Income Tax News

FM Unveils 433% Surge in Capital Expenditure Alongside Strong Tax Revenue Growth

Posted in Income Tax on 27 February 2024
In a significant announcement on February 22, 2024, FM revealed that the Indian government's robust tax revenue has paved the way for substantial increases in c..

New e-Verification Scheme-2021 Rolled Out by Income Tax Department to Address Mismatches in Taxpayer Returns

Posted in Income Tax on 27 February 2024
Income Tax Department has identified certain mismatches between third party information on interest and dividend income, and the Income Tax Return (ITR) filed b..

CBDT Issues Corrigendum Clarifying 6 Changes to ITR Forms ITR-2, ITR-3 and ITR-5 for AY 2024-25

Posted in Income Tax on 23 February 2024
The Central Board of Direct Taxes (CBDT) recently released a corrigendum, marked as Notification No. 22/2024 dated February 21, 2024, amending Notification No. ..

Personal Income Tax Collection to Surpass Corporate Income Tax for Second Consecutive Year

Posted in Income Tax on 22 February 2024
Data from the Income Tax department has revealed a significant shift in the tax landscape, with Personal Income Tax (PIT) set to outpace Corporate Income Tax (C..

Income Tax Department to Issue Notices to Non-Filers and TDS Deductees

Posted in Income Tax on 21 February 2024
The Income Tax Department is gearing up to take stringent action against individuals who have failed to file their Income Tax Returns (ITRs) and those whose tax..

CBDT Announces Waiver of Pending Tax Demands up to Rs 1 Lakh per Individual

Posted in Income Tax on 20 February 2024
The Central Board of Direct Taxes (CBDT) has issued an Order, bearing reference number F. No. 375/02/2023-IT-Budget and dated February 13, 2024, detailing the r..

LIC Receives Rs 21,740 Crore Tax Refund from Income Tax Department

Posted in Income Tax on 19 February 2024
Life Insurance Corporation of India (LIC) has garnered a significant tax refund of Rs 21,740.77 crore from the Income Tax Department for assessment years spanni..

Income Tax Dept Clarifies: No Freeze, Just Lien on Congress' Bank Accounts

Posted in Income Tax on 19 February 2024
In a recent development concerning the financial affairs of the Congress party, the Income Tax department clarified its stance before the ITAT, stating that it ..

Income Tax Notices Sent to Taxpayers for Donations to Unrecognized Political Parties

Posted in Income Tax on 17 February 2024
The Income Tax Department has initiated a probe into political donations made to registered yet unrecognized political parties during the financial years 2020-2..

TRACES: Lower/Nil TDS Deduction Application Window Open for FY 2023-24 & 2024-25

Posted in Income Tax on 17 February 2024
TAN system has introduced the TDS Reconciliation Analysis and Correction Enabling System (TRACES), offering taxpayers the opportunity to file for lower or nil d..