For AY 2024-25, NEW TAX REGIME is the default regime for Individual, HUF, AOP (other than co-operative society), BOI and Artificial Juridical Person.
The Income Tax Department has released the offline and online utilities for filing Income Tax Return (ITR) Form 7 for the Assessment Year (AY) 2024-25.
Multiple officials have indicated that the Centre may raise the income threshold for tax exemption in the upcoming budget, expected to be presented in mid-July...
The provisional figures of Direct Tax collections for the Financial Year 2024-25 (as on 17.06.2024) show that Net collections are at Rs. 4,62,664 crore, compared to Rs. 3,82,414 crore
In an effort to enhance data quality and accuracy in tax returns, the Income Tax Department has introduced ITR 3 validation rules for the Assessment Year 2024-25.
The Income Tax department is set to finalize the reassessment of 170,000 notices by March 2025, focusing on undisclosed income from past assessment years.
The Income Tax Department has released the Excel Utility for ITR-5 for the Assessment Year (AY) 2024-25, streamlining the tax filing process for entities required to submit this form.
It has been decided that apart from the regular release of the devolution amount for the month of June 2024, one additional instalment will be released. This release cumulatively amounts to Rs. 1,39,750 crore in the current month
Private sector lender IDBI Bank Ltd announced on Friday, June 7, that it has received an income tax refund order amounting to ₹2,701.62 crore for the assessment year 2016-17.
In a notable development, the Centralized Processing Cell (TDS) has reprocessed TDS returns for the fiscal year 2023-24, effectively removing short deduction demands.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
