Search result for 'assessment year'

Hero MotoCorp Faces Rs 26.4 Cr Tax Demand

January 1, 2025 14:49

Hero MotoCorp received an additional tax demand of Rs 26.40 crore from the Income Tax Department for the assessment year 2020-21. The company is examining the order and plans to appeal.

Vivad Se Vishwas Scheme FAQs: Appeals Pending as on July 22, 2024

December 17, 2024 17:23

The Income Tax Department has issued FAQs on the Vivad Se Vishwas Scheme, 2024, clarifying eligibility for appeals pending as on July 22, 2024, and computation of payable amounts.

India Income Tax Returns: Only 6.68% Filed in FY24

December 17, 2024 16:05

Only 6.68% of India's population filed income tax returns in 2023-24 fiscal, Parliament was informed. This represents an increase in filing ITRs, with over 8.09 crore returns filed.

Income Tax Return Filing Deadline Extended to Dec 15

November 30, 2024 20:01

The CBDT has extended the income tax return filing deadline for taxpayers with international transactions to December 15, 2024.

Foreign Asset Disclosure: Rs 10 Lakh Penalty for Non-Compliance

November 17, 2024 10:24

India's Income Tax Department warns of a Rs 10 lakh penalty for failing to disclose foreign assets or income in ITRs. Learn about the types of assets and income that need to be reported.

CBDT Campaign on Undeclared Foreign Assets in ITR

November 16, 2024 14:00

The Income Tax Department has launched a campaign to remind taxpayers to disclose foreign assets and income in their ITRs for AY 2024-25. Learn about Schedule FA and FSI.

8 Crore ITRs Filed for FY24: 74% Opt for New Tax Regime

November 13, 2024 21:05

Over 8 crore ITRs have been filed for FY24, with 74% of taxpayers opting for the new tax regime. Learn more about the new tax regime and its impact on income tax returns.

I-T Dept Notifies Tolerance Range for Transfer Pricing AY 2024-25

October 29, 2024 15:40

The Income Tax Department has notified the tolerance range for transfer pricing for international and specified domestic transactions for Assessment Year 2024-25. The range remains at 1% for...

ITR Filing Deadline Extended for Corporates: Nov 15

October 26, 2024 12:03

The income tax department has extended the deadline for filing income tax returns by corporates to November 15 for assessment year 2024-25. This extension is aimed at facilitating compliance during...

Income Disparity Declines in India: SBI Study

October 25, 2024 16:25

An SBI report highlights a significant decline in income disparity in India, with those earning up to Rs 5 lakh seeing a 74.2% reduction in disparity since FY14. The study also analyzes tax...

Direct Tax Collections Surge 182% in 10 Years

October 17, 2024 16:03

India's direct tax collections have skyrocketed by 182% in the last 10 years, reaching over Rs 19.60 lakh crore in FY24. Corporate tax collections more than doubled, while personal income tax grew...

34.84 Lakh IT Audit Reports Filed on e-filing Portal

October 9, 2024 19:15

Over 34.84 lakh IT audit reports, including 34.09 lakh Tax Audit Reports (TARs), have been filed on the e-filing portal up to Oct 7, according to the finance ministry.

Tax Dispute Resolution Committees Set Up in India

August 30, 2024 21:02

India's CBDT has established dispute resolution committees (DRCs) in all 18 principal commissionerates for online resolution of tax disputes. The e-Dispute Resolution Scheme aims to reduce...

IT Dept Processes 4 Crore ITRs in 15 Days | AY 2024-25

August 21, 2024 18:05

India's Income Tax Department has processed nearly 4 crore ITRs for Assessment Year 2024-25 in just 15 days. Learn about the progress and impact of digitization in tax processing.

UIDAI Exempt from Income Tax for 5 Years: FinMin

August 14, 2024 15:30

The Indian Finance Ministry has exempted UIDAI from paying income tax for 5 years until fiscal 2027-28. This exemption covers grants, fees, service charges, and interest earned by UIDAI.

Income Tax Returns Filing Hits Record High: Over 7.28 Crore Filed

August 2, 2024 14:45

India's income tax department reports a record-breaking 7.28 crore income tax returns filed for assessment year 2024-25, exceeding last year's figures. The new tax regime saw a significant...

Colgate-Palmolive India Faces Rs 248.74 Crore Tax Demand

July 28, 2024 18:51

Colgate-Palmolive (India) Ltd has received a Rs 248.74 crore tax demand notice from the Income Tax Authority for transfer pricing-related issues. The company plans to challenge the order.

Bogus Refund Claims Punishable: I-T Dept. Warns Taxpayers

July 28, 2024 15:14

India's Income Tax Department warns taxpayers against making false claims for refunds, under-reporting income, or exaggerating deductions, emphasizing it's a punishable offence. Find out how to...

Budget 2024: Vivad Se Vishwas 2.0, Tax Litigation Reduction

July 23, 2024 19:23

India's Budget 2024 proposes Vivad Se Vishwas 2.0 to reduce tax litigation, tightens reassessment rules, and increases appeal thresholds.

Tax Relief for Salaried Class: Standard Deduction Hike to Rs 75,000

July 23, 2024 13:15

India's Finance Minister announced a 50% increase in standard deduction to Rs 75,000 and revised tax slabs under the new income tax regime, offering relief to salaried individuals.

Angel Tax Abolished for Startups: Budget 2023

July 23, 2024 12:46

India's Finance Minister Nirmala Sitharaman announced the abolishment of angel tax for all startup investors in the Union Budget 2023, aiming to boost the startup ecosystem.

Cipla Faces Rs 773 Crore I-T Demand: Details - Business News

July 16, 2024 16:40

Cipla receives a Rs 773.44 crore demand notice from the income tax department for assessment years 2015-16 to 2022-23. The company plans to appeal the order.

Income Tax Penalty on L&T: Rs 4.68 cr

June 2, 2024 13:46

The income tax department has imposed a penalty of over Rs 4.68 crore on Larsen & Toubro Ltd, related to tax proceedings of its former subsidiary L&T Hydrocarbon Engineering Limited. L&T plans to...

Cost Inflation Index Notified for FY 2024-25

May 25, 2024 15:17

The Income Tax Department has notified the Cost Inflation Index (CII) for FY 2024-25, impacting long-term capital gains calculations for sale of assets like property, securities, and jewellery....

Haryana Approves New Excise Policy, Slight Liquor Duty Hike

May 15, 2024 22:33

Haryana Cabinet approves a new excise policy for 2024-25 with a slight increase in duty on IMFL and country liquor. The policy includes a QR code-based track and trace system and e-auction for...

ITR Filing Open: CBDT Enables FY'24 Returns

April 4, 2024 19:04

CBDT has enabled ITR filing for FY'24. ITRs 1, 2, 4, and 6 are available on the e-filing portal. Over 23,000 returns have been filed.

Hero MotoCorp Faces Rs 605 cr I-T Demand: Details

April 4, 2024 18:23

Hero MotoCorp received demand notices from the Income Tax department for Rs 605 crore for six assessment years. The company is examining the notices and plans to appeal.

Sobha Ltd Faces Rs 46 cr Income Tax Demand: Appeal Filed

April 2, 2024 10:54

Real estate firm Sobha Ltd received income tax demand notices of Rs 46 crore for AY 2016-17 & 2022-23. The company will appeal the orders.

I-T Dept Extends Deadline for Trust Audit Reports

March 5, 2024 20:14

India's income tax department has extended the deadline for trusts and institutions to file audit reports in the correct form until March 31, 2024. This extension applies to those who filed...

Metropolis Healthcare Faces Rs 24.46 Crore Income Tax Demand

March 4, 2024 21:38

Metropolis Healthcare has received a Rs 24.46 crore income tax demand from the Income Tax Department for assessment year 2023-24. The company plans to appeal the order.

IT Dept Asks Taxpayers to File Updated ITRs for AY 2021-22

March 4, 2024 20:56

Income Tax Department asks taxpayers to file updated ITRs for Assessment Year 2021-22 by March 31 due to mismatch in information. Read more.

CBDT Sets Rs 1 Lakh Limit for Old Tax Demand Withdrawal

February 19, 2024 17:06

The CBDT has announced a Rs 1 lakh ceiling per assessee for withdrawal of small tax demands up to Assessment Year 2015-16, impacting about 1.11 crore disputed demands.

LIC Expects Rs 25,464 Cr Income Tax Refund in Q4

February 11, 2024 17:40

LIC expects to receive a Rs 25,464 crore income tax refund in Q4, boosting its bottom line. The refund is related to interim bonuses to policyholders. LIC also reported a 49% jump in net profit for...

India's High-Income Earners Rise to 2.16 Lakh in AY 2023-24

February 6, 2024 18:15

India's number of individuals earning over Rs 1 crore has increased significantly, reaching over 2.16 lakh in AY 2023-24. Find out the latest income tax data and trends.

ITR Forms Notified for AY 2024-25: CBDT

February 2, 2024 18:19

The Income Tax department has notified ITR forms 2, 3 and 5 for Assessment Year 2024-25. ITR-1 and ITR-6 were notified earlier. Learn more about the changes and filing deadlines.

CBDT: 56 Lakh Updated ITRs, Rs 4,600 Cr Tax Collected - PTI

February 2, 2024 11:04

India's Central Board of Direct Taxes (CBDT) has collected Rs 4,600 crore from 56 lakh updated ITRs filed in the past two years, with a new demand management centre addressing large tax disputes.

LIC Receives Rs 25,464 Cr Income Tax Refund

January 12, 2024 19:38

Life Insurance Corporation of India (LIC) has received a Rs 25,464 crore income tax refund related to interim bonus payments to policyholders over the past seven years.

India's Income Inequality Declines: SBI Debunks K-Shaped Recovery

January 8, 2024 21:14

SBI research shows income inequality in India has declined, with more taxpayers moving to higher income brackets. The report refutes the K-shaped economic recovery theory.

Income Inequality Declines in India: SBI Debunks K-Shaped Recovery

January 8, 2024 18:23

SBI research finds income inequality in India has declined, refuting the K-shaped recovery theory. More taxpayers moved to higher income brackets while top earners' contributions decreased.

NFRA Fines Auditor Rs 50 Lakh for Quess Corp Case

January 4, 2024 21:30

The National Financial Reporting Authority (NFRA) has penalized an auditor Rs 50 lakh for professional misconduct in the Quess Corp Ltd case for FY19 to FY21.

8 Crore ITRs Filed for AY 2023-24: Income Tax Department

December 29, 2023 19:34

The Income Tax Department reports over 8 crore ITRs filed for AY 2023-24, exceeding last year's total. This milestone reflects increased tax compliance.

Zydus Lifesciences Faces Rs 284.58 Cr Income Tax Demand

December 26, 2023 17:01

Zydus Lifesciences' subsidiary Zydus Healthcare Ltd received an income tax demand notice of Rs 284.58 crore for the assessment year 2023-2024. The company disputes the demand.

ITR Forms 1, 4 Notified for AY 2024-25 | Income Tax Department

December 23, 2023 14:05

Income Tax Department notifies ITR Forms 1 and 4 for AY 2024-25, allowing individuals and entities with income up to Rs 50 lakh to file returns early.

7.4 Crore ITRs Filed in FY23, 5.16 Crore Show Zero Tax: FinMin

December 18, 2023 18:26

Over 7.40 crore individuals filed income tax returns in FY23, with 5.16 crore showing zero tax liability. Learn about the increase in ITR filings over the past five years.

Record 7.85 Crore I-T Returns Filed: FY 2023-24

November 1, 2023 21:01

India's income tax department reports a record 7.85 crore ITRs filed till October 31, 2023, surpassing previous year's total. The rise signifies increased compliance.

Nepal to Consider Dairy Imports from India

Nepal agrees to explore importing whey and cheese from India, addressing concerns...

Air India to Offer First Class on A350-1000 Planes

Air India will introduce first class seats on its new A350-1000 planes, aiming to...

Air India Ups Premium Seats, Targets Connecting...

Air India is expanding premium seating and optimizing flight schedules to boost...

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