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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Income Tax |
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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 |
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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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Income Tax |
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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 |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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Centre canvasses for inputs on simpler IT rules from private sector and tax experts
Posted Date : 01-Oct-2024 , 08:19:04 am | Posted By CASANSAAR
The government has proposed to invite suggestions on the Income Tax Act, 1961, from the private sector and tax experts beginning in October as part of an exercise to simplify the direct tax law, sources said.
In a meeting with industry chambers earlier this month, the government said that functio...
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Income Tax |
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Filing Complaint of alleged violation of Election Code of Conduct-ICAI
Posted Date : 09-Sep-2024 , 10:18:32 pm | Posted By CASANSAAR
As members are aware, for the forthcoming elections to the Council and Regional Councils of the Institute, the undersigned in terms of Rule 16 of the Chartered Accountants (Election to the Council) Rules, 2006 has issued an Election Code of Conduct approved by the Council for maintaining a healthy a...
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Income Tax |
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Ministry wants ICAI to have a broader view on ISA 600
Posted Date : 06-Sep-2024 , 08:36:46 am | Posted By CASANSAAR
The ongoing tussle between the Institute of Chartered Accountants of India (ICAI) and the National Financial Reporting Authority (NFRA) over the latter’s proposed new audit standards is due to a “communication gap”, a senior official at the ministry of corporate affairs (MCA) said ...
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Income Tax |
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CBI arrests principal commissioner of Income Tax in Rs 10 lakh bribery case
Posted Date : 28-Aug-2024 , 09:24:52 am | Posted By CASANSAAR
The CBI on Tuesday arrested the principal commissioner of the Income Tax (Patna and Dhanbad) Department and four others over alleged bribery of Rs 10 lakh from different tax assessees, officials said.
Principal Commissioner of Income Tax Santosh Kumar was arrested along with four private individu...
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Income Tax |
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Income Tax Act Review to Wrap Up In 6 Months - CBDT Chairman
Posted Date : 23-Aug-2024 , 07:39:02 am | Posted By CASANSAAR
CBDT Chairman Ravi Agrawal stated on Wednesday that the review of the Income Tax Act of 1961 is set to be completed within the designated six-month timeframe.
Union Finance Minister Nirmala Sitharaman, in her Budget speech last month, announced that the direct tax law of the country would be revi...
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Income Tax |
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Gift received from NRI brother can be excluded from taxation - ITAT
Posted Date : 21-Aug-2024 , 09:53:43 am | Posted By CASANSAAR
The Income Tax Appellate Tribunal (ITAT) has recently held that a gift of Rs 20 lakh received by a taxpayer from his Non-Resident Indian (NRI) brother was not chargeable to the tax as the the assessee was the close relative of the donor.
“As such the gift from a brother is not chargeable to...
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Income Tax |
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Income Tax Department warns against rising ITR Refund Scams
Posted Date : 07-Aug-2024 , 07:32:43 am | Posted By CASANSAAR
The last date to file ITR or income tax returns has passed and scammers have become active. As per the reports, frauds are being reported in the name of income tax refunds, so the people who have filed ITRs have to stay cautious. The Income Tax Department has issued a warning to the taxpayers, to st...
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Income Tax |
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Big update from Income Tax dept as ITR filing deadline for FY 2023-24 nears
Posted Date : 27-Jul-2024 , 09:44:46 pm | Posted By CASANSAAR
The income tax department on Saturday announced that over 5 crore tax returns for the Assessment Year 2024-25 have been filed so far through its e-filing portal, an 8% increase from the previous year.
On July 26, the portal received an 28 lakh ITRs, indicating the surge in last-minute filings as ...
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Income Tax |
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Banks must be fair in conduct with consumers - RBI Governor
Posted Date : 20-Jul-2024 , 08:14:34 am | Posted By CASANSAAR
RBI Governor Shaktkanta Das on Friday said banks and NFCs must be fair in their conduct and practices with consumers as this fosters confidence and public trust in financial institutions which strengthens their stability.
He pointed out that RBI has issued guidelines on Key Facts Statement (KFS),...
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Income Tax |
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SEBI Introduces System Audit Framework for Professional Clearing Members
Posted Date : 21-Jun-2024 , 06:21:15 pm | Posted By CASANSAAR
In a significant move to enhance the integrity and efficiency of the financial markets, the Securities and Exchange Board of India (Sebi) announced on Thursday a comprehensive framework for the system audit of Professional Clearing Members (PCMs). This directive mandates PCMs to report both major an...
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Income Tax |
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Income Tax department issues fresh reminder on PAN-Aadhaar linking to avoid higher TDS
Posted Date : 29-May-2024 , 11:41:32 pm | Posted By CASANSAAR
The Income Tax Department has issued a fresh notification to taxpayers, asking them to link their Permanent Account Number (PAN) with Aadhaar by May 31, 2024. The tax department posted this reminder on X, highlighting the importance of meeting the deadline to avoid higher tax deductions at source (T...
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Income Tax |
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SEBI releases norms for sharing of real-time price data with third parties
Posted Date : 25-May-2024 , 01:47:29 am | Posted By CASANSAAR
With an aim to curb misuse of real-time, securities-price data by various entities including online gaming apps and virtual-trading services, the market regulator has issued norms for the sharing of this price data.
In a circular issued on May 24, the Securities and Exchange Board of India (Sebi)...
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Income Tax |
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Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
Posted Date : 22-Apr-2024 , 07:51:53 am | Posted By CASANSAAR
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt.
To be precise, the cases pending in ...
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Income Tax |
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Functionalities to file commonly used ITRs enabled by CBDT on 1st April, 2024
Posted Date : 06-Apr-2024 , 08:59:31 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers...
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Income Tax |
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Clarification regarding applicability of new tax regime and old tax regime
Posted Date : 01-Apr-2024 , 08:00:53 pm | Posted By CASANSAAR
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without...
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Income Tax |
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Income Tax Dept starts sending emails, SMSs to assessees for mismatches in tax profiles, financial transactions
Posted Date : 10-Mar-2024 , 09:22:59 pm | Posted By CASANSAAR
The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions.
To flag the mismatches in payment of taxes in financial year 2023-24 (assessment year 2024-25) and the financia...
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Income Tax |
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CBDT clarifies provisions under Finance Act 2023 relating to donations made by a trust / institution to another trust / institution
Posted Date : 07-Mar-2024 , 08:32:55 am | Posted By CASANSAAR
Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in specified sub-clauses of section 10 (23C) of the Income-tax Act, 1961 (the ‘Act’) or any trust or institution registered und...
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