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Crorepati taxpayers in India increased 5 times to 2.2 lakh in last 10 I-T assessment years  The number of crorepati taxpayers in India increased five times to 2.2 lakh in the income tax assessment year (AY) 2024, compared to AY 2014, according to a new report.   In the last 10 assessment years, while the total number of taxpayers increased by 2.3 times to 8.62 crore in AY24, the growth is quite fascinating in the income group more than Rs 10 lakh, according to a research report from the Economic Department of State Bank of India (SBI). Granular analysis indicates...
Crorepati taxpayers in India increased 5 times to 2.2 lakh in last 10 I-T assessment years
Crorepati taxpayers in India increased 5 times to 2.2 lakh in last 10 I-T assessment years
Source: IANS
2024-10-27 04:42:20 pm
CBDT extends deadline to file income tax returns by corporates to Nov 15 The Central Board of Direct Taxes (CBDT) on Saturday extended the deadline for filing income tax (I-T) returns by corporates by 15 days till November 15 for the assessment year 2024-25. The earlier deadline was October 31.  The CBDT said in a circular that it has extended due date for furnishing return of income for the assessment year 2024-25 under the Income-tax Act, 1961 (the Act) to November 15. “The CBDT has extended the due date of furnishing of Return of Income under s...
CBDT extends deadline to file income tax returns by corporates to Nov 15
CBDT extends deadline to file income tax returns by corporates to Nov 15
Source: IANS
2024-10-26 02:30:54 pm
ITR processing time cut significantly in last decade, a transformative shift: Finance Minister As the number of income tax returns (ITRs) filed surged to record 7.28 crore in the assessment year 2024-25, the processing time has also been reduced significantly in the last decade, which is a transformative shift in the tax assessment methodologies in the country.  One of the big achievements of the Prime Minister Narendra Modi’s government is the outstanding reduction in the average processing time for tax returns. According to Finance Minister Nirmala Sitharaman, the av...
ITR processing time cut significantly in last decade, a transformative shift: Finance Minister
ITR processing time cut significantly in last decade, a transformative shift: Finance Minister
Source: IANS
2024-08-08 11:49:12 am
Lower income tax would boost FMCG sector growth Finance Minister Nirmala Sitharaman decreased income tax and increased standard deduction rebate in the Union Budget 2024-25. This move by the government is likely to boost FMCG sector growth.  According to marketing research firm Kantar Worldpanel, "The FMCG sector is expected to register 6.1 per cent yearly growth in FY 2024-25 in the rural market, which was 4.4 per cent last year. However, the FMCG sector’s growth in the urban market remained flat at 4.2 per cent in this...
Lower income tax would boost FMCG sector growth
Lower income tax would boost FMCG sector growth
Source: IANS
2024-07-26 02:44:58 pm
New simplified Income Tax law to be put out for stakeholder consultation soon The government is working towards a comprehensive review of the Income Tax Act, and the first draft which will be prepared by an internal committee of the tax department will be put out for stakeholder consultation within the next 6 months, Revenue Secretary Sanjay Malhotra said on Thursday.  Addressing FICCI’s interactive session on Union Budget 2024-25, he said: "We will have a consultation process on the first draft and how it will happen, that we will decide. We would l...
New simplified Income Tax law to be put out for stakeholder consultation soon
New simplified Income Tax law to be put out for stakeholder consultation soon
Source: IANS
2024-07-26 09:07:04 am
Substantial tax savings expected for majority of taxpayers due to reduction in LTCG rate in real estate: IT department The Income Tax (IT) department has said that 'substantial tax savings' are expected for a vast majority of taxpayers due to reduction in the long term capital gains tax (LTCG) rate in the real estate sector. The Budget has reduced tax rates on capital gains earned from sale of house properties held for long term, but has removed the indexation benefit available to taxpayers.  The I-T department noted that the LTCG has been reduced from 20 per cent with indexation benefit to 12...
Substantial tax savings expected for majority of taxpayers due to reduction in LTCG rate in real estate: IT department
Substantial tax savings expected for majority of taxpayers due to reduction in LTCG rate in real estate: IT department
Source: Accord Fintech
2024-07-24 02:48:32 pm
FM cuts fiscal deficit to 4.9 pc to keep economy on stable growth path Presenting the Union Budget 2024-25 in the Parliament on Tuesday, Finance Minister Nirmala Sitharaman fixed the fiscal deficit at 4.9 per cent of GDP despite higher allocations for social welfare schemes due to robust tax collections in a fast-growing economy.  Sticking to the fiscal consolidation path will help ensure a stable growth path for the economy as a lower deficit helps keep inflation in check.   “The gross and net market borrowings through dated securities dur...
FM cuts fiscal deficit to 4.9 pc to keep economy on stable growth path
FM cuts fiscal deficit to 4.9 pc to keep economy on stable growth path
Source: IANS
2024-07-23 05:17:44 pm
Review of Income Tax Act announced in Union Budget Finance Minister Nirmala Sitharaman announced a review of the Income Tax Act 1961 in Budget proposals for 2024-25.  “I am now announcing a comprehensive review of the Income-tax Act, 1961. The purpose is to make the Act concise, lucid and easy to read and understand. This will reduce disputes and litigation, thereby providing tax certainty to the taxpayers. It will also bring down the demand embroiled in litigation. It is proposed to be completed in six months,” she said i...
Review of Income Tax Act announced in Union Budget
Review of Income Tax Act announced in Union Budget
Source: IANS
2024-07-23 03:14:45 pm
Budget offers income tax sops for 4 crore salaried individuals Finance Minister Nirmala Sitharaman offered a bonanza for four crore salaried individuals and pensioners with the Budget announcements for 2024-25. On Personal Income Tax Rates, FM Sitharaman announced two announcements to make for those opting for the new tax regime. First, the standard deduction for salaried employees is proposed to be increased from Rs 50,000 to Rs 75,000. Similarly, the deduction on family pension for pensioners is proposed to be enhanced from Rs 15,000 to Rs 25,...
Budget offers income tax sops for 4 crore salaried individuals
Budget offers income tax sops for 4 crore salaried individuals
Source: IANS
2024-07-23 02:45:10 pm
India gives income tax relief to some to stimulate spending India on Tuesday cut income tax rates for some citizens in an effort to boost consumption as Asia's third-largest economy struggles with uneven growth. The government has revised a system introduced in 2020 where annual income of up to 1.5 million rupees is taxed between 5%-20%, while income of over 1.5 million rupees were taxed at 30%. Under the revised structure, annual income between 0.3 million rupees and 0.7 million rupees will now attract a 5% tax rate, relaxing the earlier up...
India gives income tax relief to some to stimulate spending
India gives income tax relief to some to stimulate spending
Source: Reuters
2024-07-23 02:42:19 pm
Angel tax abolished on startups to boost local innovation In a major relief for the startup ecosystem, the government on Tuesday announced to abolish angel tax to further boost local talent and innovation.  The industry had sought rationalisation of Angel Tax by removing Section 56(2)(viib) in order to further nurture innovation among startups, saying scrapping this section would "greatly aid in capital formation" for the startup sector. Under Section 56(2) (viib) of the Income Tax Act, to become eligible for angel tax exemption...
Angel tax abolished on startups to boost local innovation
Angel tax abolished on startups to boost local innovation
Source: IANS
2024-07-23 02:36:17 pm
Direct tax collections surge 19.5 pc to Rs 5.74 lakh crore in 2024-25 so far The country’s nets direct tax collection posted a robust 19.5 per cent growth to Rs 5.74 lakh as on till July 11 of the current financial year (2024-25) compared to the same period of the previous year, according to the latest figures compiled by the Income Tax Department Net corporate tax collections from April 1 to July 11 increased 12.5 per cent over the same period last year to Rs 2.1 lakh crore, while personal income tax including securities transaction tax rose 24 per cent to R...
Direct tax collections surge 19.5 pc to Rs 5.74 lakh crore in 2024-25 so far
Direct tax collections surge 19.5 pc to Rs 5.74 lakh crore in 2024-25 so far
Source: IANS
2024-07-13 12:34:38 pm
Income tax department notifies Cost Inflation Index for current fiscal The income tax department has notified the Cost Inflation Index (CII) for the current fiscal beginning April 2024, for calculating long-term capital gains arising from sale of immovable property, securities and jewellery. The CII is used by taxpayers to compute gains arising out of sale of capital assets after adjusting inflation. The CII for financial year 2024-25, relevant to assessment year 2025-26, stood at 363, as per a notification of the Central Board of Direct Taxes (CBDT). The CII nu...
Income tax department notifies Cost Inflation Index for current fiscal
Income tax department notifies Cost Inflation Index for current fiscal
Source: Accord Fintech
2024-05-27 10:04:27 am
India's net direct tax collections surge by 17.7% to Rs 19.58 trillion in FY24: CBDT The Central Board of Direct Taxes (CBDT) has said that India's net direct tax collections surged by a massive 17.7 per cent year-on-year to Rs 19.58 trillion in the fiscal year ended March 2024, surpassing even revised estimates by a wide margin. Net collections of income and corporate taxes, which make up for most of the direct taxes, in 2023-24 financial year exceeded the Budget estimates by Rs 1.35 trillion (7.40 per cent) and the revised estimates by Rs 13,000 crore. The government ha...
India's net direct tax collections surge by 17.7% to Rs 19.58 trillion in FY24: CBDT
India's net direct tax collections surge by 17.7% to Rs 19.58 trillion in FY24: CBDT
Source: Accord Fintech
2024-04-22 12:14:14 pm
India`s income tax receipts up 17.7% yr/yr in 2023/24, near $235 billion Income tax receipts in India, comprising personal and corporate levies, rose 17.7% year-on-year to nearly $235 billion in the 2023/24 financial year ending in March, reflecting the rising incomes of rich taxpayers and corporate profits. Net income tax receipts for the 2023/24 financial year ending in March rose to 19.58 trillion rupees ($234.9 billion), up from 16.64 trillion in the previous financial year, the Central Board of Direct Taxes (CBDT) said on Sunday. The net tax collections...
India`s income tax receipts up 17.7% yr/yr in 2023/24, near $235 billion
India`s income tax receipts up 17.7% yr/yr in 2023/24, near $235 billion
Source: Reuters
2024-04-21 05:37:16 pm
Central Board of Direct Taxes refutes reports on special drive to reopen tax cases on HRA claims The Central Board of Direct Taxes (CBDT) clarified on Monday that the Income Tax Department is not carrying out any special drive to re-open cases on issues pertaining to HRA claims as has been reported in some sections of the media, triggering a scare among the taxpayers. “Any apprehensions about retrospective taxation on these matters and re-opening of cases on issues pertaining to HRA claims is completely baseless,” said the CBDT, which is the apex decision-making body of th...
Central Board of Direct Taxes refutes reports on special drive to reopen tax cases on HRA claims
Central Board of Direct Taxes refutes reports on special drive to reopen tax cases on HRA claims
Source: IANS
2024-04-09 10:12:18 am
Income Tax Dept throws open e-portal for filing ITRs Central Board of Direct Taxes (CBDT) on Thursday said that has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their returns. Similarly, companies have also been able to file their ITRs through ITR-6 from April 1 onwards. As a precu...
Income Tax Dept throws open e-portal for filing ITRs
Income Tax Dept throws open e-portal for filing ITRs
Source: IANS
2024-04-05 10:00:41 am
Net direct tax collections for FY 2023-24 grow at over 19.88 p.c. The provisional figures of direct tax collections for the Financial Year 2023-24 as on March 17, 2024, show that net collections were at Rs 18,90,259 crore as compared to Rs 15,76,776 crore in the corresponding period of the preceding financial year (FY 2022-23, representing an increase of 19.88 per cent, the Income Tax Department said. The net direct tax collection of Rs 18,90,259 crore as on March 17, 2024, includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal ...
Net direct tax collections for FY 2023-24 grow at over 19.88 p.c.
Net direct tax collections for FY 2023-24 grow at over 19.88 p.c.
Source: IANS
2024-03-20 09:30:02 am
I-T Dept detects cases of tax not being fully paid, fixes March 15 deadline to pay up The Income Tax Department has identified some persons and entities whose payment of taxes for financial year 2023-24 is not commensurate with the financial transactions made by them during this period, the Finance Ministry said on Sunday. “Hence, as a part of taxpayer service initiative, the Department is undertaking an e-campaign, which aims to intimate such persons/entities of significant financial transactions, through email (marked as Advance Tax e-Campaign-Significant Transactio...
I-T Dept detects cases of tax not being fully paid, fixes March 15 deadline to pay up
I-T Dept detects cases of tax not being fully paid, fixes March 15 deadline to pay up
Source: IANS
2024-03-10 02:30:18 pm
Income Tax Dept allows trusts to rectify their error over Form 10B/10BB till March 31 The Central Board of Direct Taxes (CBDT) has given more time to trusts and institutions which have submitted the wrong forms to claim income tax exemption, to rectify their error and submit their audit reports with the forms that are applicable for the purpose. “Those trusts/institutions which have furnished audit report on or before 31st October, 2023 in Form No. 10B where Form No. 10BB was applicable and vice-versa, must furnish the audit report in the applicable Form No. 10B / 10B...
Income Tax Dept allows trusts to rectify their error over Form 10B/10BB till March 31
Income Tax Dept allows trusts to rectify their error over Form 10B/10BB till March 31
Source: IANS
2024-03-06 09:49:17 am
Shree Cement receives Income Tax demand of Rs 261 crore Shree Cement has received an assessment order against the demand of Rs 261.88 crore from the Income Tax department. The company has received assessment order on February 24 passed under section 143(3) of Income Tax Act, 1961, pertaining to AY 2021- 22, wherein certain additions/ disallowances have been made. "Company has noticed prima facie errors i.e. 'mistake apparent from record', in the said order," Shree Cement said. "The Company is in the process of filin...
Shree Cement receives Income Tax demand of Rs 261 crore
Shree Cement receives Income Tax demand of Rs 261 crore
Source: IANS
2024-02-26 09:09:30 am
Number of tax payers filing income tax returns has more than doubled to 7.78 crore in the past 10 years: CBDT The Central Board of Direct Taxes (CBDT) in its latest data has said the number of tax payers filing income tax returns has more than doubled to 7.78 crore in the past 10 years. It stated the number of Income Tax Returns (ITRs) filed in FY23 stood at 7.78 crore, showing an 104.91 per cent increase as compared to the 3.8 crore ITRs filed in 2013-14. Further, it mentioned, during the same period, the net direct tax collections increased 160.52 per cent from Rs 6,38,596 crore in FY14 to Rs 16...
Number of tax payers filing income tax returns has more than doubled to 7.78 crore in the past 10 years: CBDT
Number of tax payers filing income tax returns has more than doubled to 7.78 crore in the past 10 years: CBDT
Source: Accord Fintech
2024-01-24 10:31:34 am
LIC receives Income Tax demand order of Rs 3,528 crore  Life Insurance Corporation of India has received orders for Rs 3,528 crore from Income Tax authorities regarding Income Tax demand issued by Assistant Commissioner of Income Tax, Mumbai. "Corporation shall file an appeal before Commissioner (Appeals), Mumbai against the said orders within the prescribed timelines. There is no material impact on financials, operations or other activities of the Corporation due to the abovementioned orders," the LIC said. Pursuant to issua...
LIC receives Income Tax demand order of Rs 3,528 crore
LIC receives Income Tax demand order of Rs 3,528 crore
Source: IANS
2024-01-12 09:24:38 am
Polycab shares plunge 20% after reports of tax evasion Polycab India shares plunged 20 per cent on Thursday after reports of Income Tax evasion. Polycab shares were trading at Rs 3,905, down 20.5 per cent on BSE. In an earlier statement, Polycab India, a leading electrical goods company, denied any rumours of tax evasion by the company circulating in media. The company asserts its commitment to compliance and transparency, having fully cooperated with the Income Tax Department officials during the search proceedings in December 2023. The...
Polycab shares plunge 20% after reports of tax evasion
Polycab shares plunge 20% after reports of tax evasion
Source: IANS
2024-01-11 11:16:35 am
RBI bulletin sees higher growth, lower inflation ahead for India The broad-based strengthening of India's economic activity that is under way will likely be sustained by easing input costs and corporate profitability while inflation is expected to ease to 4.6 per cent in the first three quarters of 2024-25, according to the monthly RBI bulletin released on Wednesday. The pace of global growth may slow further in 2024 while disinflation at varying pace in different geographies may pave the way for interest rate reductions, according to the analysis. ...
RBI bulletin sees higher growth, lower inflation ahead for India
RBI bulletin sees higher growth, lower inflation ahead for India
Source: IANS
2023-12-21 10:12:07 am
I-T Department updates rules for startup equity valuation The Income Tax Department has issued new regulations concerning the valuation of equity and compulsorily convertible preference shares issued by startups to both resident and non-resident investors.These regulations, effective from Monday (September 25), amend Rule 11UA of the Income Tax Rules. Under these changes, the Central Board of Direct Taxes (CBDT) now allows the valuation of compulsorily convertible preference shares (CCPS) to be determined using the fair market value of unquoted equi...
I-T Department updates rules for startup equity valuation
I-T Department updates rules for startup equity valuation
Source: IANS
2023-09-26 04:00:47 pm
Total revenue from corporate, excise tax collections expected to be in line with budget estimates in FY24: Ajay Seth Financial services secretary Ajay Seth has said the total revenue from corporate and excise tax collections is expected to be in line with budget estimates for the current fiscal year (FY24). Corporate tax, which is the second largest component of direct taxes after personal income tax, as well as excise duty collections, declined by 10.4 per cent during the first four months of the ongoing fiscal.This comes against an over 14 per cent plunge in tax mop-up in the first quarter as against an o...
Total revenue from corporate, excise tax collections expected to be in line with budget estimates in FY24: Ajay Seth
Total revenue from corporate, excise tax collections expected to be in line with budget estimates in FY24: Ajay Seth
Source: Accord Fintech
2023-09-15 10:20:29am