By: AdminDate: December 30, 2024Categories: TAX NewsReading Time: 4 Minutes As the calendar year comes to an end, taxpayers must ensure that they file both belated Income Tax Returns (ITR)…
New Feature on Income Tax Portal: File Rectification Applications Directly with AO
By: Admin | Date: December 28, 2024Categories: Important News | Income Tax News | Read Time: 4 Min The Income Tax Department has unveiled a new feature on its portal,…
Budget 2025: Economists and Industry Leaders Call for Income Tax Reforms and Economic Boost
By: Admin | December 26, 2024Categories: Income Tax News | News | 4 Min Read As the Union Budget 2025-26 approaches, economists and industry leaders are emphasizing the need for…
CAG Report Flags Major Lapses in Income Tax Department’s Handling of Arrears and Outstanding Demands
Date: December 20, 2024Category: TAX NewsRead Time: 4 Minutes The Comptroller and Auditor General (CAG) has raised significant concerns about the Income Tax (I-T) Department’s inefficiency in handling arrears and…
Only 6.68% of India’s Population Filed Income Tax Returns in FY 2023-24
Date: December 18, 2024Category: Tax NewsRead Time: 4 Minutes Despite an increase in income tax returns (ITRs) filed, only 6.68% of India’s population submitted their ITRs in the fiscal year…
Finance Ministry Unlikely to Introduce New Income-Tax Bill in Budget Session
The Finance Ministry is unlikely to present the much-anticipated New Income-Tax Bill during the upcoming Budget session of Parliament. Although the internal committee, led by Chief Income-Tax Commissioner V.K. Gupta,…
CAG Report Highlights ₹755.49 Crore Revenue Loss Under GST by Commercial Tax Department
Key Findings 1. Underassessment and Revenue Loss The CAG Report No. 7 of 2024, covering the period ending March 2022, identified revenue losses amounting to ₹755.49 crore in the Commercial…
I-T Department Targets Undeclared Foreign ESOPs and Assets
Overview The Income Tax (I-T) Department has intensified its scrutiny by issuing notices to Indian residents for failing to declare income and assets held abroad. These include Employee Stock Options…
Government Initiatives for Income Tax Relief to Cooperative Societies
The Government of India has introduced several measures to provide income tax relief to cooperative societies. Below are the key initiatives: Reduction in Surcharge for Cooperative Societies Surcharge rate reduced…
Rate Changes Not Part of Income-Tax Act Review, Confirms Official
The Income-Tax Review Committee, tasked with overhauling India’s outdated tax laws, has confirmed it will not suggest changes to tax rates. Instead, the committee is focusing on simplifying the Income…