 139(4C), or 139(4D) of the Income Tax Act, 1961.
In a landmark decision, the Ministry of Finance has approved an appeal by a senior Indian Revenue Service (IRS) officer to officially change her name and gender - the first instance of such a change in the history of the Indian Civil Service.
CBDT has issued new guidelines via F.No.299/10/2022-Dir(Inv.III)/1522 dated June 26, 2024. These guidelines are set to bring clarity and consistency in the handling of cases involving income that has escaped assessment.
State-owned Bank of Baroda has disclosed in a regulatory filing that it has received a demand order of Rs 1,067.82 crore under Section 156 of the Income Tax Act, 1961, for the assessment year 2017-18
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