No changes are being made to the new tax regime from the financial year 2024-25, which begins April 1, the finance ministry has said, describing as misleading some social media posts that said otherwise.Though the new tax regime is the default one, taxpay...
6 months agoCentral Board of Direct Taxes (CBDT) on April 8 refuted several media reports that claimed a special drive has been initiated to reopen cases of mismatch between house rent allowance (HRA) and actual rent paid by taxpayers.“There is no special drive to re...
6 months agoThe Union Budget has proposed a number of tax simplification measures, and the Finance Bill is likely to include decriminalisation of delay in filing of Tax Collected at Source (TCS), according to Ravi Agarwal, Chairman, Central Board of Direct Taxes.Any...
2 months agoIn its third term, the Modi-led government is working on further measures to plug tax evasion or leakages.The income-tax (I-T) department is considering widening the scope of data-sharing from various institutions and lowering the threshold for reporting...
2 months agoIndia's net direct tax collections grew 22.48 percent to Rs 6.92 lakh crore till August 11 in the current financial year as compared to Rs 5.65 lakh crore in the corresponding period of FY24, the income tax department said on August 12.The Central Board o...
2 months agoThe long pending review of the Income Tax Act of 1962 seems to have made progress. In the Budget speech, Finance Minister Nirmala Sitharaman, had announced a review of the Act to make it simpler.Sources told Moneycontrol that the review report is likely...
2 weeks agoThe Indian government is likely to make the Income Tax Act simpler in the first phase review and is likely to continue the comprehensive review into the next fiscal year, with a second phase in FY26. While the current review, expected to be completed by e...
2 weeks agoIn a major initiative towards revamping the Income Tax Act, 1961, the Central Board of Direct Taxes (CBDT) has launched a portal to invite suggestions from the public. This step follows the announcement made by Union Finance Minister Nirmala Sitharaman du...
1 week ago