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…
Advance Tax Payment on December 16 Due to Holiday on December 15
Taxpayers with an income tax liability exceeding ₹10,000 are required to pay advance tax as per the Income Tax Act's quarterly schedule to avoid penal interest and penalties. For the…
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The Income-Tax Review Committee, tasked with overhauling India’s outdated tax laws, has confirmed it will not suggest changes to tax rates.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…
Why the Income Tax Department Introduced PAN 2.0 Project
The Income Tax Department initiated the PAN 2.0 Project to revolutionize the Permanent Account Number (PAN) system. This project focuses on improving functionality, bolstering security, and enhancing accessibility. By integrating…
IT Department Raids SN Mohanty Group Over Alleged Multi-Crore Tax Evasion
The Income Tax (IT) Department conducted simultaneous raids on multiple locations connected to the SN Mohanty Group, a prominent mining company, over allegations of multi-crore tax evasion. Key Details of…
New India Assurance Company Ltd, a state-owned general insurer, has received a favorable ruling from the Income Tax Department
The New India Assurance Company Ltd, a state-owned general insurer, has received a favorable ruling from the Income Tax Department, entitling it to a tax refund of ₹1,945.08 crore for…
The Finance Ministry has highlighted the benefits of recent amendments to Section 43B of the Income-tax Act, 1961.
The Finance Ministry has highlighted the benefits of recent amendments to Section 43B of the Income-tax Act, 1961. These changes aim to tackle delayed payments to Micro and Small Enterprises…