Income Tax News
Finance Ministry Considers Adjustment to 45-Day Payment Rule for MSMEs
29 February 2024 at 09:04The Finance Ministry is deliberating over potential adjustments to a newly proposed income tax rule requiring business enterprises to settle payments to micro, small, and medium enterprises (MSMEs) within 45 days.
Income Tax Department Unveils User Guide for Responding to Notices under e-Verification Scheme, 2021
28 February 2024 at 09:11The Directorate of Income Tax (Systems) has unveiled Version 3.0.0 of the User Guide for Submitting Response to Notices and Letters Received under the e-Verification Scheme, 2021.
FM Unveils 433% Surge in Capital Expenditure Alongside Strong Tax Revenue Growth
27 February 2024 at 09:09In a significant announcement on February 22, 2024, FM revealed that the Indian government's robust tax revenue has paved the way for substantial increases in capital expenditure and sustained investment in infrastructure development projects.
New e-Verification Scheme-2021 Rolled Out by Income Tax Department to Address Mismatches in Taxpayer Returns
27 February 2024 at 09:08Income Tax Department has identified certain mismatches between third party information on interest and dividend income, and the Income Tax Return (ITR) filed by taxpayers
CBDT Issues Corrigendum Clarifying 6 Changes to ITR Forms ITR-2, ITR-3 and ITR-5 for AY 2024-25
23 February 2024 at 09:11The Central Board of Direct Taxes (CBDT) recently released a corrigendum, marked as Notification No. 22/2024 dated February 21, 2024, amending Notification No. 19/2024 dated January 31, 2024.
Personal Income Tax Collection to Surpass Corporate Income Tax for Second Consecutive Year
22 February 2024 at 09:10Data from the Income Tax department has revealed a significant shift in the tax landscape, with Personal Income Tax (PIT) set to outpace Corporate Income Tax (CIT) for the second consecutive year.
Income Tax Department to Issue Notices to Non-Filers and TDS Deductees
21 February 2024 at 09:03The Income Tax Department is gearing up to take stringent action against individuals who have failed to file their Income Tax Returns (ITRs) and those whose taxes have been deducted at source (TDS) but have not filed their returns.
CBDT Announces Waiver of Pending Tax Demands up to Rs 1 Lakh per Individual
20 February 2024 at 10:04The Central Board of Direct Taxes (CBDT) has issued an Order, bearing reference number F. No. 375/02/2023-IT-Budget and dated February 13, 2024, detailing the remission and extinguishment of specific outstanding direct tax demands.
LIC Receives Rs 21,740 Crore Tax Refund from Income Tax Department
19 February 2024 at 09:04Life Insurance Corporation of India (LIC) has garnered a significant tax refund of Rs 21,740.77 crore from the Income Tax Department for assessment years spanning from 2013 to 2020.
Income Tax Dept Clarifies: No Freeze, Just Lien on Congress' Bank Accounts
19 February 2024 at 09:02In a recent development concerning the financial affairs of the Congress party, the Income Tax department clarified its stance before the ITAT, stating that it had not issued any directive to freeze the transactions in Congress' bank accounts.
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