Page 8 - Latest Updates on Income tax
Budget 2025: How does the new income tax slab differ from the old regime?
In Budget 2025, Finance Minister Nirmala Sitharaman is expected to retain the dual tax system, offering taxpayers the choice between the simplified new regime with lower rates & older one with deducti
 "Budget 2025: How does the new income tax slab differ from the old regime?")
Budget 2025: Decoding tax and non-tax revenue and why they matter
As the Union Budget 2025 approaches, it is crucial to understand how the government earns its revenue from taxes and non-tax sources. Here's a breakdown
 "Budget 2025: Decoding tax and non-tax revenue and why they matter")
90k salaried individuals withdraw wrongful tax claims worth Rs 1,070 crore
In order to intensify the efforts of the department of promoting voluntary tax compliance and reducing litigation, outreach programme with employers is being launched
 "90k salaried individuals withdraw wrongful tax claims worth Rs 1,070 crore")
Centre to simplify decades-old income tax filing rules in upcoming Budget
The changes involve simplifying the language and rationalizing information by using formulas and tables, and won't include any adjustments to tax rates and policy, the people said
 "Centre to simplify decades-old income tax filing rules in upcoming Budget")
I-T dept can attach assets under benami law even if actual owner not traced
The Authority, a quasi-judicial body, issued the order on November 26 last year in a benami assets case
 "I-T dept can attach assets under benami law even if actual owner not traced")
Only 1% of tax returns are selected for scrutiny, 99% accepted on trust
India's tax administration adopts a trust-based model, accepting over 99% of returns without scrutiny, while flagged cases undergo transparent, objective assessments
 "Only 1% of tax returns are selected for scrutiny, 99% accepted on trust")
Govt may introduce one-time amnesty scheme to resolve Customs disputes
The official said around 35,000 customs cases, involving over around Rs 50,000 crore are currently pending across various courts
 "Govt may introduce one-time amnesty scheme to resolve Customs disputes")
High penalties for cash transactions: Know I-T dept's key restrictions
The brochure advises taxpayers to refrain from using cash for daily transactions, particularly those involving significant amounts
 "High penalties for cash transactions: Know I-T dept's key restrictions")
Hero MotoCorp gets additional tax demand of Rs 26.4 cr from I-T dept
The tax officer has made the additions to the reported income to the tune of around Rs 96.5 crore resulting in an additional tax demand of Rs 26.4 crore
 "Hero MotoCorp gets additional tax demand of Rs 26.4 cr from I-T dept")
I-T dept set to enhance operations in 2025 by adopting PRUDENT approach
The chairman noted that the past year saw significant progress, with over 2.4 lakh grievances resolved, including 1.75 lakh through the E-nirvan platform
 "I-T dept set to enhance operations in 2025 by adopting PRUDENT approach")
Simplification of policies to be govt's focus for taxation in 2025
work on rationalising GST rates and slabs has been put in motion with a group of ministers (GoM) deliberating on the changes, but a final decision is expected only by the GST Council
 "Simplification of policies to be govt's focus for taxation in 2025")
These rule changes will impact how you file Income Tax returns in 2025
July 2024 steps will shape tax deductions and exemptions that can be claimed when filing an Income Tax Return (ITR) in July 2025
Budget 2025: Govt may cut income tax rates to lift consumption, says report
The move could benefit tens of millions of taxpayers, especially city dwellers burdened by high living costs, if they opt for a 2020 tax system that strips exemptions like housing rentals
 "Budget 2025: Govt may cut income tax rates to lift consumption, says report")
52 kg gold, Rs 9.86 crore cash found in abandoned SUV near Bhopal forest
52 kg of gold and Rs 9.86 crore in cash were found in an abandoned SUV near a Bhopal forest, raising suspicions of links to ongoing raids on real estate businesses
 "52 kg gold, Rs 9.86 crore cash found in abandoned SUV near Bhopal forest")
Telangana urges Centre to simplify IT slabs, reduce corp tax for biz ease
Telangana on Friday urged the Centre to simplify the Income Tax slabs and reduce corporate tax rates to enhance ease of doing business.
 "Telangana urges Centre to simplify IT slabs, reduce corp tax for biz ease")
Only 6.68% of population filed income tax return in FY24: Govt tells House
He further said total number of individuals reporting zero taxable income in their ITRs is 4.90 crore in Assessment Year 2023-24, up from 4.64 lakh in 2022-23
FinMin unlikely to introduce new Income-Tax Bill in Budget session
Review panel may submit report before FY26 Budget
CBI arrests 2 income tax department employees in bribery case from Assam
As per the CBI release, the accused were arrested for demanding and accepting a bribe of Rs 4,000 from the complainant which is allegedly part of demanded bribe amount of Rs 10,000
 "CBI arrests 2 income tax department employees in bribery case from Assam")
No need to apply for new PAN cards: 11 FAQs on PAN 2.0 system explained
Still unsure about how PAN 2.0 system will work? These FAQs from the CBDT might clear things up
 "No need to apply for new PAN cards: 11 FAQs on PAN 2.0 system explained")
Are non-financial firms' financial investments here to stay, or at risk?
There are two ways of looking at this problem - first, has the composition of reported income changed? And second, has the composition of assets changed?
 "Are non-financial firms' financial investments here to stay, or at risk?")
