TAG: Income Tax
Mismatch in HRA claims: No special drive launched to reopen cases, CBDT clarifies
Central 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 ago
Govt may introduce decriminalisation of delay in TCS filing in Finance Bill: CBDT Chairman
The 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 ago
More institutions likely to be asked to share info with I-T dept on specified financial transactions below Rs 10 lakh/annum
In 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 ago
Net direct tax collection jumps over 22% till Aug 11
India'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 ago
CBDT launches Direct Tax Vivad Se Vishwas Scheme 2024; set to take effect on October 1
The Central Board of Direct Taxes (CBDT) has officially announced the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV), which is set to take effect on October 1, 2024. This scheme aims to resolve outstanding income tax disputes and was introduced in the U...
3 weeks ago
Phase II of Income Tax Act review likely in FY26, focus on enhancing compliance
The 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 ago
CBDT launches portal for public suggestions on Income Tax Act review
In 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