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April 11, 2024
The income tax department in India has released an interim action plan for the fiscal year 2024-25, focusing on identifying cases of TDS short-payment and expediting appeals processing. The plan sets deadlines for refund approvals, asset release, and compounding proposals. It also emphasizes prioritizing appeals filed before and after April 1, 2020, with at least 150 appeals resolved by June 30.
April 11, 2024
The plan sets deadlines for refund approvals, asset release, and compounding proposals. Moreover, the identification of cases is also mentioned, where seized assets are due for release and release the same by June 30, 2024.
April 1, 2024
The option of opting out from the new tax regime is available till the filing of return for the assessment year 2024-25, the ministry has said
February 2, 2024
The interim budget’s projections for FY25 are rather modest. It expects direct tax collections to grow 13.1%, which is more or less the same as the pre-covid trend
January 23, 2024
India Business News: The tax department has seen a significant increase in the number of taxpayers, thanks to rising compliance and the use of technology. The total number
February 14, 2023
The fraudulent TDS refunds of around ₹263 crore pertain to assessment years of 2007-08 and 2008-09.
February 10, 2023
The accused had attempted to hoodwink an IT (Income Tax) department platform that tracks PAN-linked (Permanent Account Number) transactions by creating dummy orders.
March 17, 2022
Accelerated economic recovery lifted the Centres net direct tax collections for FY22 (till March 16) by over 48 per cent on a year-on-year basis.According to the Ministry of Finance, net collections stood at Rs 13,63,038.3 crore compared to Rs ...
March 17, 2022
Accelerated economic recovery lifted the Centres net direct tax collections for FY22 (till March 16) by over 48 per cent on a year-on-year basis.
December 17, 2021
The Supreme Court on Friday refused to entertain a petition seeking quashing of the provision mandating tax on interest earned on compensation received by a road accident victim. A bench of Justices D Y Chandrachud and A S Bopanna dismissed the plea filed by an advocate saying he was not "personally aggrieved" in the matter.