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Income Tax News

PAGE 6

Union Budget: 25 key terms you must know before Nirmala Sitharaman's speech

Budget 2025: Union Finance Minister Nirmala Sitharaman chairs a meeting on Pre-Budget Consultation with states and union territories (with legislature) for the forthcoming Union Budget 2025-26, in Jaisalmer

Published on Jan 15, 2025, 7:48 AM IST

MP: IT officials find crocodiles during raid on former BJP MLA's house

During their raid on Friday, officials spotted crocodiles at a pond inside a house and alerted the forest department officials. (Representative image)

Published on Jan 11, 2025, 8:09 AM IST

Govt may simplify income tax filing rules in Budget 2025: Report

Tax disputes have more than doubled to 10.5 trillion rupees ($123 billion) in the decade through the fiscal year ended March 2023.

Published on Jan 8, 2025, 3:41 PM IST

Top 10 income tax changes from 2024 to look out for while filing ITR in 2025

The changes in the income tax structure can influence the deductions and exemptions taxpayers can claim when filing their income tax returns (ITR) in July 2025.

Updated on Jan 2, 2025, 6:45 PM IST

Income tax dept extends belated, revised ITR deadline: Details here

This means that all those who have to file their return by December 31, but haven't done so, will get an additional two weeks to do it.

Published on Dec 31, 2024, 4:14 PM IST

Income Tax department extends ‘Vivad Se Vishwas’ scheme deadline to January 31

The Vivad Se Vishwas scheme allows taxpayers to effectively conclude all their income tax disputes and also avoid additional penalties.

Published on Dec 31, 2024, 3:14 PM IST

IT dept denies misuse of DigiYatra facial recognition data amid privacy concerns

The DigiYatra uses facial recognition technology at airports.

Published on Dec 30, 2024, 10:41 PM IST

Income tax may be reduced for those earning up to ₹15 lakh this Budget: Report

The number of taxpayers with a gross income between <span class='webrupee'>₹</span>50 lakh and <span class='webrupee'>₹</span>1 crore has grown by 440% over the last decade (FILE PHOTO)

Published on Dec 27, 2024, 3:08 PM IST

Missed December 15 advance tax deadline? Here's what will happen

The advance tax payment deadline for the fiscal year 2024–2025 is December 15, 2024. Businesses, independent contractors, and salaried employees must finish their job by this day in order to comply with income tax regulations.

Published on Dec 15, 2024, 3:04 PM IST

Middlemen-bureaucrats nexus: IT dept tells HC it gave ACB list of 103 individuals, entities

Middlemen-bureaucrats nexus: IT dept tells HC it gave ACB list of 103 individuals, entities

Updated on Nov 29, 2024, 8:04 AM IST

PAN 2.0: New e-PAN to come in mail without applying again, QR and other details

The government has decided to make PAN as the "common business identifier" for all digital systems of specified govt agencies, as announced in the Union Budget 2023

Published on Nov 27, 2024, 12:10 PM IST

How will PAN 2.0 be different from the existing card: Key changes explained

You can hold only 1 PAN card (Representative Image)

Published on Nov 26, 2024, 3:09 PM IST

IT dept attaches ₹1.21 cr properties of ex-min Gayatri Prajapati

Former minister Gayatri Prasad Prajapati (File)

Updated on Nov 20, 2024, 6:30 AM IST

Attention taxpayers! Foreign income and assets to be disclosed by December 31

The income tax department is also in the process of sending SMS and emails to those who haven't disclosed high-value assets

Updated on Nov 19, 2024, 12:39 PM IST

ITR deadline: Has income tax return deadline for audit cases been extended?

The Income Tax Department has not extended the November 15, 2024 deadline for filing income tax returns (ITR) by taxpayers subject to audit and also for other designated ones

Published on Nov 16, 2024, 3:35 PM IST

In poll-bound Jharkhand, ₹50 lakh recovered from tyre, BJP MP reacts | Video

Security personnel removing stacks of cash from a tyre in Jharkhand. (Screengrab)

Published on Nov 15, 2024, 9:56 AM IST

Taxpayers with annual income of over ₹1 crore rose 323% to 350,000 in 10 yrs

The number of taxpayers with a gross income between <span class='webrupee'>₹</span>50 lakh and <span class='webrupee'>₹</span>1 crore has grown by 440% over the last decade (FILE PHOTO)

Updated on Nov 13, 2024, 9:42 PM IST

ITR deadline is November 15, 2024 for these taxpayers: Check details

This ITR submission is closely related to also submitting the tax audit report, with details in the report to be referenced in the ITR. Thus, the tax audit report must also be submitted before filing the ITR.

Published on Nov 13, 2024, 3:14 PM IST

Industry bodies ask finance ministry to ease TDS rates for Union Budget 2025

Industry bodies have asked the finance ministry to simplify the rates of tax deducted at source (TDS) as the Union Budget will be presented in February next year

Published on Nov 8, 2024, 3:08 PM IST

Trump wants to eliminate income taxes for all Americans, ‘There is a way’

Republican presidential nominee former President Donald Trump walks off stage after speaking at a campaign rally at Cherry Capital Airport, Friday, Oct. 25, 2024, in Traverse City, Mich. (AP Photo/Alex Brandon)

Published on Oct 26, 2024, 3:33 PM IST

Income tax payers with over ₹1 crore of income rises five times in ten years

The number of salaried individuals with more than <span class='webrupee'>₹</span>1 crore income amounted to nearly 52% in AY2022-23. This was 49.2% in the year before and 51% in AY2013-14.

Published on Oct 23, 2024, 4:48 PM IST

US announces new tax brackets for 2025. Here's all you need to know

For 2025, the standard deduction for married couples rises to $30,000, while the tax-free gift limit increases to $19,000 per recipient. REUTERS/Andrew Kelly/File Photo

Published on Oct 23, 2024, 3:21 AM IST

SC rules in favour of revenue on 90,000 Income Tax reassessment notices

The judgment, delivered by a bench led by Chief Justice of India Dhananjaya Y Chandrachud, held that after April 1, 2021, the substituted provisions of the Income Tax Act would apply retrospectively, even for past assessment years. (HT PHOTO)

Updated on Oct 4, 2024, 6:50 AM IST

Deadline for income tax audit report extended: What is the last date now?

Income tax audit last date: The CBDT extended the deadline due to challenges faced by taxpayers in electronically filing audit reports under the Income-tax Act, 1961.

Updated on Sep 30, 2024, 10:45 AM IST

Mississippi's Republican governor pushes income-tax cut, says critics rely on 'myths'

Mississippi's Republican governor pushes income-tax cut, says critics rely on 'myths'

Published on Sep 25, 2024, 4:31 AM IST

Tax on EPF: How employees provident fund interest and withdrawals are taxed

Employees Provident Fund (EPF) is a retirement savings scheme for employees.

Updated on Sep 18, 2024, 1:29 PM IST

TCS employee income tax notices a 'discrepancy,' ITRs to be reprocessed: Report

About 40,000 TCS employees received income tax notices, with tax demands ranging from <span class='webrupee'>₹</span>50,000 to 1 lakh, depending on the salary and seniority.(Bloomberg)

Published on Sep 14, 2024, 12:59 PM IST

How long does it take for income tax department to process ITR?

If the ITR is not successfully processed, the income tax refund if applicable, will not be credited to your bank account. (Representational Image/Unsplash/Scott Graham)

Published on Aug 25, 2024, 9:23 PM IST

26% of ITRs are yet to be processed, is yours among them? Find out why

The Income Tax Department processed 73.71% of all verified income tax returns (ITRs) as of August 22, 2024 (Pexels)

Published on Aug 23, 2024, 2:39 PM IST

Got a defective ITR notice from income tax department? Why and how to rectify

The number of defective income tax return (ITR) notices has been increasing lately (Scott Graham/Representational Image/Unsplash)

Published on Aug 22, 2024, 8:59 PM IST

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