Page 12 - Income Tax

ITR 2024: Declare foreign assets by Dec 31 or face Rs 10 lakh fine

The deadline to submit revised or belated ITRs is December 31

Income tax raids common since 2014: CM Hemant Soren questions Centre

He went on to say that he had spoken several times about the state of constitutional agencies and how they were functioning in the country

TDS applicable on salaries of nuns, priests in govt-aided schools: SC

A top court bench led by outgoing Chief Justice DY Chandrachud ruled that salaries paid from government grants are taxable

CBDT allows tax officials to waive or reduce interest due from taxpayers

The income tax department has allowed tax officials to either waive or reduce interest payable by a taxpayer, subject to specified conditions. Under the Income Tax Act Section 220 (2A), if a taxpayer fails to pay the tax amount specified in any demand notice, he/she is liable to pay interest at 1 per cent per month for the period of delay in making the payment. The Act also empowers Principal Chief Commissioner (PrCCIT) or Chief Commissioner (CCIT) or Principal Commissioner (PrCIT) or Commissioner rank officers to reduce or waive the amount interest due to be paid. The Central Board of Direct Taxes (CBDT) through a circular dated November 4 has specified the monetary threshold of the interest that can be waived or reduced by the tax officers. Accordingly, PrCCIT rank officer can decide on reducing or waiving interest due of over Rs 1.5 crore. For interest due above Rs 50 lakh to Rs 1.5 crore, CCIT rank officer will decide on the waiver/reduction, while PrCIT or Income Tax ...

Income tax dept receives 6,500 suggestions on review of income tax act

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 attended by Revenue Secretary Sanjay Malhotra, Secretary, Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal, and senior CBDT officials. In a post on X, the finance ministry said that Malhotra informed the Finance Minister that 22 specialised sub-committees have been established to review the various aspects of the Income Tax Act. These committees have actively engaged in numerous meetings 'both in person and via VC' with domain experts to collaboratively explore and recommend improvements to the Act. "During the meeting, the Revenue Secretary also apprised FM Smt. @nsitharaman that 6,500 valuable suggestions have been received through the portal since it was opened on 6 October 2024, ...

Irish tax perks under I-T lens: What it means for aircraft leasing?

The I-T department's scrutiny stems from notices issued to the offshore firms, asserting that their primary motivation for operating from Ireland is to evade taxation on operating lease rentals

Govt extends ITR filing deadline for corporates by 15 days till November 15

The income tax department on Saturday extended the deadline for filing income tax returns by corporates by 15 days till November 15 for assessment year 2024-25. In a circular, the Central Board of Direct Taxes (CBDT) said the deadline will be extended from the earlier target date of October 31. The new deadline for Assessment Year 2024-25 (for furnishing tax returns for fiscal 2023-24) is November 15. Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala said this extension would not apply to the Tax Audit Report, transfer pricing certification in Form 3CEB and other income tax forms like Form 10DA, for which the deadline would remain October 31, 2024. AMRG & Associates Senior Partner Rajat Mohan said the CBDT's decision to extend the deadline for filing income tax returns for AY 2024-25, though not accompanied by an official explanation, seems aligned with the upcoming festive season. "By extending the deadline to November 15, 2024, taxpayers and professionals alike can prioritise

Tax filers earning over Rs 1 cr surge 5X in 10 years; returns double

Salaried individuals account for nearly 52 per cent of those declaring income exceeding Rs 1 crore in the most recent assessment year, according to data released by the tax department

Tax dept simplifies compounding offence process with lower penalties

New guidelines will help businesses, individuals in rectifying mistakes in taxation

Steady growth: Net direct tax collection up 18.3% to Rs 11.3 trillion

Of the tax mop-up, personal income-tax (PIT) outpaced corporation tax. PIT stood at Rs 5.98 trillion (net) compared to Rs 4.88 trillion in the same period a year ago

Donald Trump vows to eliminate income taxes on Americans living abroad

No-taxes-on-Americans-abroad pledge is the latest in a series of Trump plans to cut personal tax bills, he's also floated exempting tipped wages, overtime pay and Social Security benefits from taxes

CBDT forms an internal committee for full review of Income-Tax Act

Public feedback invited to help make the Act concise and easy to understand

Tax dept invites public inputs for I-T Act review to simplify provisions

The Income Tax department on Monday invited public inputs for review of the six-decade old I-T Act with regard to simplification of language, litigation reduction, compliance reduction, and obsolete provisions. Pursuant to the Budget announcement by Finance Minister Nirmala Sitharaman for a comprehensive review of the Income-tax Act, 1961, the Central Board of Direct Taxes (CBDT) had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers. "The committee invites public inputs and suggestions in four categories: simplification of language, litigation reduction, compliance reduction, and redundant/obsolete provisions," the CBDT said. A webpage on the e-filing portal -- https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review -- has been launched and the public can access the page by entering their mobile number and ...

SC backs validity of 90,000 I-T reassessment notices made after Apr 1, 2021

In a relief to the Income Tax Department, the Supreme Court has upheld the validity of nearly 90,000 reassessment notices issued by the revenue department after April 1, 2021, under old provisions. The top court on Thursday set aside the verdicts of several high courts that had held that the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act (TOLA) of 2021 will not extend the time limit for issuing reassessment notices under the Income Tax Act. TOLA was brought in during the COVID-19 pandemic to extend time limit for income tax compliances. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra dealt with two legal questions related to the interplay of three Parliamentary statutes, the Income Tax Act, the TOLA and the Finance Act. The issues, adjudicated upon by the top court, read: "Whether TOLA and notifications issued under it will also apply to reassessment notices issued after April 1, 2021 and whether the ...

FM Sitharaman asks IT dept to analyse cases lost at HCs, SC to draw lessons

Union Finance Minister Nirmala Sitharaman has asked the Income Tax Department to "analyse" court cases the taxman lost over the last decade in order to draw lessons and ensure litigation disputes are eliminated, official sources said Monday. The minister has also asked the department to prepare a list of "expert" tax law advocates so that they can represent the I-T Department or the revenue side effectively at judicial forums including in insolvency cases before the National Company Law Tribunal (NCLT), the sources said. The decisions were taken during a meeting of the top brass of the tax department and its administrative authority, the Central Board of Direct Taxes (CBDT), held in Delhi last month. The principal chief commissioners and directors general of the I-T department apart from the CBDT chairman, members and officers were part of the meeting, they said. The sources told PTI that finance minister Sitharaman directed the CBDT to "audit" the cases won or lost by the departme

Govt extends income tax audit report deadline to Oct 7: Check details

The move comes in response to challenges taxpayers faced with electronic submission

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

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

Lesser settlement amounts for those who file tax declaration by Dec 31

The Income Tax Department on Saturday said it has notified dispute resolution scheme Vivad Se Vishwas scheme 2.0 that provides for lesser settlement amounts for taxpayers who file declaration on or before December 31, 2024, in comparison to those who file thereafter. Finance Minister Nirmala Sitharaman in her budget speech, announced the Direct Tax Vivad Se Vishwas Scheme 2024 to resolve pending appeals in the case of income tax disputes. The scheme shall come into force with effect from October 1, 2024. Further, the Rules and Forms for enabling the Scheme have also been notified. The Scheme provides for lesser settlement amounts for a 'new appellant' in comparison to an 'old appellant'. The Scheme also provides for lesser settlement amounts for taxpayers who file declaration on or before 31.12.2024 in comparison to those who file thereafter, the Central Board of Direct Taxes (CBDT) said in a statement. Four separate Forms have been notified - Form-1: Form for filing declaration and

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