On July 18, 2024, the CBDT issued Notifications No. 54 to 65/2024, extending income tax exemptions under Section 10(23FE) of the Income Tax Act, 1961, for various sovereign wealth and pension funds to March 31, 2025. Read more for detailed amendments. ...
Discover how income tax has surpassed corporate tax and GST as India's primary revenue generator. Explore growth trends, compliance insights, and future projections impacting fiscal policies....
As the July 31 deadline for filing Income Tax Returns (ITR) nears, learn about the concerns raised by taxpayers and professionals regarding technical glitches on the income tax e-filing portal. Discover if the Income Tax Department will extend the deadline and how it impacts tax...
The All India Federation of Tax Practitioners calls for increasing the personal income tax exemption limit to Rs 5 lakh and simplifying the tax structure in the upcoming Union budget. Key proposals include eliminating surcharges and reverting the tax rate on unexplained cash credits to...
The Central Board of Direct Taxes reports a 24.07% increase in net direct tax collections, reaching Rs 5.74 lakh crore as of July 11, 2024. Corporate and personal income taxes drive this growth, reflecting a positive trend for FY 2024-25....
The Federation of Automobile Dealers Associations (FADA) calls for vehicle depreciation benefits for individuals and reduced corporate tax rates for LLPs and partnerships, aiming to boost taxpayer numbers and stimulate automobile demand. Finance Minister Nirmala Sitharaman will present the Union Budget on July 23, 2024. ...
The Supreme Court of India refused to entertain the Income Tax Department's appeal against Xerox's Indian subsidiary due to a 290-day delay, highlighting the importance of timely litigation for India's investment climate....
The Income Tax Department has launched updated e-filing utilities for ITR-7, effective July 8, 2024. Available for Windows, MAC, and Excel formats, these utilities cater to entities filing under sections 139(4A), 139(4B), 139(4C), or 139(4D). Download now!...
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Budget 2024 may introduce changes to advance tax provisions, addressing issues faced by freelancers and non-salaried individuals. Learn about proposed amendments, interest penalties, and the need for a higher threshold limit for advance tax payments....
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