Income Tax News

Direct Tax Share in GDP Reaches 24-Year High at 6.64% in FY24

21 October 2024 at 08:40

Direct taxes surged to 6.64% of GDP in FY24, with collections rising by 17.82%, outpacing nominal GDP growth. Personal income tax collections also surpassed corporation tax for the second year in a row.

Posted in Income Tax | 174 Views

Direct Tax Collections Soar 182% in 10 years, Hit Rs 19.60 Trillion in FY24

19 October 2024 at 08:05

India's direct tax collections have seen an unprecedented surge of 182% in the decade under Prime Minister Narendra Modi's leadership, crossing ₹19.60 trillion in the fiscal year 2023-24.

Posted in Income Tax | 1155 Views

CBDT Releases Updated TDS Rates for FY 2024-25

18 October 2024 at 09:13

The Central Board of Direct Taxes (CBDT) has announced revised TDS rates for the financial year 2024-25, applicable for the assessment year 2025-26.

Posted in Income Tax | 15402 Views

CBDT Exempts RBI from TCS Requirement under Section 206C(1F) of the Income Tax Act

18 October 2024 at 09:13

CBDT has issued Notification No. 115/2024, dated October 16, 2024, exempting the Reserve Bank of India (RBI) from the requirement of tax collection at source (TCS) under Section 206C(1F) of the Income Tax Act, 1961

Posted in Income Tax | 3357 Views

CBDT issues Revised Guidelines for Compounding Offences under IT Act 1961

18 October 2024 at 09:12

CBDT has issued Revised Guidelines for Compounding of offences under the Income-tax Act, 1961(the 'Act') on 17.10.2024.

Posted in Income Tax | 1626 Views

CBDT releases Updated Time Series data upto FY 2023-24

18 October 2024 at 09:11

The Central Board of Direct Taxes (CBDT) has released updated Time-Series data up to FY 2023-24.

Posted in Income Tax | 786 Views

CBDT Amends IT Rules for Easier TCS/TDS Credit Claims by Salaried Employees and Parents of Minors

17 October 2024 at 16:38

CBDT Notifies Amendments in Income-tax Rules for Ease in Claiming Credit for TCS Collected/TDS Deducted for Salaried Employees and Enabling claiming TCS Credit of Minors in the Hands of Parents

Posted in Income Tax | 1917 Views

CBDT Unveils Form 12BAA and Revised TDS/TCS Guidelines

17 October 2024 at 09:03

The Central Board of Direct Taxes (CBDT) has issued Notification No. 112/2024 on October 15, 2024, introducing significant modifications to the Income-tax (Eighth Amendment) Rules, 2024.

Posted in Income Tax | 3735 Views

CBDT Notifies Key Changes to Forms 10A and 10AB

17 October 2024 at 09:00

The Central Board of Direct Taxes (CBDT) has announced significant amendments to the Income-tax Rules through Notification No. 111/2024, dated October 15, 2024.

Posted in Income Tax | 1758 Views

New ITR E-Filing Portal 3.0 to Launch Soon: IT Dept Invites Suggestions

17 October 2024 at 08:55

The Income Tax Department is gearing up to introduce a new and improved e-filing portal, as part of Project IEC 3.0, to replace the current platform (IEC 2.0). ..

Posted in Income Tax | 1752 Views