The Income Tax Department has officially notified the Vivad Se Vishwas Scheme 2.0, aimed at providing a mechanism for settling pending income tax disputes with reduced settlement amounts for those who file declarations before December 31, 2024. The scheme, introduced by Finance Minister Nirmala Sitharaman in her …
The Income Tax Department has released its latest data on direct tax collections and advance tax collections for FY 2024-25, reflecting a notable growth in India’s tax revenue. According to the Central Board of Direct Taxes (CBDT), as of September 17, 2024, the country’s net direct …
The Income tax department has uncovered a sophisticated scam involving the fraudulent exploitation of Permanent Account Numbers (PAN) to claim House Rent Allowance (HRA) without actual tenancy. Approximately 8,000-10,000 high-value cases, each exceeding Rs 10 lakh, have surfaced, shedding light on the extent of the deception. …
Major Income Tax Raids Conducted on Dairy and Hotel Groups in Ahmedabad Ahmedabad was at the center of a major crackdown by the Income Tax department, as raids were conducted on the residences and offices of prominent dairy and hotel groups. Around 75 I-T officers, part …
Directorate of Income Tax (Investigation), Delhi, sets up 24X7 Control Room and toll-free Mobile Number 9868168682 in connection with the General Elections to Lok Sabha, 2024 The vigil through Control Room will help to check suspicious movement/distribution of cash, bullion and other valuables within the NCT …
The Income Tax Department released an update on its Twitter handle dated 11th March 2024 as follows Based on feedback from taxpayers on the e-campaign for Advance Tax, the Department has identified certain inconsistencies in the data of the securities market (SFT-17) provided by one of …
In a landmark ruling, a Central Bureau of Investigation (CBI) court has delivered a resounding blow against corruption by sentencing two former income tax officials, Mahesh Sompura and Mukesh Raval, to three years in prison each. The verdict sheds light on the pervasive issue of bribery …
Data from the Income Tax department has revealed a significant shift in the tax landscape, with Personal Income Tax (PIT) set to outpace Corporate Income Tax (CIT) for the second consecutive year. This trend, along with projections for fiscal year 2023-24, indicates a notable rise in …
In a recent development concerning the financial affairs of the Congress party, the Income Tax department clarified its stance before the Income Tax Appellate Tribunal (ITAT), stating that it had not issued any directive to freeze the transactions in Congress’ bank accounts. The clarification came amidst …
