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New Delhi: The number of crorepati taxpayers in India increased five times to 2.2 lakh in the income tax assessment year (AY) 2024, compared to AY 2014, according to a new report. In the last 10 assessment years, while the total number of taxpayers increased by 2.3 times to 8.62 crore in AY24, the growth…
New Delhi: SBI Research in a report has advocated for quicker review of the Income Tax Act as announced in Budget 2024-25.The report recommended that the revised Act be introduced as a money bill so that it can be passed within stipulated 75 days. This will not only simplify and streamline taxation process but also…
Last Updated: October 23, 2024, 8:17 PM IST Interested candidates can apply through the official Income Tax Department website at incometaxindia.gov.in. This recruitment drive presents an excellent opportunity for individuals aiming to build a career in the public sector. The Income Tax Department is set to offer significant career opportunities for aspiring candidates looking for…
Revised Income Tax Audit Report Deadline: The deadline to file a revised income tax audit report is crucial for taxpayers who need to correct any errors or discrepancies in their original submission. It is important to note that the revised report must be filed before the end of the relevant assessment year or within 60…
The Indian Express today published a report about the Income Tax department’s findings in probes into various NGOs – Oxfam, Centre for Policy Research (CPR), Environics Trust (ET), Legal Initiative for Forest and Environment (LIFE) and Care India Solution for Sustainable Development (CISSD). The IT Department has found that these NGOs were using foreign funds…
Income Tax Audit Report Deadline: The Central Board of Direct Taxes (CBDT) has extended the deadline for submitting tax audit reports for the assessment year 2024-25, offering relief to those required to comply with this obligation. The original deadline of September 30, 2024, has now been extended to October 7, 2024. This extension comes in…
New Delhi: The Central Board of Direct Taxes (CBDT) recently notified Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, which will come into force with effect from tomorrow (1 October 2024). The Direct Tax Vivad Se Vishwas Scheme provides for lesser settlement amounts for a ‘new appellant’ in comparison to an…
New Delhi: From 1 October 2024, several proposals announced by Finance Minister Nirmala Sitharaman during her Budget 2024-25 announcement will come into effect. Here Are 6 Income Tax Rules That Will Be Effective From October 1 1. Discontinuation of quoting Aadhaar Enrolment ID The government will discontinue the quoting of Aadhaar Enrolment ID in…
Income Tax Audit Report Deadline: The deadline for eligible taxpayers to submit income tax audit reports on the e-filing portal is September 30, 2024, for the FY 2023-24. So, taxpayers who are required to undergo a tax audit must upload their reports before the deadline date. Therefore, missing the deadline date could lead to penalties…
New Delhi: The Central Board of Direct Taxes (CBDT) has notifies Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, which will come into force with effect from 1 October 2024. The Direct Tax Vivad Se Vishwas Scheme provides for lesser settlement amounts for a ‘new appellant’ in comparison to an ‘old…