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6 mins read
A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?
The growth rate of bank deposits in India has been slowing, largely outpaced by credit growth. But …
2 mins read
New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know
The government has set October 1, 2024, as the launch date for Vivad Se Vishwas 2.0 to address dire…
2 mins read
CBDT forms committee for IT Act review; 'sunset' clauses to be eliminated
Central Board of Direct Taxes (CBDT) chairman Agrawal said the committee is looking at the best glo…
PTI
2 mins read
Comprehensive review of the IT Act imminent in 6 months, notes revenue secretary
Malhotra explained the government's rationale behind this proviso, noting that buyback does not f…
1 min read
Provisions of TDS/TCS, in case of death of deductee or collectee relaxed by govt
On April 23, 2024, CBDT extended the date for linking of PAN and Aadhaar May for the taxpayers (for…
ANI
1 min read
After outrage, Govt clarifies: tax clearance certificate only for people with tax dues, high-value defaulters
As per section 230 of the Income-tax Act, 1961, every person is not required to obtain a tax cleara…
PTI
1 min read
First draft of new and simplified Income Tax law to be prepared by internal tax dept committee: Revenue Secretary
The exercise is not linked to bringing a new direct taxes code, but a comprehensive review of the i…
PTI
1 min read
Direct tax collections rise 18% so far in current financial year
The government's gross direct tax collections have risen by 16.77 per cent to touch Rs 17.18 lakh c…
3 mins read
Tax man introduces ITR 1 and ITR 4 forms – Here’s what it means
The Central Board of Direct Taxes (CBDT) has revealed the Income Tax Return (ITR) Forms 1 and 4 for…
2 mins read
Income Tax dept to hire 50 young law, accountancy grads for better litigation at ITATs
The Income Tax Department has decided to temporarily hire 50 young law and chartered accountancy gr…
PTI
1 min read
Govt to withdraw disputed direct tax demand of up to ₹25,000 till FY10; ₹10,000 for FY11-15: FM
, The government has proposed to withdraw old disputed direct tax demands of up to Rs 25,000 till F…
PTI
1 min read
Direct Tax Collections (FY 2022-23) records growth at ₹15.67 lakh cr
Direct Tax collections up to February 10 showed that gross collections are at ₹15.67 lakh crore …
2 mins read
CBDT exempts startup investments from 21 nations including US, UK from angel tax
India’s finance ministry has announced that non-resident investors in unlisted Indian start-ups fro…
PTI
1 min read
CBDT notifies ITR forms for assessment year 2023-24
The Central Board of Direct Taxes (CBDT) has notified income-tax return forms (ITR forms) for the a…
1 min read
Central Board of Direct Taxes notifies cost inflation index for 2023-24
The cost inflation index (CII) for 2023-24 relevant to assessment year 2024-25 stood at 348, accord…
2 mins read
Income Tax dept selects 68,000 high-value transaction cases for e-verification
CBDT chief Gupta said that the I-T department had taken several progressive steps to encourage volu…
ANI
1 min read
Direct tax collections rise 31% to ₹10.54 lakh crore in FY23 so far
Direct tax collections, up to November 10, stood at Rs 10.54 lakh crore, 30.69 per cent higher than…
2 mins read
BBC India survey indicated tax evasion on remittances, discrepancies in transfer pricing: Govt
The Income Tax Department gathered several evidences pertaining to the BBC India's operation which …
ANI
2 mins read
Two-thirds taxpayers likely to shift to new regime in 2023-24 itself: CBDT chief
The income tax rebate limit available for salaried and individual taxpayers under the new income ta…
ANI
1 min read
Gross direct tax collections up by 30% at ₹10,93,385 crore in current fiscal
Gross direct tax collections for 2022-23 (up to November 30) are up by 29.66 per cent at ₹10,93,385…