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Nirmala Sitharaman apprised about review of Income Tax Act by top official
Updated : 1 year, 4 months ago IST
The goal is to make the Act concise, clear, and easy to understand, which will reduce disputes, and litigation, and provide greater tax certainty to taxpayers.
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CBDT announces extending ITR filing deadline for corporates till November
Updated : 1 year, 4 months ago IST
The Central Board of Direct Taxes (CBDT) has announced the extension of the due date for filing Income Tax Returns (ITR) for corporates in the assessment year 2024-25, The Ministry of Finance said in an official release on Saturday.
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Govt should prioritise review of Income Tax Act, get it passed as money bi
Updated : 1 year, 4 months ago IST
SBI research in a report has advocated for quicker review of the Income Tax Act as announced in Budget 2024-25.
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Govt reduces charges for TDS default from multiple rates of 2,3 and 5 pc t
Updated : 1 year, 4 months ago IST
The new guidelines by Central Board of Direct Taxes (CBDT) for the compounding of offences under the Income-tax Act, 1961, aim to make the process easier and more accessible for taxpayers, according to a statement by Ministry of Finance.
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CBDT issues Revised Guidelines for compounding offences under IT Act
Updated : 1 year, 4 months ago IST
In conformity with the Finance Minister's budget announcement on simplification and rationalization of compounding procedure, The Central Board of Direct Taxes (CBTD) issued Revised Guidelines for Compounding of offences under the Income-tax Act, 1961 on Thursday.
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India's net direct tax collections up by 18.35 pc to almost Rs 11.26 lakh
Updated : 1 year, 5 months ago IST
India's net direct tax collection for the financial year 2024-25 has seen a significant surge, with an increase of 18.35 per cent to almost Rs 11.26 lakh crore year on year, as of 10 October, the data from the Central Board of Direct Taxes (CBDT) shows.
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CBDT forms committee to comprehensively review Income-tax Act
Updated : 1 year, 5 months ago IST
The Central Board of Direct Taxes (CBDT) has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act), as was announced in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman.
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REC raises CBDT notified Zero Coupon Bonds of Rs 5000 crore
Updated : 1 year, 5 months ago IST
REC Limited, a 'Maharatna' company under the administrative control of the Ministry of Power, has successfully raised CBDT notified Zero Coupon Bonds (ZCB) of Rs 5,000 crore at the effective yield of 6.25 per cent per annum.
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Central Board of Direct Taxes extends deadline for filing audit reports of
Updated : 1 year, 5 months ago IST
The Central Board of Direct Taxes (CBDT) has announced an extension for the filing of various audit reports for the financial year 2023-24.
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CBDT notifies 'Direct Tax Vivad Se Vishwas Scheme, 2024' to resolve pendin
Updated : 1 year, 5 months ago IST
This scheme, aimed at resolving pending income tax disputes, will come into effect from October 1. It seeks to provide an efficient framework for taxpayers to settle their outstanding appeals, streamlining the resolution process for various tax-related disputes.
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Direct tax collection soars, gross collections surge by 21% to reach at Rs
Updated : 1 year, 5 months ago IST
India's direct tax net collection for the financial year 2024-25 has seen a significant surge, with an increase of 21.48 per cent as of 17 September this year, the data from the Central Board of Direct Taxes (CBDT) shows.
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CBDT issues clarification in respect of Income-tax clearance certificate
Updated : 1 year, 6 months ago IST
In an official statement, the Ministry of Finance said dismissed the reports, which said that all Indian citizens must obtain income-tax clearance certificate (ITCC) before leaving the country.
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