Page 7 - Income Tax

Centre appoints four senior IRS officers as members of CBDT board

The Appointments Committee of the Cabinet has approved the appointment of four senior Indian Revenue Service (IRS) officers as Members of the Central Board of Direct Taxes (CBDT), according to an official order issued yesterday.The newly appointed Members include Pankaj Kumar Mishra, who was serving as Member (Finance) of the Atomic Energy Commission, and Sanjay Bahadur, who held the position of Principal Director General of Income Tax (Training) in Delhi. L. Rajasekhar Reddy, who was the Principal Chief Commissioner of Income Tax (TDS) for Chennai, Tamil Nadu & Puducherry Regions and Ms. G. Aparna Rao, who was functioning as the Principal Chief Commissioner of Income Tax-1 for Bengaluru, Karnataka & Goa Regions, were also appointed as Members of the CBDT.All four appointees belong to the 1989 batch of the Indian Revenue Service (Income Tax).The appointments fill the vacant positions in the CBDT, which is the apex body responsible for administering direct tax laws in ...

No I-T on new flat received exchange for old under Section 56(2)(x)

The judgment is likely to benefit prospective homeowners who are planning to exchange their old homes for upgraded accommodations in newly developed residential projects

Courts must flag cash deals of ₹2 lakh or more to tax dept, says SC

Experts say that the judgment means anyone who has accepted such a cash payment will now think twice before filing a case in court

Old vs new tax regime: Key factors to help you choose before filing

After successfully filling out the income-tax return, the next step is to verify it. If a return is filed but not verified within permitted time, it shall be deemed as invalid return

India's richest report only a fraction of their wealth, says a new study

They are not just underreporting income; they are reshaping what the income tax system perceives, says study

Fake invoices: I-T dept reopening hundreds of old assessment cases

Businesses that may have claimed fake purchases in taxman's crosshairs

Finance ministry notifies form ITR-B to report undisclosed income

Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income

Bhushan Steel buy case: Tata Steel gets tax notice, challenges in HC

Tata Steel said that the income tax return of Bhushan Steel for FY 2018-19 was accepted by the income tax department in June 2020 without any demand pertaining to the waiver of loan

New rules from April 1: Zero tax on income up to Rs 12L, see all changes

Salaried individuals with an income of up to Rs 12.75 lakh will have no tax liability after accounting for a Rs 75,000 standard deduction

New financial year set to bring key tax, pension, and MSME reforms

The new income tax slabs under the new tax regime have been modified to increase the basic exemption limit from ₹3 lakh to ₹4 lakh

Missed advance tax deadline? Salaried person can still avoid interest

Failing to pay advance tax or adjust TDS in time may attract interest under Section 234C for delays and 234B if 90% of the total tax remains unpaid by March 31

Taxmen to assess only undisclosed income in search cases: Finance Bill

The amendment, which was approved by the Lok Sabha on Tuesday, will be made effective retrospectively from September 1, 2024

Old and new tax regimes: How to choose the best option for saving money

Each regime has its own tax slabs, deductions, and exemptions

Financial transactions within family: Maintain record to avoid IT notice

Banks are required to report cash deposits exceeding ~10 lakh in savings accounts or ~50 lakh in current accounts, which may trigger scrutiny

Should you continue investing in PPF, SSY, NPS under the new regime?

Salaried taxpayers having non-business income will have the option to choose between the new and old tax regimes every year

Income Tax Bill 2025: Centre seeks public input on bill, launches eportal

The new income tax bill seeks to modernise the tax system by simplifying it and ensuring greater transparency

FAQs on revised guidelines for compounding of offences under I-Tax act

Following the issuance of the guidelines, queries were received from stakeholders seeking clarifications on various provisions

Govt likely to bring back single tax return system for search cases

Single return may cover six years plus part-year when investigation is done

March 15 is deadline for last advance tax installment: Know if you must pay

Individuals with a total liability of more than Rs 10,000 for the year must pay advance tax

Income Tax Bill: Lok Sabha panel weighs expanding 'accountant' definition

The Institute of Chartered Accountants of India (ICAI), which briefed the panel at its first meeting on March 6, has opposed any changes to the definition