Income Tax

Telangana urges Centre to simplify IT slabs, reduce corp tax for biz ease

Telangana on Friday urged the Centre to simplify the Income Tax slabs and reduce corporate tax rates to enhance ease of doing business. In his speech at the pre-Budget meeting of the Union Finance Minister Nirmala Sitharaman at Jaisalmer, Rajasthan, Telangana Deputy Chief Minister Mallu Bhatti Vikramarka said streamlining IT and GST filing processes is vital as these processes currently consume weeks for mid-sized and large businesses. Expanding the tax base through digital tracking of financial transactions and encouraging voluntary compliance are also key measures, he opined. "Reforms to the Income Tax Act are a welcome step. India's current tax system is complex, leading to compliance burdens for individuals and businesses alike. Telangana urges simplification of tax slabs and reduction of corporate tax rates to enhance ease of doing business," Bhatti said. Telangana supports a realistic fiscal deficit target of 4.5 per cent of GDP to sustain momentum in infrastructure and ...

Only 6.68% of population filed income tax return in FY24: Govt tells House

Only 6.68 per cent of India's population filed income tax returns in 2023-24 fiscal, Parliament was informed on Tuesday. Minister of State for Finance Pankaj Chaudhary said there is an increase in filing ITR with over 8.09 crore income tax returns were filed in fiscal 2023-24, up from over 7.40 crore in 2022-23. In FY22, the number of ITRs filed was over 6.96 crore, up from over 6.72 crore in FY21 and over 6.48 crore in FY20. "In FY 2023-24, the percentage of population that files Income Tax Return is 6.68 per cent. (In FY 2023-24, the total number of persons filling income tax return is 8,09,03,315)," Chaudhary said in a written reply to the Rajya Sabha. He further said total number of individuals reporting zero taxable income in their ITRs is 4.90 crore in Assessment Year 2023-24, up from 4.64 lakh in 2022-23.

FinMin unlikely to introduce new Income-Tax Bill in Budget session

Review panel may submit report before FY26 Budget

CBI arrests 2 income tax department employees in bribery case from Assam

As per the CBI release, the accused were arrested for demanding and accepting a bribe of Rs 4,000 from the complainant which is allegedly part of demanded bribe amount of Rs 10,000

No need to apply for new PAN cards: 11 FAQs on PAN 2.0 system explained

Still unsure about how PAN 2.0 system will work? These FAQs from the CBDT might clear things up

Are non-financial firms' financial investments here to stay, or at risk?

There are two ways of looking at this problem - first, has the composition of reported income changed? And second, has the composition of assets changed?

74% top corporate taxpayers favour real-time compliance monitoring: Report

Deloitte's Income Tax Digitalisation in India survey found a strong push for the use of real-time data, e-wallets, APIs, and emerging technologies like AI and blockchain in the I-T department

ITR 2024: Declare foreign assets by Dec 31 or face Rs 10 lakh fine

The deadline to submit revised or belated ITRs is December 31

Income tax raids common since 2014: CM Hemant Soren questions Centre

He went on to say that he had spoken several times about the state of constitutional agencies and how they were functioning in the country

TDS applicable on salaries of nuns, priests in govt-aided schools: SC

A top court bench led by outgoing Chief Justice DY Chandrachud ruled that salaries paid from government grants are taxable

CBDT allows tax officials to waive or reduce interest due from taxpayers

The income tax department has allowed tax officials to either waive or reduce interest payable by a taxpayer, subject to specified conditions. Under the Income Tax Act Section 220 (2A), if a taxpayer fails to pay the tax amount specified in any demand notice, he/she is liable to pay interest at 1 per cent per month for the period of delay in making the payment. The Act also empowers Principal Chief Commissioner (PrCCIT) or Chief Commissioner (CCIT) or Principal Commissioner (PrCIT) or Commissioner rank officers to reduce or waive the amount interest due to be paid. The Central Board of Direct Taxes (CBDT) through a circular dated November 4 has specified the monetary threshold of the interest that can be waived or reduced by the tax officers. Accordingly, PrCCIT rank officer can decide on reducing or waiving interest due of over Rs 1.5 crore. For interest due above Rs 50 lakh to Rs 1.5 crore, CCIT rank officer will decide on the waiver/reduction, while PrCIT or Income Tax ...

Income tax dept receives 6,500 suggestions on review of income tax act

The income tax department has received 6,500 suggestions from stakeholders over the past month on review of the Income Tax Act. Finance Minister Nirmala Sitharaman on Monday chaired a meeting on the Budget announcement of a comprehensive review of the Income Tax Act, 1961. The meeting was attended by Revenue Secretary Sanjay Malhotra, Secretary, Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal, and senior CBDT officials. In a post on X, the finance ministry said that Malhotra informed the Finance Minister that 22 specialised sub-committees have been established to review the various aspects of the Income Tax Act. These committees have actively engaged in numerous meetings 'both in person and via VC' with domain experts to collaboratively explore and recommend improvements to the Act. "During the meeting, the Revenue Secretary also apprised FM Smt. @nsitharaman that 6,500 valuable suggestions have been received through the portal since it was opened on 6 October 2024, ...

Irish tax perks under I-T lens: What it means for aircraft leasing?

The I-T department's scrutiny stems from notices issued to the offshore firms, asserting that their primary motivation for operating from Ireland is to evade taxation on operating lease rentals

Govt extends ITR filing deadline for corporates by 15 days till November 15

The income tax department on Saturday extended the deadline for filing income tax returns by corporates by 15 days till November 15 for assessment year 2024-25. In a circular, the Central Board of Direct Taxes (CBDT) said the deadline will be extended from the earlier target date of October 31. The new deadline for Assessment Year 2024-25 (for furnishing tax returns for fiscal 2023-24) is November 15. Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala said this extension would not apply to the Tax Audit Report, transfer pricing certification in Form 3CEB and other income tax forms like Form 10DA, for which the deadline would remain October 31, 2024. AMRG & Associates Senior Partner Rajat Mohan said the CBDT's decision to extend the deadline for filing income tax returns for AY 2024-25, though not accompanied by an official explanation, seems aligned with the upcoming festive season. "By extending the deadline to November 15, 2024, taxpayers and professionals alike can prioritise

Tax filers earning over Rs 1 cr surge 5X in 10 years; returns double

Salaried individuals account for nearly 52 per cent of those declaring income exceeding Rs 1 crore in the most recent assessment year, according to data released by the tax department

Tax dept simplifies compounding offence process with lower penalties

New guidelines will help businesses, individuals in rectifying mistakes in taxation

Steady growth: Net direct tax collection up 18.3% to Rs 11.3 trillion

Of the tax mop-up, personal income-tax (PIT) outpaced corporation tax. PIT stood at Rs 5.98 trillion (net) compared to Rs 4.88 trillion in the same period a year ago

Donald Trump vows to eliminate income taxes on Americans living abroad

No-taxes-on-Americans-abroad pledge is the latest in a series of Trump plans to cut personal tax bills, he's also floated exempting tipped wages, overtime pay and Social Security benefits from taxes

CBDT forms an internal committee for full review of Income-Tax Act

Public feedback invited to help make the Act concise and easy to understand

Tax dept invites public inputs for I-T Act review to simplify provisions

The Income Tax department on Monday invited public inputs for review of the six-decade old I-T Act with regard to simplification of language, litigation reduction, compliance reduction, and obsolete provisions. Pursuant to the Budget announcement by Finance Minister Nirmala Sitharaman for a comprehensive review of the Income-tax Act, 1961, the Central Board of Direct Taxes (CBDT) had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers. "The committee invites public inputs and suggestions in four categories: simplification of language, litigation reduction, compliance reduction, and redundant/obsolete provisions," the CBDT said. A webpage on the e-filing portal -- https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review -- has been launched and the public can access the page by entering their mobile number and ...