Income Tax News
74% of High-End Corporate Taxpayers Favor Real-Time Tax Reporting: Survey
21 November 2024 at 09:04A recent survey has revealed that 74% of India’s top corporate taxpayers are advocating for the Income Tax (I-T) department to enable near real-time reporting and compliance monitoring.
CBDT Grants Income Tax Exemptions to Legal and Aviation Bodies
21 November 2024 at 08:59The CBDT has issued two key notifications under Section 10(46) of the Income-tax Act, 1961, exempting specified income of entities in the legal and aviation sectors from taxation. Notification No. 119/2024
CBDT Allows Condonation of Delay for Filing Forms 10-IC and 10-ID for AYs 2020-21 to 2022-23
20 November 2024 at 09:12In a significant relief to taxpayers, the CBDT has issued Circular No. 17/2024 dated Nov 17, 2024, permitting the condonation of delays in filing Form 10-IC and Form 10-ID for AYs 2020-21, 2021-22, and 2022-23.
CBDT Urges Taxpayers to Rectify Foreign Income Discrepancies Before 31st Dec 2024
20 November 2024 at 09:11Ravi Agarwal, Chairman of the Central Board of Direct Taxes (CBDT), has called on taxpayers with foreign income or assets to take advantage of the current window to amend discrepancies in their income tax returns.
CBDT Chairman Dedicates Taxpayers' Lounge at IITF 2024, Launches Brochures on Direct Taxation
19 November 2024 at 09:01CBDT releases five informational brochures on various aspects of direct taxation for ease of understanding and taxpayers' facilitation at IITF
CBDT Allows Condonation of Delay for Filing Forms 9A, 10, 10B and 10BB for AY 2018-19 Onwards
19 November 2024 at 08:54CBDT has issued Circular No. 16/2024 dated November 18, 2024, addressing the condonation of delay in filing critical income tax forms Form No. 9A, 10, 10B, and 10BB for the Assessment Year (AY) 2018-19 and subsequent assessment years.
CBI Arrests Two CBDT Officers in Panaji for Alleged Bribe in Pending Contractor Bills Case
18 November 2024 at 05:13The Central Bureau of Investigation (CBI) arrested two assistant accounts officers of the CBDT, Pankaj Kumar and Aul Wani, in Panaji on Friday for allegedly demanding and accepting a bribe to clear pending bills of a contractor.
Govt Highlights Shift in Tax Burden and Rising Taxpayer Base Over the Last Decade
18 November 2024 at 05:13The government has claimed a significant reduction in the tax burden on middle-class individuals earning less than ₹20 lakh annually over the past decade, while the tax contributions from high-income earners (above ₹50 lakh) have surged.
CBDT Launches Campaign to Help Taxpayers Report Foreign Assets and Income in AY 2024-25
18 November 2024 at 05:13CBDT launches Compliance-Cum-Awareness Campaign for AY 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets and reporting income from foreign sources in ITR
FM Nirmala Sitharaman Refutes Karnataka's Claims of Tax Devolution Bias
16 November 2024 at 07:00Union Finance Minister Nirmala Sitharaman firmly rejected the Karnataka government’s allegations of "step-motherly treatment" in tax devolution, describing the claims as baseless and aimed at misleading voters.
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