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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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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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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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 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 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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Income Tax |
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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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Income Tax |
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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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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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Income Tax |
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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 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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Income tax reassessment orders can
Posted Date : 14-Dec-2024 , 10:49:09 am | Posted By CASANSAAR
The income tax department cannot issue reassessment orders to a dead person or their legal heirs, the Bombay high court ruled on Thursday.
A division bench of justices GS Kulkarni and Advait Sethna said the Income Tax Act requires the issuance of a show-cause notice to the assessee, who should ge...
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Tax refunds up by 46.31% to Rs 3.08 lakh crore in FY 2024-25
Posted Date : 12-Dec-2024 , 06:12:38 pm | Posted By CASANSAAR
Tax refunds up by 46.31% to Rs 3.08 lakh crore in FY 2024-25
The Finance Ministry announced on Thursday a significant improvement in the issuance of tax refunds for the financial year 2024-25.
Between April 1 and November 27 this year refunds amounting to Rs 3.08 lakh crore were issued, mark...
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Income Tax |
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Income Tax relief to the Cooperative societies
Posted Date : 12-Dec-2024 , 04:10:28 am | Posted By CASANSAAR
Income Tax relief to the Cooperative societies
Posted On: 11 DEC 2024 5:22PM by PIB Delhi
The Government of India has taken various initiatives to provide the income tax relief to cooperative societies. Details are as under:
Reduction in surcharge on cooperati...
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Income Tax |
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Govt mulling Relief for lower income Tax Bracket
Posted Date : 10-Dec-2024 , 07:01:50 am | Posted By CASANSAAR
Govt mulling Relief for lower income Tax Bracket
India's upcoming February 2025 budget might offer tax relief to lower-income groups (3-7 lakh slabs) under the new regime. While higher slabs may see no significant changes, the government may raise the exemption limit beyond 3 lakh.
The u...
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Income Tax dept receives 6,500 suggestions on income tax act review
Posted Date : 05-Nov-2024 , 08:24:41 am | Posted By CASANSAAR
The income tax department has received 6,500 suggestions from stakeholders over the past month on review of the Income Tax Act. Finance Minister Nirmala Sitharaman on Monday chaired a meeting on the Budget announcement of a comprehensive review of the Income Tax Act, 1961.
The meeting was attende...
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CBI files charge sheet against principal commissioner of Income Tax in bribery case
Posted Date : 30-Oct-2024 , 09:14:36 am | Posted By CASANSAAR
The CBI has filed a charge sheet against a principal commissioner of Income Tax of Patna and four other people in connection with alleged bribery of Rs 10 lakh, officials said on Tuesday.
The agency has booked Santosh Kumar and four middlemen and conduits on allegations that they were receiving b...
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Extension of Due Date for furnishing Return of Income for A.Y. 2024-25.
Posted Date : 26-Oct-2024 , 12:04:57 pm | Posted By CASANSAAR
CBDT Extends Due Date for furnishing Return of Income for Assessment Year 2024-25.
The due date for assessees under clause (a) of Explanation 2 to Sub Section (1) of Section 139 has been extended from October 31, 2024, to November 15, 2024.
Circular No. 13/2024 dated 26.10.2024 issued. ...
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Public inputs and suggestions sought for Income Tax Act Review
Posted Date : 08-Oct-2024 , 08:16:44 am | Posted By CASANSAAR
The committee invites public inputs and suggestions in four categories — simplification of language; litigation reduction; compliance reduction; and redundant/obsolete provisions.
To facilitate this, a webpage has been launched on the e-filing portal, which can be accessed here: https://epo...
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Union Govt launches process to revamp income-tax regime
Posted Date : 08-Oct-2024 , 07:39:23 am | Posted By CASANSAAR
The Union government on Monday formally launched the process to revamp the existing income-tax regime with four key objectives in mind – simplification of language, reduction of litigations, ease of compliance, and scrapping of obsolete provisions.
This initiative is in line with announceme...
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SC overturns HCs, allows Income Tax department to reopen 90,000 cases
Posted Date : 04-Oct-2024 , 11:53:39 am | Posted By CASANSAAR
In a significant ruling, the Supreme Court upheld the validity of nearly 90,000 income tax reassessment notices issued to individuals and businesses after April 1, 2021.
These notices, spanning assessment years 2013-14 to 2017-18, had been challenged in over 9,000 writ petitions across various hi...
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