Income Tax News

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 | 7314 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 | 2949 Views

Central Government Alerts Taxpayers of Phishing Scams Offering Fake Income Tax Refunds

05 August 2024 at 14:26

The Central Government has issued a critical advisory to taxpayers regarding a new wave of phishing scams involving fraudulent income tax refund messages.

Posted in Income Tax | 2652 Views

72% of Taxpayers Opt for New Regime in AY 2024-25

05 August 2024 at 09:02

According to CBDT, 72% of those who filed their returns by the July 31 deadline opted for the new tax regime, contributing to a record high of almost 7.29 crore Income Tax return filings.

Posted in Income Tax | 2643 Views

Record of Over 7.28 crore ITRs filed for AY 2024-25 till 31st July, 2024

02 August 2024 at 16:03

The total number of ITRs for AY 2024-25 filed till 31st July, 2024 is more than 7.28 crore, which is 7.5% more than the total ITRs for AY 2023-24 (6.77 crore) filed till 31st July, 2023.

Posted in Income Tax | 2832 Views

Finance Ministry Refutes Claims of Future STCG Tax Hike

02 August 2024 at 09:01

In response to a recent report, the Finance Ministry has categorically denied any plans to increase the short-term capital gains (STCG) tax.

Posted in Income Tax | 1 comments | 2904 Views

Income Tax Department Begins Scrutiny of Reassessment Cases for AY 2018-19

01 August 2024 at 09:07

The income-tax department has begun scrutinizing cases for the assessment year (AY) 2018-19 to identify those that need to be reopened, potentially resulting in a wave of tax notices.

Posted in Income Tax | 5988 Views

Capital Gains Tax: Govt Earned Nearly Rs 99,000 Crore from Listed Equities in 2022-23

01 August 2024 at 09:06

The NDA government has reported a significant increase in revenue from long-term capital gains (LTCG) tax on listed equities, with collections reaching Rs 98,681 crore for the fiscal year 2022-23.

Posted in Income Tax | 3018 Views

Finance Ministry Clarifies: Tax Certificate Not Mandatory for All Travelling Abroad

30 July 2024 at 09:04

The Indian government has issued a clarification to address recent misleading reports about mandatory tax clearance for individuals travelling abroad.

Posted in Income Tax | 3819 Views

Income Tax Department Warns: Bogus Claims for Refunds are Punishable Offenses

30 July 2024 at 09:03

Income Tax Department has issued a stern warning to taxpayers against making fraudulent claims. The department cautions that inflating expenses, under-reporting earnings is a punishable offense and may cause delays in refund issuance.

Posted in Income Tax | 4677 Views