CBDT grants officials authority to waive or reduce interest payments
New Delhi: The income tax department has granted tax officials the authority to waive or reduce the interest payable by taxpayers, provided certain conditions are met, media reports said.
TCS India employees receive tax demand notices from IT dept, company asks them to wait
Mumbai/IBNS: Employees of Indian multinational information technology (IT) company, Tata Consultancy Services (TCS), have recently received income-tax demands ranging from Rs 50,000 to Rs 1.45 lakh, The Economic Times reported, citing its sources familiar with the matter.
UK-based insurer Aviva found guilty in $26 million fake invoice scandal in India: Report
New Delhi/IBNS: The Income Tax (IT) department has found that British multinational insurance company Aviva breached local regulations in India, capping commissions to sales agents with a system of fake invoices and clandestine cash payments, Reuters reported, citing an IT notice to the company dated August 3.
Record 7.28 crore ITRs filed till July 31 for AY 2024-25, 72 percent opt for New Tax Regime
The Income Tax department on Friday said a record Rs. 7.28 crore has been filed till July 31 which is 7.5% more than the total ITRs for AY 2023-24 (6.77 crore) filed till 31st July, 2023.
Union Budget: Standard reduction increased from Rs. 50,000 to Rs. 75,000
Several benefits to provide tax relief to salaried individuals and pensioners opting for the new tax regime were announced by the Union Finance and Corporate Affairs Minister Nirmala Sitharaman while presenting the Union Budget 2024-25 in the Parliament on Tuesday.
Bandhan Bank starts online collection of direct taxes
Kolkata: Bandhan Bank today announced that it has launched the facility to collect direct taxes online from its customers and non-customers across India.
CBDT enables taxpayers to file returns from Apr 1
New Delhi: The Central Board of Direct Taxes (CBDT) on Thursday said it has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024–25 (relevant to Financial Year 2023–24) from April 1, 2024, and onwards.
Income Tax Commissioner confirms tax demand of Rs 1,666 cr on IndiGo
New Delhi: The Commissioner of Income Tax-Appeals has affirmed a tax demand of nearly Rs 1,666 crore on Interglobe Aviation, the parent company of IndiGo airlines, as disclosed in a notice to stock exchanges on Wednesday, Moneycontrol reported.
Over 7.65 crore ITRs filed for AY 2023-24 till Oct 31, 11.7% higher Y-o-Y
New Delhi: The Income Tax Department registered a record number of filing of Income Tax Returns (ITRs) till 31st October, which was the due date for filing of ITRs for taxpayers not having any international or specified domestic transaction, Ministry of Finance said on Wednesday.
88% of verified income tax returns for AY 2023-24 processed: IT Dept
New Delhi: The Income Tax (IT) Department has processed over 6 crore Income Tax Returns (ITR) for Assessment Year (AY) 2023-24, the Ministry of Finance said on Tuesday.
Govt increases the limit for tax exemption on leave encashment for non-government salaried employees
New Delhi/IBNS: The government has increased the tax exemption limit on leave encashment of non-government salaried employees from Rs 3 lakh to Rs 25 lakh.
IT sleuths conduct raids on shopping malls in Hyderabad
Hyderabad: Income Tax (IT) officials on Tuesday raided several shopping malls here to investigate potential tax evasion.
ITR Forms for FY 2023-24 include schedule for declaring virtual digital assets
New Delhi: The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2023-24 and will come into effect from 1st April 2023, the Ministry of Finance said.
New Delhi/IBNS: Ahead of the 2024 general elections in India and polls in key states this year itself, Union Finance Minister Nirmala Sitharaman on Wednesday presented the annual budget offering a big relief to the taxpayers while emphasizing on job creations and ramping up capital spending.
Direct Tax collections grow 24.58 pc y-o-y to Rs 14.71 lakh crore
New Delhi/IBNS: Direct Tax collections up to January 10, 2023, stood at Rs. 14.71 lakh crore, up 24.58% compared to gross collections for the corresponding period of last year, the Ministry of Finance said on Wednesday.