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The Central Board of Direct Taxes (CBDT) Chairman, Ravi Agrawal, stated that the income tax department, under the facilitated Income Tax Act 2025, shall notify the new ITR forms and pertinent rules by January. From 1 April 2026, these updated regulations will come into force, marking the transition from the nearly six-decade-old Income Tax Act […]
The Institute of Chartered Accountants of India (ICAI), emphasising taxpayers’ problems in fulfilling income-tax compliance timelines for the AY 2025-26, has written to the Central Board of Direct Taxes (CBDT). ICAI, in its representation, has requested equality in deadlines for the return filing and mentioned the dates under section 44AB, including the auto-renewal of registration […]
Filing an Income Tax Return (ITR) post deadline but before prosecution does not remove the obligation for the offences u/s 276CC of the Income Tax Act, 1961, Apex court held. The petitioner Vinubhai Mohanlal Dobaria, contested a ruling of the Gujarat High Court that carried the Chief Commissioner of the income tax’s rejection of his […]
A rise in the women filing Income tax returns has been seen in Karnataka with numbers climbing from 11.3 lakh in 2019-20 to 14.3 lakh in the AY 2023-24. In the last 5 years, it is a 26% growth. The state rebounded quickly, even after a temporary dip to 11 lakh in 2020-21 arriving with […]
The number of income taxpayers in India surpasses 10 crore, showing an influential expansion in the tax base as per the updated time series data from the Central Board of Direct Taxes (CBDT). It exhibits a 98% rise over the past 10 years with the number of taxpayers rising from 5.26 crore at the finish […]
For income tax, the online e-filing ITR portal will be processed with a revamp via substantial amendments effective for taxpayers. The tax department’s internal circular which is not publicized dated October 8, 2024, expressed, “The operations phase of the existing Integrated e-filing and Centralised Processing Centre (IEC) 2.0 is coming to an end and the […]
An important functionality on the website of the IT department has been introduced by the officials which permits the assessees to discard their previously filed however unverified ITR. The assessee previously was permitted to amend the ITR merely in the matter of the error or omission. The latest addition to the income tax portal allows […]
The Income Tax Department has announced a significant achievement with over 7.85 crore Income Tax Returns (ITRs) filed by the October 31 deadline, setting a new record. These ITRs were filed for various assessment years during the fiscal year 2023-24, surpassing the previous record of 7.78 crore filings in the fiscal year 2022-23. It is […]
According to recently released time series data from the Income-tax department, the combined number of income tax returns (ITRs) submitted by personal income tax filers (PIT), which includes both individuals and Hindu Undivided Family (HUF), experienced a substantial 94% increase during the initial nine years of the Narendra Modi government, spanning from FY15 to FY23. […]
