Income Tax Department

Vivad Se Vishwas Scheme 2024: Income Tax department releases new FAQs

The scheme allows taxpayers to settle disputes with the government; check out who can avail of it

Indian Overseas Bank share price jumps 5% on I-T refund of Rs 1,359 crore

The rise in the Indian Overseas Bank share price came after the company announced that it has received a tax refund from the Income Tax (I-T) Department of Rs 1359,29,17,840 (over Rs 1,359 crore)

Simplify ITR forms, get 'one rate one section' for TDS: Deloitte survey

A vast majority of income tax filers want simplified ITRs for individuals, easier way for computing incentives and deductions, and simplification of TDS framework for 'one rate one section', a Deloitte survey said on Wednesday. Deloitte's Income-Tax Policy Survey also suggested doing away with the requirement of issuing Form 16A as the TDS information is already reported and available in the Form 26AS and AIS of the recipient. The survey also suggested limiting the number of sections with regard to withholding tax, classifying payments into two-to-three distinct and non-overlapping categories, and ensuring that each section has only one rate, which will significantly reduce the burden of compliance without any major loss in tax collections from a tax administrative perspective. For example, 1 per cent TDS on tangible goods, 2 per cent on services, 0.1 per cent on e-commerce transactions, and 10 per cent on other transactions such as dividend and interest. The Income Tax Policy Surv

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

I-T dept probes 500 Dubai property cases, Rs 700 cr evasion found in Delhi

The Delhi investigation wing of the I-T department has conducted more than a dozen searches, uncovering evidence of 43 undisclosed Dubai properties worth over Rs 700 crore

PAN 2.0 explained: How India is digitising its tax identification system?

The govt has allocated Rs 1,435 crore for technological upgrades to create a fully digitised and seamless ecosystem under PAN 2.0

Rs 1,435 crore PAN 2.0 project gets CCEA approval as business identifier

The PAN 2.0 project aims to enable technology-driven transformation of taxpayer registration services and offers several benefits

800+ IRS officers opted for voluntary retirement in the last decade: FinMin

Around 383 Income Tax officers and 470 Customs & Indirect Taxes officers opted for voluntary retirement between 2014 and 2024

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

CBDT launches campaign to inform taxpayers on undeclared foreign assets

The income tax department on Saturday said it has launched a campaign to send messages to taxpayers who have not disclosed high-value foreign income or assets in their ITRs for AY 2024-25. The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their income tax returns (ITR). In a statement, CBDT said informational messages will be sent via SMS and email to resident taxpayers who have already submitted their ITRs for AY 2024-25. These messages are intended for individuals identified through information received under bilateral and multilateral agreements, suggesting that they may hold foreign accounts or assets, or have received income from foreign jurisdictions. The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitte

NBCC bags Rs 263 crore contract in Kanpur from Income Tax Department

State-owned NBCC has bagged a Rs 263-crore contract in Kanpur from the Income Tax Department. In a statement on Wednesday, NBCC (India) Limited said it has signed a Memorandum of Understanding (MoU) with the Income Tax Department for construction of "Pratyaksha Kar Bhawan" along with a residential complex and multi-story training unit set up at Kheora Bangar, Kanpur, Uttar Pradesh. The estimated value of the project is Rs 263 crore. The Pratyaksha Kar Bhawan will serve as a state-of-the-art office space for the Income Tax Department, enhancing administrative efficiency and providing modern facilities. Additionally, the residential complex will cater to the housing needs of the department's staff, with a variety of quarters designed to meet diverse accommodation requirements. The project is set to be completed within 30 months from the start date. NBCC said it has also been awarded work of demolition and comprehensive design engineering, construction and furnishing of four buildin

JMM questions motive behind I-T raids on CM Soren's aide's residence

Income Tax department raided the residence of Sunil Srivastava, allegedly a close aide and personal secretary of Jharkhand CM Soren

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, ...

I-T dept simplifies process under new guidelines for compounding offences

The income tax department on Thursday issued revised guidelines for compounding offences under the I-T law by simplifying the process and lowering the charges. The revised guidelines will apply to pending as well as new applications for compounding of offences. It has done away with the categorisation of offences and removed the limit for filing applications, among others, the Central Board of Direct Taxes (CBDT) said in a statement. To facilitate the compounding of offences by companies and HUFs, the requirement of the main accused filing the application has been dispensed with. The offences of the main accused as well as any or all co-accused can be compounded on payment of relevant compounding charges by the main accused and/or any of the co-accused, under the revised guidelines. The compounding charges have also been rationalised by abolishing interest chargeable on delayed payment of compounding charges, reducing rates for various offences, such as for TDS defaults multiple ra

Banks can claim deductions for broken period interest: Supreme Court

Broken period interest is the interest paid by a bank when purchasing government securities between coupon payment dates

New portal for filing I-T returns aims to simplify work for taxpayers

Before launching the new portal, the Income Tax Department is seeking feedback from the public and stakeholders

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 ...

SC backs validity of 90,000 I-T reassessment notices made after Apr 1, 2021

In a relief to the Income Tax Department, the Supreme Court has upheld the validity of nearly 90,000 reassessment notices issued by the revenue department after April 1, 2021, under old provisions. The top court on Thursday set aside the verdicts of several high courts that had held that the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act (TOLA) of 2021 will not extend the time limit for issuing reassessment notices under the Income Tax Act. TOLA was brought in during the COVID-19 pandemic to extend time limit for income tax compliances. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra dealt with two legal questions related to the interplay of three Parliamentary statutes, the Income Tax Act, the TOLA and the Finance Act. The issues, adjudicated upon by the top court, read: "Whether TOLA and notifications issued under it will also apply to reassessment notices issued after April 1, 2021 and whether the ...

Lesser settlement amounts for those who file tax declaration by Dec 31

The Income Tax Department on Saturday said it has notified dispute resolution scheme Vivad Se Vishwas scheme 2.0 that provides for lesser settlement amounts for taxpayers who file declaration on or before December 31, 2024, in comparison to those who file thereafter. Finance Minister Nirmala Sitharaman in her budget speech, announced the Direct Tax Vivad Se Vishwas Scheme 2024 to resolve pending appeals in the case of income tax disputes. The scheme shall come into force with effect from October 1, 2024. Further, the Rules and Forms for enabling the Scheme have also been notified. The Scheme provides for lesser settlement amounts for a 'new appellant' in comparison to an 'old appellant'. The Scheme also provides for lesser settlement amounts for taxpayers who file declaration on or before 31.12.2024 in comparison to those who file thereafter, the Central Board of Direct Taxes (CBDT) said in a statement. Four separate Forms have been notified - Form-1: Form for filing declaration and

I-T dept hikes threshold for filing appeals in courts, tribunal by officers

The income tax department has hiked the minimum threshold for filing appeals by the department in tribunal, high courts and the Supreme Court. As per a circular by the CBDT, tax authorities can file appeals before the ITAT, high courts and Supreme Court, if the disputed tax demand exceeds Rs 60 lakh, Rs 2 crore and Rs 5 crore, respectively. In 2019, the government had set the threshold for filing appeals at Income Tax Appellate Tribunal (ITAT) at Rs 50 crore, high courts (Rs 1 crore) and Supreme Court (Rs 2 crore). The Central Board of Direct Taxes (CBDT) also said that monetary limit with regard to filing appeals/SLP (Special Leave Petition) shall be applicable to all cases including those relating to TDS/TCS. It further said that SLPs/appeals pending before Supreme Court, high courts, and tribunals that are below the prescribed threshold should be withdrawn. "As a step towards management of litigation, it has been decided by the Board to revise the monetary limits for filing of