Page 12 - Latest Updates on Income tax
Govt extends income tax audit report deadline to Oct 7: Check details
The move comes in response to challenges taxpayers faced with electronic submission
 "Govt extends income tax audit report deadline to Oct 7: Check details")
Income tax audit report deadline extended to Oct 7: What you need to know
This extension provides taxpayers, including individuals and companies, additional time to meet their compliance obligations
 "Income tax audit report deadline extended to Oct 7: What you need to know")
Mechanism to control GST fraud in ITC claims expected in November
In FY24, Central GST officers booked 9,190 cases involving fake ITC worth Rs 36,374 crore
 "Mechanism to control GST fraud in ITC claims expected in November")
Lesser settlement amounts for those who file tax declaration by Dec 31
Scheme also provides that Form-1 shall be filed separately for each dispute only where appellant and income-tax authority have filed an appeal, single Form-1 shall be filed in such case
No tax rate reductions for old regime, clarifies Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said that the government is not compelling anyone to switch from the old to the new tax regime
 "No tax rate reductions for old regime, clarifies Nirmala Sitharaman")
Tax notices to employees are a 'discrepancy', ITRs to be reprocessed: TCS
The company said associates who received the notices will get a rectification intimation in due course and are not required to pay any demand amount
 "Tax notices to employees are a 'discrepancy', ITRs to be reprocessed: TCS")
Looking into vacancies in income tax appellate tribunals: Supreme Court
We are seized of the matter... we will look into the issue of pending vacancies, the CJI said and assured an early hearing
 "Looking into vacancies in income tax appellate tribunals: Supreme Court")
Congress seeks ICICI Bank's clarification on Sebi chief's retiral benefits
Congress spokesperson Pawan Khera on Tuesday issued a statement questioning ICICI Bank's explanation over retirement benefits allegedly received by Sebi Chief Madhabi Puri Buch
 "Congress seeks ICICI Bank's clarification on Sebi chief's retiral benefits")
Panel headed by V K Gupta to simplify decades-old direct tax laws
More than 90 sections seen redundant; panel in line with Budget promise of comprehensive review
 "Panel headed by V K Gupta to simplify decades-old direct tax laws")
New database on registration status of charities for taxation clarity
Cancellations of registration must be uploaded on I-T website by August 31
 "New database on registration status of charities for taxation clarity")
CBDT forms committee to review I-T Act, 'sunset' clauses to be eliminated
The panel, comprising income tax (IT) officials from across the country, has started working to identify areas of improvement in the Income Tax Act, 1961
 "CBDT forms committee to review I-T Act, 'sunset' clauses to be eliminated")
Tax dept issues 10,000 reopening notices to various entities so far
Initial data suggest undisclosed income to the tune of Rs 15,000 cr
 "Tax dept issues 10,000 reopening notices to various entities so far")
Income tax dept processed about 40 mn ITRs for AY 2024-25 in 15 days
About 4.98 crore ITRs (income tax returns) have already been processed by the tax department, and intimations sent to taxpayers. Of this, 3.92 crore ITRs were processed in less than 15 days
 "Income tax dept processed about 40 mn ITRs for AY 2024-25 in 15 days")
Who needs an income tax clearance to travel overseas? CBDT clarifies
Only individuals in specific circumstances are required to obtain the document
 "Who needs an income tax clearance to travel overseas? CBDT clarifies")
Finance ministry exempts UIDAI from payment of income tax for 5 yrs
A notification to this effect was issued by the Central Board of Direct Taxes (CBDT) under the Ministry of Finance
 "Finance ministry exempts UIDAI from payment of income tax for 5 yrs")
Exaggerated, bogus claims to get refunds punishable offence, warns I-T dept
The ITR filing season for assessment year 2024-25 will end on July 31 for all categories of taxpayers whose accounts are not supposed to be audited
Open and shut case: New income-tax rules offer one-step resolution
Flat 60% tax on undisclosed income to reduce litigation, says CBDT chief
 "Open and shut case: New income-tax rules offer one-step resolution")
Open to feedback on tax changes but... read FinMin latest remark on Budget
Union Finance Minister Nirmala Sitharaman's recent remark follows feedback from several experts and salaried individuals who feel that the Budget did not provide sufficient relief to the middle class
 "Open to feedback on tax changes but... read FinMin latest remark on Budget")
Taxpayers can opt for 'Vivad se Vishwas' scheme from Dec 31: CBDT chairman
First 'Vivad se Vishwas' scheme for cases under the direct taxes or income tax category was brought out by government in 2020 and, according to the CBDT chief, it was quite successful
 "Taxpayers can opt for 'Vivad se Vishwas' scheme from Dec 31: CBDT chairman")
Budget 2024: Old tax regime may still help you save more, here's the math
Choosing between the old and new income tax regimes to minimise your tax outgo can be challenging for many taxpayers. Here's the math to make you understand
 "Budget 2024: Old tax regime may still help you save more, here's the math")