The long-standing confusion surrounding Section 87A rebate claims has reared its head again. Despite revising their income tax returns (ITRs) in January 2025 as per the Bombay High Court’s directive, numerous taxpayers-primarily those with total incomes below Rs 7 lakh-are now being served demand notices by …
In a sign of rising high-income taxpayers and improved compliance, the latest data released by the Income Tax Department reveals that 3.24 lakh individuals in India filed their income tax returns (ITRs) for incomes exceeding Rs 1 crore in the financial year 2024-25, ending March 31, 2025. According …
In a significant boost to Maharashtra’s fiscal health, the state’s Goods and Services Tax (GST) collection for FY 2024-25 surpassed expectations, establishing itself as the single largest contributor to state revenue. While other key departments struggled to meet their targets, GST collections stood out with a …
The Reserve Bank of India has been conducting public awareness campaigns across various mediums such as text messages, television and digital advertisements, under the ‘RBI Kehta Hai’ (RBI Says) initiative. The RBI is now further expanding its outreach by adding WhatsApp as an additional means to …
In a move to enhance consistency and reduce duplication in e-invoicing, the Invoice Registration Portal (IRP) will treat invoice or document numbers as case-insensitive for the purpose of IRN (Invoice Reference Number) generation, starting June 1, 2025. This change has been officially notified by the Goods and Services Tax Network …
The long-standing confusion surrounding Section 87A rebate claims has reared its head again. Despite revising their income tax returns (ITRs) in January 2025 as per the Bombay High Court’s directive, numerous taxpayers-primarily those with total incomes below Rs 7 lakh-are now being served demand notices by …
The Institute of Chartered Accountants of India (ICAI) has released important updates regarding the Chartered Accountants Final Examinations scheduled for September 2025 and January 2026, aimed at helping CA aspirants plan their academic timelines efficiently. The announcements clarify eligibility criteria, Self-Paced Online Modules (SPOM), and training requirements under both …
In a significant move to streamline the income tax return (ITR) rectification process, the Income Tax Department has enabled taxpayers to file rectification applications before an Assessing Officer (AO) for up to Assessment Year (AY) 2023-24 (Financial Year 2022-23) through the e-filing portal. This feature, introduced …
Shri. M. Nagaraju, Secretary, Department of Financial Services (DFS) chaired a meeting at Manthan, DFS to discuss the revamp of the Central KYC Records Registry (CKYCR) and key issues related to Know Your Customer (KYC) compliance with the objective of making life of citizen comfortable while …
CBDT has successfully recovered ₹92,400 crore in outstanding tax liabilities in the ongoing financial year (2024-25) up to March 15, according to sources familiar with the matter. This includes ₹67,711 crore from corporate tax, ₹23,536 crore from personal income tax, and ₹1,100 crore from tax deducted …
