Income Tax News

Adopt Guidance Over Intimidation: CBDT Chief's Directive to Tax Officials

12 August 2024 at 14:25

The income tax department should do everything possible to be seen as "responsible, responsive and transparent," besides adopting a policy of 'guidance over intimidation' when dealing with taxpayers, the CBDT chairman has said.

Posted in Income Tax | 2325 Views

Foreign Investors Seek Tax Indemnities for Startup Investments Amid Rising Tax Notices

12 August 2024 at 09:02

Foreign private equity (PE) and venture capital (VC) funds are increasingly pushing for tax-related indemnity clauses in their investment agreements with Indian startups, according to legal experts.

Posted in Income Tax | 1443 Views

Centre to Convert Capex Loans to States into Grants, Announces FM Sitharaman

12 August 2024 at 09:02

In a landmark announcement, Finance Minister Nirmala Sitharaman revealed that the Centre plans to treat capital expenditure (capex) loans given to states as grants.

Posted in Income Tax | 1890 Views

Income Tax Department Releases Updated Utility and Schema for Form 3CEB u/s 92E

10 August 2024 at 08:59

The Income Tax Department has announced the release of the updated Utility and Schema for Form 3CEB.

Posted in Income Tax | 354 Views

ITR Processing Time Slashed Drastically in Last Decade, Marks Transformative Shift: FM Sitharaman

10 August 2024 at 08:58

The Income Tax Department has achieved a significant milestone with a record 7.28 crore Income Tax Returns (ITRs) filed in the assessment year (AY) 2024-25.

Posted in Income Tax | 3630 Views

NCLT Denies Merger Approval Over Tax Evasion and Money Laundering Concerns

09 August 2024 at 07:21

The National Company Law Tribunal (NCLT) has rejected a merger application involving three companies, citing serious concerns about the legality of the proposed amalgamation.

Posted in Income Tax | 573 Views

FM Sitharaman: Indirect Tax Rate Review in Next 6 Months

09 August 2024 at 07:19

FM Sitharaman announced plans for a comprehensive review of the indirect tax rate structure, set to take place over the next six months.

Posted in Income Tax | 2088 Views

RBI Raises UPI Transaction Limit to Rs 5 Lakh for Tax Payments

08 August 2024 at 12:07

The Reserve Bank of India (RBI) has announced a significant proposal to increase the Unified Payments Interface (UPI) limit for tax payments from ₹1 lakh to ₹5 lakh.

Posted in Income Tax | 2661 Views

Indexation in Real Estate Reinstated: New Rate Choices for Taxpayers

07 August 2024 at 09:47

In a notable shift in tax policy, the Indian government has proposed an amendment allowing property buyers to choose between two tax calculation methods for long-term capital gains (LTCG) under the Finance Bill, tabled in the Lok Sabha on August 6.

Posted in Income Tax | 7302 Views

CBDT Clarifies Non-Applicability of Higher TDS/TCS Rates in Case of Deceased Deductees or Collectees Pre-Aadhaar-PAN Linkage

06 August 2024 at 15:58

CBDT has issued a crucial circular (No. 08/2024 dated August 05, 2024) providing clarity on the non-applicability of higher rates of TDS and TCS under sections 206AA and 206CC of the Income-tax Act, 1961

Posted in Income Tax | 2946 Views