By: AdminDate: December 30, 2024Categories: Income Tax News | NewsReading Time: 4 Minutes The Vivad Se Vishwas Scheme, introduced during the Budget 2024 speech by Union Finance Minister Nirmala Sitharaman,…
Final Reminder: File ITR and GST Returns by December 31, 2024
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…
CAG Flags Errors in Income Tax Assessments and Revenue Loss
Date: December 19, 2024Category: TAX NewsRead Time: 4 Minutes The Comptroller and Auditor General (CAG) of India has identified widespread errors and omissions in income tax assessments, resulting in an…
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…