Page 14 - Income Tax

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

From capital gains tax to job creation, understanding Union Budget 2024

Budget 2024: While some of the announcements were on expected lines, many have led to a surprise among investors

Budget 2024 impact: Can Sensex dip to 76,000 post capital gains tax rejig?

In the worst-case scenario, the Sensex can slide to 75,800 levels, which is the 50 per cent retracement level from the June 4 Lok Sabha election outcome-day low, said Ajit Mishra of Religare Broking.

Budget 2024: New income tax slabs announced, middle class gets no relief

Budget 2024: More than two-thirds of taxpayers adopted the new income tax regime in FY24, according to FM Sitharaman

Well-focused Budget 2024 with special development thrust: Madan Sabnavis

Union Budget 2024-25 news: There has been some comfort provided to individuals who opt for the new income tax scheme as there is some rationalisation across the slabs

Budget 2024: Standard deduction limit in new tax regime raised to Rs 75,000

Union Budget 2024: Nirmala Sitharaman on Tuesday announced that the standard deduction limit under the new tax regime has been revised to Rs 75,000 from the existing Rs 50,000

Cut in LPG prices to revision of tax slabs: Expectations from Budget 2024

All eyes will be on the major announcements made by the finance minister and the government's forward-looking guidance about the overall economy

ITR filing: Who is responsible for paying taxes on minor's earnings?

A minor can have a PAN card and his parents or guardian can apply for the same