CBDT Chairman Ravi Agrawal reveals that 66% of over 4 crore taxpayers have chosen the new income tax return (ITR) regime this season. The new regime's simplification and enhanced compliance features, alongside recent Budget proposals including increased standard deductions, are driving this adoption. The current...
Revenue Secretary Sanjay Malhotra announces that interest costs and stamp duty will not be included in the base price for calculating long-term capital gains (LTCG) on property. The recent Budget proposes a revised LTCG framework with a lower tax rate but without indexation benefits. Malhotra...
The CBDT's 'Vivad se Vishwas' scheme for settling direct tax appeals will officially start on December 31, 2024. The scheme, praised for its success in 2020, aims to resolve pending appeals. Notifications and FAQs will be released soon. Learn more about the scheme's details and...
The government confirms no plans to reconsider the LTCG tax changes on property sales introduced in Union Budget 2024-25. Despite concerns over the removal of the indexation benefit, the new flat tax rate of 12.5% is deemed beneficial for taxpayers, simplifying compliance and potentially lowering...
Discover the latest CBDT Notifications Nos. 94 and 95 issued on July 24, 2024, granting income tax exemptions under Section 10(46) of the Income-tax Act, 1961. Organizations benefiting include the Punjab Skill Development Mission Society, Chandigarh, Himachal Pradesh State Load Despatch Centre, Shimla, and SAMEER,...
Explore the key highlights of the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman. Discover details on employment schemes, tax reforms, infrastructure investments, and more. Read the full breakdown of the budget's focus areas and sector-specific updates....
Discover the key expectations from the upcoming 2024 Budget for the real estate sector. Developers in Noida and Greater Noida are advocating for industry status, GST reforms, tax incentives, and support for affordable housing to boost investment and economic growth....
The CBDT's Taxnet 2.0 overhaul aims to fix income tax portal issues and improve efficiency. Meanwhile, Goa's new GST Amendment Bill introduces mandatory ISD registration, revised tax procedures, and penalties for unregistered machines. Learn about these crucial updates and their implications....
Recent updates to the income tax portal are denying Rs 25,000 rebates for short-term capital gains, conflicting with the Income Tax Act, 1961. Learn why this issue arises and how it affects taxpayers. ...
The Indian Chamber of Commerce (ICC) calls on the government to establish a commission for a comprehensive review of the Income Tax Act 1961 and proposes customs duties restructuring in key sectors to boost domestic manufacturing. ...
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