Government employees can get gratuity up to Rs 25 lakh Tax-free gratuity limit for employees: The government has hiked the maximum amount of gratuity that a government employee can receive to Rs 25 lakh. The new limit is effective from January 1, 2024. However, not many are aware of the tax-exe...

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Category : Income Tax | Comments : 0 | Hits : 1465

Updated Return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person An Updated return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person, whether or not he has furnished a return under sub-section (1) or sub-section (4) or sub-section (5), for an assessment yea...

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Category : Income Tax | Comments : 0 | Hits : 646

Cash transactions may attract up to 100% penalty by Income Tax Department Penalty on cash transactions: Recently in a brochure the Income Tax Department has said that taxpayers should avoid using cash for their daily transactions as in certain specified cases penalty for an amount equal to the ca...

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Category : Income Tax | Comments : 0 | Hits : 508

Indian Govt Plan to Simplify its Income Tax filling rules in Budget Budget 2025 Income Tax Filing: India plans to simplify income tax filing rules to make it less tedious for taxpayers and reduce disputes. The changes being discussed include using formulas and tables, and reducing additional form...

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Category : Income Tax | Comments : 0 | Hits : 415

RBI releases Draft Formats of Financial Statements of Co-operative Banks In terms of Section 29, read with Section 56 of the Banking Regulation Act, 1949, co-operative banks are required to prepare a balance sheet and profit and loss account as on the last working day of the year in the Forms set...

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Category : Income Tax | Comments : 0 | Hits : 417

RSS Union Urge to Finance Minister for Exempt income-tax up to ?10 lakh Union Budget 2025: RSS-affiliated unions proposed several measures during their pre-budget consultations with Finance Minister Nirmala Sitharaman. They suggested raising the tax-exempt income to ?10 lakh, expanding MGNREGA to...

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Category : Income Tax | Comments : 0 | Hits : 345

ITR forms updated to allow 87A tax rebate claims, but there's a catch Income tax rebate u/s 87A: Eligible taxpayers who have income up to Rs 5 lakh/7 lakh can claim tax rebate under section 87A up to Rs 12,500/25,000. The Income Tax Department has now updated the excel utility to allow 87A ...

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Category : Income Tax | Comments : 0 | Hits : 372

No Section 87A tax rebate despite ITR filing forms being updated recently 87A tax rebate: The ITR filing utilites for ITR-2 and ITR-3 has been updated on January 4, 2025 however, the JSON schema is not yet updated and it still reflects logic as of July 5, 2024. This means you can file a revised o...

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Category : Income Tax | Comments : 0 | Hits : 378

Last opportunity for eligible taxpayers to claim 87A tax rebate Income tax rebate u/s 87A: Following the Bombay High Court order to extend the revised and belated income tax return (ITR) deadline to January 15, 2025, CBDT has extended it. ?If you are eligible to claim section 87A tax rebate but p...

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Category : Income Tax | Comments : 0 | Hits : 464

Enhancing Tax Transparency on foreign assets & Income: Understanding CRS & FATCA   A. Purpose of CRS and FATCA   In this globalized economy, tax transparency and compliance has become paramount to ensure that taxpayers disclose their global income and assets accurately...

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A Public Interest Litigation (PIL) has been filed in the Supreme Court seeking the quashing of the Tax Deducted at Source (TDS) system. The petition, filed by advocate Ashwini Kumar Upadhyay, argues that the TDS mechanism is arbitrary, irrational, and violates fundamental rights. The TDS system r...

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Category : Income Tax | Comments : 0 | Hits : 3118

Income tax dept to correct ITR forms to allow eligible taxpayers to claim section 87A tax rebate for FY 2023-24   Income Tax Rebate: "The updated utilities for ITR forms 2 and 3 giving effect to the Circular No. 21 dated 31st December 2024 and including the option to update 87A rebate ...

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Circular No. 21/2024   F. No. 225/205/2024IITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes    New Delhi, dated 31st December, 2024 Subject: - Extension of due date for furnishing belated/revised return of income...

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The Central Board of Direct Taxes (CBDT) on Monday announced an extension of the deadline for taxpayers participating in the Vivad Se Vishwas scheme.   Initially set for December 31, 2024, the new deadline is now January 31, 2025.    The CBDT stated that the extension allows taxpa...

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Category : Income Tax | Comments : 0 | Hits : 454

India Inc seeks cut in personal income tax rates, flags dumping by China at pre-Budget meet   Industry bodies have urged the finance minister to consider reducing personal income tax rates, lowering excise duty on fuel, and implementing measures to boost employment-intensive sectors in the up...

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Category : Income Tax | Comments : 0 | Hits : 327

Stockbrokers can ask you to submit income tax returns (ITR) to check PMLA violation; may lead to jail up to 7 years if guilty Income tax return: Stockbrokers can also ask for your ITR even if you gave one during the time of account opening. ?Tejas Khoday from FYERS say: "Generally, brokers d...

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Category : Income Tax | Comments : 0 | Hits : 274

Simplification to be the focus for taxation in 2025   The government's focus will be on simplifying tax policies and rationalising GST rates in the New Year. The review includes improving income tax laws, reducing GST rates on insurance premiums, and operationalising GST Tribunal. Efforts...

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Category : Income Tax | Comments : 0 | Hits : 289

3 days remaining to submit your income tax return for AY25   If you have not filed your income tax return for Assessment Year 2024-25 (Fiscal Year 2023-24), you have until  December 31 to do so. Non-filing by eligible Income Tax Assesses may result in serious consequences,...

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Category : Income Tax | Comments : 0 | Hits : 406

15 income tax rule changes in 2024 that will impact your ITR filing in 2025 ITR filing: Most of the income tax changes announced in July 2024 will affect tax deductions and exemptions that can be claimed while filing an income tax return (ITR) in July 2025. ET Wealth Online has listed 15 income t...

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Category : Income Tax | Comments : 0 | Hits : 430

Income tax rate cut in Budget: Top economists urge Modi to lessen burden for Indians Union Budget 2025: Economists recommend reducing income tax rates, rationalizing customs tariffs, and supporting exports in Budget 2025. They advise targeted interventions for skills development, boosting agricul...

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Category : Income Tax | Comments : 0 | Hits : 387

Income tax dispute: Avail Vivad Se Vishwas scheme before December 31, 2024 to pay lower tax Amount Vivad se Vishwas: If you want to settle your pending tax disputes then apply for Vivad Se Vishwas Scheme, 2024 on or before December 31, 2024 to pay a lower amount of income tax. You can apply for t...

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Category : Income Tax | Comments : 0 | Hits : 676

10% Tax Instead of 5% on Dividend Income from January 1, 2025 Higher tax on dividend: From January 1, 2025 Indians need to pay witholding tax at 10% rate instead of 5% rate in Switzerland. Experts say this may result in burden for a company's cash flow and may also result in dead loss for cer...

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Category : Income Tax | Comments : 0 | Hits : 364

GST Council Defers Decision on Insurance Tax Cuts Amid Lack of Consensus Among States The GST Council's 55th meeting in Jaisalmer faced a deadlock over proposed GST rate cuts for term and health insurance. Several states, including West Bengal, Kerala, and Karnataka, expressed concerns over...

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Category : Income Tax | Comments : 0 | Hits : 278

 CAG Report Raises red Flags over Income Tax Department’s Handling of Arrears and Outstanding Demands     A CAG report on the functioning of Income Tax Department, tabled in Parliament on Tuesday, has raised concern over non-sharing of data with the audit team relat...

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Category : Income Tax | Comments : 0 | Hits : 308

Net direct tax collection grows 16.45% to Rs 15.82 lk cr so far, this fiscal   India's net direct tax collections surged by 16.45% to over Rs 15.82 lakh crore this fiscal year, fueled by robust growth in both corporate and non-corporate tax segments. Gross direct tax collections also jump...

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Category : Income Tax | Comments : 0 | Hits : 411

India Plans Up To 25% Temporary Tax to Curb Cheap Chinese Steel Imports India is poised to levy a temporary 25% tax on steel imports to counter inexpensive imports, primarily from China. Small manufacturers' initial opposition subsided after assurances of reduced steel prices from larger do...

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Category : Income Tax | Comments : 0 | Hits : 385

The four citizen-centric initiatives include revised Citizen's Charter, Revamped Citizen's Corner for complete tax related information, ‘Ease of Doing Business’ tab for making suggestions, and CBIC Archives for tax repository   Shri Sanjay Kumar Agarwal, Chairperson, Centr...

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Category : Income Tax | Comments : 0 | Hits : 341

The Comptroller and Auditor General (CAG) uncovered widespread errors in income tax assessments, potentially costing the government ?5,728.8 crore. The CAG also highlighted significant tax evasion in the distilleries and breweries sector, leading to a revenue loss of ?12,781 crore and criticized the...

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Category : Income Tax | Comments : 0 | Hits : 376

MFN Status Suspension by Switzerland Not to Impact EFTA Trade Pact with India Switzerland's suspension of the Most Favoured Nation (MFN) clause in its Double Taxation Avoidance Agreement with India will not affect commitments made under the trade pact between India and the EFTA bloc, Commerce...

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Category : Income Tax | Comments : 0 | Hits : 351

 6.68% Of Population Filed Income Tax Return In 2023-24 Fiscal India witnessed a rise in income tax return filings for the 2023-24 fiscal year, with over 8.09 crore returns submitted, compared to 7.40 crore the previous year. However, this represents only 6.68% of the population. Interesti...

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Category : Income Tax | Comments : 0 | Hits : 338