KSCAA writes letter to tax dept about taxpayers being wrongly charged late penalty for ITR filing
Income tax department wrongly imposing late filing penalty despite filing ITR in time, several processing errors ...
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Income Tax dept releases PAN 2.0 FAQs: How to apply or update your PAN
Existing PAN cardholders need not worry about reapplying under this new scheme. Union Minister Ashwini Vaishnaw confirmed ...
No TDS on cash withdrawal by foreign representations from Dec 1: Income Tax department
As per section 194N of the Act, TDS is required to be deducted when an individual withdraws a sum exceeding Rs 20 lakh in ...
Budget 2025 may usher in major overhaul with Direct Tax Code reforms
"We are working on simplification of the language. The act itself is about 300-500 pages, with certain sections not important ...
Income Tax Department reduces time allowed to apply for old income tax refunds; check the new time limit
The Central Board of Direct Taxes recently issued a circular for condonation of delay in filing ITR. ​The latest circular has ...
December 2024 Income Tax Deadlines: Know date for filing ITR, TDS, advance tax
Whether you are an individual, a business owner, or part of a government office, this December 2024 tax calendar outlines key ...
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Income tax department advises taxpayers to carefully review their foreign income, assets in ITR
The Central Board of Direct Taxes (CBDT) has advised all taxpayers to carefully review their foreign income and assets and ...
Why Income Tax Department has introduced new PAN 2.0 project
The Union Cabinet approved the PAN 2.0 Project on Monday to make PAN the “single source of truth and data consistency”. With ...
Number of women filing income tax returns in India surge 25.3 pc in 4 years
The total number of women filing income tax returns in India has shot up by a robust 25.3 per cent in the last four years from 1.83 crore in assessment year (AY) 2019-20 to over 2.29 crore in AY ...
PAN 2.0: What's there in the Cabinet decision for existing holders?
To modernise India’s tax administration, the Union Cabinet has approved PAN 2.0, the upgrade of PAN services. The new upgrade ...
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Karnataka HC Orders Income Tax Refund with Interest to IBM India
Karnataka High Court issued a judgment in favor of IBM India Private Limited, directing the Income Tax Department to refund a total amount of Rs.154,08,41,927 with applicable interest. This refund ...