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The Income-Tax Review Committee, tasked with overhauling India’s outdated tax laws, has confirmed it will not suggest changes to tax rates.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…
Centre Rules Out Income Tax Relief for Senior Citizens
On November 26, 2024, the central government clarified in the Lok Sabha that no proposal to provide income tax relief for senior citizens is currently under consideration. This statement was…
Income Tax Department Tightens Rules for Claiming Refunds and Condonation of Delays
The Central Board of Direct Taxes (CBDT) has introduced major updates to the process of claiming tax refunds and seeking condonation of delays in filing Income Tax Returns (ITRs). Starting…
Govt Considering Arbitration Mechanism to Resolve Tax Disputes in Budget 2025
In a significant step towards streamlining tax dispute resolution, the Indian government is considering the introduction of an arbitration mechanism in the upcoming Union Budget 2025. This initiative, aimed at…