The Income Tax Department is grappling with an overwhelming backlog of direct tax arrears, with Rs 29 lakh crore classified as nearly impossible to recover, as per official submissions to the Parliamentary Standing Committee on Finance. The total outstanding direct tax dues stand at Rs 43 …
The Income Tax Bill, 2025 has been introduced in Parliament and is currently under examination by the Select Committee for detailed consideration. Stakeholders are encouraged to continue submitting their suggestions on the provisions of the Bill, which will be compiled and forwarded to the Select Committee …
The Income Tax Department has released an updated Excel-based utility for ITR-3, catering to individuals and Hindu Undivided Families (HUFs) who earn income from business or profession. This latest update aims to streamline the filing process for Assessment Year (AY) 2024-25 by improving usability and ensuring compliance …
The Income Tax (IT) department has launched a major crackdown on suspicious political donations, issuing hundreds of notices to individuals who contributed over ₹5 lakh to lesser-known political parties in the financial year 2020-21. The move comes after tax officials uncovered a large-scale tax evasion and …
The Income Tax Department on Saturday wrapped up a five-day search operation on the Sri Chaitanya group of educational institutions, spanning Hyderabad, Vijayawada, Chennai, Bengaluru and Mumbai. The large-scale searches were conducted over suspicions of massive tax evasion and the diversion of funds into other business …
A select committee of Parliament convened to discuss the provisions of the proposed New Income Tax Bill, a key reform initiative aimed at overhauling India’s direct tax structure. The meeting, chaired by BJP MP Baijayant Panda, was attended by senior lawmakers and officials, including Finance Minister Nirmala Sitharaman. …
The Finance Ministry informed the Lok Sabha on Monday that personal income tax (PIT) collection as a percentage of GDP surged by 140 basis points in the last decade, reaching 3.5% in FY 2023-24, up from 2.1% in FY 2014-15. The data, presented by Minister of …
The top five industrial states of India – Maharashtra, Karnataka, Delhi, Tamil Nadu and Gujarat collectively contributed more than 72% of the direct taxes and 53% of Central GST in FY 2023-24, according to data tabled in Parliament on Monday. Meanwhile, less developed states like Uttar …
In a move to streamline tax payments, the Income Tax Department has expanded the list of banks available for tax payments through the e-Pay Tax service on the e-Filing Portal. Currently, 30 banks have been enabled, including both newly onboarded and migrated banks. Key Highlights New Additions: Recent banks …
Tax season is here, and one of the most crucial decisions taxpayers face is choosing between the old and new tax regimes. Each regime offers distinct advantages, but selecting the right one can significantly impact your tax savings. Let’s dive into a detailed comparison to help …
