Page 3 - Latest Updates on Income tax
Income tax dept processed about 40 mn ITRs for AY 2024-25 in 15 days
About 4.98 crore ITRs (income tax returns) have already been processed by the tax department, and intimations sent to taxpayers. Of this, 3.92 crore ITRs were processed in less than 15 days
 "Income tax dept processed about 40 mn ITRs for AY 2024-25 in 15 days")
Who needs an income tax clearance to travel overseas? CBDT clarifies
Only individuals in specific circumstances are required to obtain the document
 "Who needs an income tax clearance to travel overseas? CBDT clarifies")
Finance ministry exempts UIDAI from payment of income tax for 5 yrs
A notification to this effect was issued by the Central Board of Direct Taxes (CBDT) under the Ministry of Finance
 "Finance ministry exempts UIDAI from payment of income tax for 5 yrs")
Exaggerated, bogus claims to get refunds punishable offence, warns I-T dept
The ITR filing season for assessment year 2024-25 will end on July 31 for all categories of taxpayers whose accounts are not supposed to be audited
Open and shut case: New income-tax rules offer one-step resolution
Flat 60% tax on undisclosed income to reduce litigation, says CBDT chief
 "Open and shut case: New income-tax rules offer one-step resolution")
Open to feedback on tax changes but... read FinMin latest remark on Budget
Union Finance Minister Nirmala Sitharaman's recent remark follows feedback from several experts and salaried individuals who feel that the Budget did not provide sufficient relief to the middle class
 "Open to feedback on tax changes but... read FinMin latest remark on Budget")
Taxpayers can opt for 'Vivad se Vishwas' scheme from Dec 31: CBDT chairman
First 'Vivad se Vishwas' scheme for cases under the direct taxes or income tax category was brought out by government in 2020 and, according to the CBDT chief, it was quite successful
 "Taxpayers can opt for 'Vivad se Vishwas' scheme from Dec 31: CBDT chairman")
Income Tax Day 2024: Date, history, significance, quotes and more
India celebrates the National Income Tax Day, or Aaykar Divas, every year on July 24, marking the historical development of tax administration in the country
 "Income Tax Day 2024: Date, history, significance, quotes and more")
Union Budget 2024: Beginning of remarkable direct tax reforms by Modi 3.0
Income tax changes in Budget 2024: On the personal income-tax front, the tax slab rates have been rationalised only under the new tax regime
 "Union Budget 2024: Beginning of remarkable direct tax reforms by Modi 3.0")
Budget 2024: Old tax regime may still help you save more, here's the math
Choosing between the old and new income tax regimes to minimise your tax outgo can be challenging for many taxpayers. Here's the math to make you understand
 "Budget 2024: Old tax regime may still help you save more, here's the math")
Is old tax regime over? What FM Sitharaman said about old and new regimes
Union Budget 2024-25: Govt to review old tax regime. What is the current tax system and what has the Budget 2024 proposed for FY25
 "Is old tax regime over? What FM Sitharaman said about old and new regimes")
Decoded: What Budget 2024 means for the middle-class, investors, and more
What Budget 2024, presented by Modi govt 3.0, actually mean for the middle class, students, and more
 "Decoded: What Budget 2024 means for the middle-class, investors, and more")
Budget 2024: Modi 3.0 govt simplifies taxes, fosters foreign investments
India Budget 2024 tax rules: In order to achieve the vision of simplifying taxes, FM Nirmala Sitharaman announced a comprehensive review of the Income Tax Act, 1961
 "Budget 2024: Modi 3.0 govt simplifies taxes, fosters foreign investments")
From capital gains tax to job creation, understanding Union Budget 2024
Budget 2024: While some of the announcements were on expected lines, many have led to a surprise among investors
 "From capital gains tax to job creation, understanding Union Budget 2024")
Budget 2024 impact: Can Sensex dip to 76,000 post capital gains tax rejig?
In the worst-case scenario, the Sensex can slide to 75,800 levels, which is the 50 per cent retracement level from the June 4 Lok Sabha election outcome-day low, said Ajit Mishra of Religare Broking.
 "Budget 2024 impact: Can Sensex dip to 76,000 post capital gains tax rejig?")
Budget 2024: New income tax slabs announced, middle class gets no relief
Budget 2024: More than two-thirds of taxpayers adopted the new income tax regime in FY24, according to FM Sitharaman
 "Budget 2024: New income tax slabs announced, middle class gets no relief")
Well-focused Budget 2024 with special development thrust: Madan Sabnavis
Union Budget 2024-25 news: There has been some comfort provided to individuals who opt for the new income tax scheme as there is some rationalisation across the slabs
 "Well-focused Budget 2024 with special development thrust: Madan Sabnavis")
Budget 2024: Standard deduction limit in new tax regime raised to Rs 75,000
Union Budget 2024: Nirmala Sitharaman on Tuesday announced that the standard deduction limit under the new tax regime has been revised to Rs 75,000 from the existing Rs 50,000
 "Budget 2024: Standard deduction limit in new tax regime raised to Rs 75,000")
Cut in LPG prices to revision of tax slabs: Expectations from Budget 2024
All eyes will be on the major announcements made by the finance minister and the government's forward-looking guidance about the overall economy
 "Cut in LPG prices to revision of tax slabs: Expectations from Budget 2024")
ITR filing: Who is responsible for paying taxes on minor's earnings?
A minor can have a PAN card and his parents or guardian can apply for the same
 "ITR filing: Who is responsible for paying taxes on minor's earnings?")
