Income Tax

Tax notices to employees are a 'discrepancy', ITRs to be reprocessed: TCS

"It's possible that the delay in TDS deposits could have been from TCS's side, but it seems more likely to be a technical error," said a senior partner at a major consultancy firm

Looking into vacancies in income tax appellate tribunals: Supreme Court

The Supreme Court on Friday told a Bengaluru-based bar body that it is looking into issues related to vacancies in income tax appellate tribunals (ITATs). As soon as a bench comprising Chief Justice D Y Chandrachud and Justices JB Pardiwala and Manoj Misra assembled to hear the listed cases, a counsel representing the Bangalore Bar Association (BBA) made a mention about vacancies in the ITAT in the city. We are seized of the matter... we will look into the issue of pending vacancies, the CJI said and assured an early hearing. The ITAT is a quasi judicial body to deal with appeals under laws related to direct taxes in the country and appeal against its orders lie in high courts. Initially, ITAT had three branches in Delhi, Kolkata and Mumbai. The number increased to 63 and now the tribunal benches have seats in 30 cities covering the entire country. The ITAT has 126 members, including a president, a senior vice-president, nine vice-presidents, and 115 judicial and accountant ...

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

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

New database on registration status of charities for taxation clarity

Cancellations of registration must be uploaded on I-T website by August 31

CBDT forms committee to review I-T Act, 'sunset' clauses to be eliminated

An internal committee of the Income Tax Department will review the 1961 direct tax law to eliminate redundant clauses as well as adopt best global practices to simplify it for taxpayers for better compliance, CBDT chief Ravi Agrawal has said. 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, he said and added that the exercise is being conducted under a central government-mandated comprehensive review of the law. Central Board of Direct Taxes (CBDT) chairman Agrawal said the committee is looking at the best global practices that can be adopted as well as cutting redundancies in the existing law and finding those clauses that have reached their sunset, and hence, can be eliminated. "An internal committee of competent officers of the department from all across the country has been formed. They have started working to identify areas of improvement. This is a work in progress...," he

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

Income tax dept processed about 40 mn ITRs for AY 2024-25 in 15 days

Revenue Secretary Sanjay Malhotra on Wednesday said the income tax department has processed close to 4 crore ITRs for AY 2024-25 in 15 days. Over 7.28 crore income tax returns for Assessment Year 2024-25 were filed till July 31, 2024. 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. "We have made strides in digitisation...About 4 crore returns were processed within 15 days..," Malhotra said at the 165th Income Tax Day celebration. Malhotra said that in the last decade, the direct tax revenues have increased from Rs 5.59 lakh crore to Rs 20 lakh crore. Also, the tax-to-GDP ratio has increased to 6 per cent from 5.6 per cent over this period.

Who needs an income tax clearance to travel overseas? CBDT clarifies

Only individuals in specific circumstances are required to obtain the document

Finance ministry exempts UIDAI from payment of income tax for 5 yrs

The finance ministry has exempted the income of Unique Identification Authority of India (UIDAI) from payment of income tax for five years till fiscal 2027-28. Accordingly, grants/subsidies received from the central government; fees/ subscriptions, including RTI fee, tender fee, sale of scrap, PVC card; authentication, enrolment and updation service charges received; term/fixed deposits; and interest on bank deposits earned by UIDAI would be exempt from income tax. A notification to this effect was issued by the Central Board of Direct Taxes (CBDT) under the Ministry of Finance. "This notification shall be applicable for assessment year 2024-2025, 2025-2026, 2026-2027, 2027-2028 and 2028-2029," it added. UIDAI is a statutory authority established under the provisions of the Aadhaar Act, 2016, to ensure compliance with Aadhaar Act, and make regulations & rules consistent with the Act. This notification would be effective subject to the conditions that UIDAI would not engage in any

Exaggerated, bogus claims to get refunds punishable offence, warns I-T dept

The I-T Department has asked income tax return filers to not make bogus claims for expenses, under-report their earnings or exaggerate deductions as this is a punishable offence and causes a delay in issuance of refunds. 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. According to the Income Tax Department and its administrative body Central Board of Direct Taxes (CBDT), over five crore ITRs have been filed, as of July 26. In a recent public communication, the Income Tax Department asked taxpayers to file their returns correctly to get timely refunds. "Refund claims are subject to verification checks, which may cause delays. Accurate filing of ITR leads to quicker processing of refunds. Any discrepancies in the claims made will prompt a request for a revised return (to be filed by the taxpayer)," it said. It cautioned ITR filing taxpayers to not claim "incorrect" Tax Deducted at So

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 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

Taxpayers can opt for 'Vivad se Vishwas' scheme from Dec 31: CBDT chairman

The 'Vivad se Vishwas' scheme announced in the Budget for settlement of pending direct tax appeals will be launched this year and its notification apart from relevant FAQs would be issued soon, CBDT chairman Ravi Agrawal said Wednesday. Speaking to PTI during a post-Budget interview, the head of the direct taxes administration in the country said that a "substantial" number of income tax appeals are logged at the appellate stage in different forums and it is expected that a "reasonable" number of taxpayers will avail the new scheme. The first 'Vivad se Vishwas' scheme for cases under the direct taxes or income tax category was brought out by the government in 2020 and, according to the CBDT chief, it was "quite successful" with about Rs 75,000 crore revenue being garnered and about a lakh taxpayers availing the scheme. "The first date is (going to be) 31st of December by when we the taxpayer is supposed to actually opt for the scheme (Vivad se Vishwas 2024). Very soon, we will notif

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

Income Tax Day 2024: Date, history, significance, quotes and more

India celebrates the National Income Tax Day, or Aaykar Divas, every year on July 24, marking the historical development of tax administration in the country

Union Budget 2024: Beginning of remarkable direct tax reforms by Modi 3.0

Income tax changes in Budget 2024: On the personal income-tax front, the tax slab rates have been rationalised only under the new tax regime

Decoded: What Budget 2024 means for the middle-class, investors, and more

What Budget 2024, presented by Modi govt 3.0, actually mean for the middle class, students, and more

Is old tax regime over? What FM Sitharaman said about old and new regimes

Union Budget 2024-25: Govt to review old tax regime. What is the current tax system and what has the Budget 2024 proposed for FY25

Budget 2024: Modi 3.0 govt simplifies taxes, fosters foreign investments

India Budget 2024 tax rules: In order to achieve the vision of simplifying taxes, FM Nirmala Sitharaman announced a comprehensive review of the Income Tax Act, 1961