Indian Govt Plan to Simplify its Income Tax filling rules in Budget 2025
Posted Date : 08-Jan-2025 , 08:10:08 am | Posted By CASANSAAR
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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RBI releases Draft Formats of Financial Statements of Co-operative Banks
Posted Date : 07-Jan-2025 , 07:08:23 pm | Posted By CASANSAAR
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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Income Tax |
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RSS Union Urge to Finance Minister for Exempt income-tax up to ?10 lakh
Posted Date : 07-Jan-2025 , 02:13:26 pm | Posted By CASANSAAR
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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Income Tax |
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ITR forms updated to Allow tax rebate under section 87A
Posted Date : 07-Jan-2025 , 01:57:30 pm | Posted By CASANSAAR
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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No Section 87A tax rebate despite ITR filing forms being updated recently
Posted Date : 06-Jan-2025 , 06:19:41 pm | Posted By CASANSAAR
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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Income Tax |
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Last opportunity for eligible taxpayers to claim 87A tax rebate
Posted Date : 04-Jan-2025 , 07:10:37 pm | Posted By CASANSAAR
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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Income Tax |
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Enhancing Tax Transparency on Foreign Assets and Income
Posted Date : 03-Jan-2025 , 03:24:49 pm | Posted By CASANSAAR
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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Income Tax |
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PIL in SC seeks abolition of TDS system, cites constitutional violations
Posted Date : 03-Jan-2025 , 11:36:34 am | Posted By CASANSAAR
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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Income Tax |
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Income tax dept allow eligible taxpayers to claim section 87A tax rebate for FY 2023-24
Posted Date : 01-Jan-2025 , 03:59:58 pm | Posted By CASANSAAR
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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CBDT extends the last date for furnishing Belated/ Revised ITRs for AY 2024-25
Posted Date : 31-Dec-2024 , 01:31:36 am | Posted By CASANSAAR
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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CBDT extends deadline for direct tax Vivad Se Vishwas Scheme
Posted Date : 30-Dec-2024 , 09:42:08 pm | Posted By CASANSAAR
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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Income Tax |
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India Inc seeks cut in personal income tax rates, flags dumping by China at pre-Budget meet
Posted Date : 30-Dec-2024 , 06:53:34 pm | Posted By CASANSAAR
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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Income Tax |
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Stockbrokers can ask you to submit income tax returns (ITR) to check PMLA violation
Posted Date : 30-Dec-2024 , 06:43:45 pm | Posted By CASANSAAR
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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Income Tax |
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Simplification to be the focus for taxation in 2025
Posted Date : 30-Dec-2024 , 01:09:38 pm | Posted By CASANSAAR
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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Income Tax |
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3 days remaining to submit your income tax return for AY25
Posted Date : 28-Dec-2024 , 07:09:16 pm | Posted By CASANSAAR
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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15 income tax rule changes in 2024 that will impact your ITR filing in 2025
Posted Date : 26-Dec-2024 , 03:59:24 pm | Posted By CASANSAAR
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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Income Tax |
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Income tax rate cut in Budget: Top economists urge Modi to lessen burden for Indians
Posted Date : 25-Dec-2024 , 04:06:35 pm | Posted By CASANSAAR
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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Income Tax |
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Income tax dispute: Avail Vivad Se Vishwas scheme before December 31, 2024 to pay lower tax Amount
Posted Date : 23-Dec-2024 , 02:30:08 pm | Posted By CASANSAAR
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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10% Tax Instead of 5% on Dividend Income from January 1, 2025 in Switzerland
Posted Date : 21-Dec-2024 , 06:30:12 pm | Posted By CASANSAAR
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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Income Tax |
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GST Council Defers Decision on Insurance Tax Cuts Amid Lack of Consensus Among States
Posted Date : 21-Dec-2024 , 02:17:09 pm | Posted By CASANSAAR
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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CAG Report Raises red Flags over Income Tax Department
Posted Date : 20-Dec-2024 , 06:08:59 pm | Posted By CASANSAAR
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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Net direct tax collection grows 16.45% to Rs 15.82 lk cr so far, this fiscal
Posted Date : 18-Dec-2024 , 06:38:19 pm | Posted By CASANSAAR
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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India Plans Up To 25% Temporary Tax to Curb Cheap Chinese Steel Imports
Posted Date : 18-Dec-2024 , 06:32:51 pm | Posted By CASANSAAR
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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CBIC Chairman Shri Sanjay Kumar Agarwal launches new initiatives to enhance taxpayer services
Posted Date : 18-Dec-2024 , 06:27:32 pm | Posted By CASANSAAR
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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Income Tax |
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Error In Assessment of Income Tax Identified
Posted Date : 18-Dec-2024 , 11:05:34 am | Posted By CASANSAAR
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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MFN Status Suspension by Switzerland Not to Impact EFTA Trade Pact with India
Posted Date : 17-Dec-2024 , 07:19:06 pm | Posted By CASANSAAR
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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Income Tax |
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6.68% Of Population Filed Income Tax Return In 2023-24 Fiscal
Posted Date : 17-Dec-2024 , 06:40:22 pm | Posted By CASANSAAR
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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CBDT launches Campaign to intimate taxpayers on mismatch in ITR filed and AIS
Posted Date : 17-Dec-2024 , 06:15:32 pm | Posted By CASANSAAR
CBDT launches Campaign to intimate taxpayers on mismatch in ITR filed and AIS
The Income Tax Department is reaching out to taxpayers and non-filers via SMS and email regarding mismatches between their reported transactions in the Annual Information Statement (AIS) and their Income Tax Returns (...
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Income Tax |
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Income Tax Dept Recovers Rs 37000 Cr from Individuals Not Filing Returns Despite Taxable Income
Posted Date : 16-Dec-2024 , 05:00:47 pm | Posted By CASANSAAR
Income Tax Department Recovers Rs 37, 000 Cr from Individuals Not Filing Returns Despite Taxable Income
Income Tax Department’s extensive crackdown! Over the past 20 months, the Income Tax Department has collected Rs 37,000 crore from individuals who had taxable income but fai...
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India's DTAA with Switzerland may Require renegotiation: MEA
Posted Date : 14-Dec-2024 , 04:55:29 pm | Posted By CASANSAAR
India's DTAA with Switzerland may require renegotiation: MEA
India on Friday said its double taxation treaty with Switzerland may require renegotiation in view of its trade pact with the member states of the European Free Trade Association (EFTA). The remarks by the spokesperson of the Mini...
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