The Income Tax Department of India has officially released the Excel utilities for ITR-1 and ITR-4 for the Assessment Year (AY) 2025-26 (pertaining to Financial Year 2024-25). This announcement was made on May 30, 2025, through a post on its official social media platform X (formerly Twitter). The …
The Delhi High Court ruled that the dues of a secured creditor take precedence over the tax dues owed to the Income Tax Department. In a significant ruling, the Delhi High Court has held that the Income Tax Department cannot …
Income tax officials may analyze an individual’s declared expenses in comparison to their bank records, which include credit/debit card transactions and cash withdrawals. The middle class has been facing increasing scrutiny regarding income tax compliance, with discussions intensifying before the …
CBDT has directed the income tax department to monitor such high value cash transactions in a “non-intrusive” manner. High-Value Cash Transactions under ITD Scrutiny: The Income Tax Department is tightening its scrutiny on sectors like hotels, luxury brand sales, hospitals, …
Starting next week, from April 15, the Central Board of Direct Taxes (CBDT) has directed its field officers to reach out to these individuals having TDS but failed to file their Income Tax Return. The Income Tax Department is set …
Immediate steps of this Interim Plan includes addressing grievances through e-Nivaran and CPGRAM platforms. The Income Tax Department has unveiled its interim action plan for the fiscal year 2024-25, focusing on crucial areas such as the identification of cases related …
SFT Reporting Error Detected; Taxpayers recently receiving advance tax payment notices from the income tax (I-T) department can now breathe a sigh of relief, at least for the moment. In a recent post on X (formerly Twitter) on March 11, …
Advance Tax E-Campaign: An initiative for Encouraging Taxpayers to accurately calculate their advance tax liability and submit the due advance tax on or before 15th March 2024 Advance Tax E-campaign for FY 2023-24: The Income Tax Department, in a press …
CBDT Notification 27/2024 dated 5 March 2024: Income Tax (Fourth Amendment) Rules 2024 LISTEN THE NOTIFICATION HERE: The Central Board of Direct Taxes, exercising its powers under sections 295, 44AB, and 92E of the Income-tax Act, 1961, has introduced the …
The Investigation Directorate of Income Tax Department, North East Region has initiated strict measures to monitor the movement of unaccounted cash and its potential role in influencing the 2024 Lok Sabha election process in Assam. In a proactive move, the …
The On-screen Functionality is Designed for Allowing the Taxpayers to Reconcile the Discrepancies Directly on the Income Tax Portal The Income Tax Department has recently identified discrepancies between the interest and dividend income reported by taxpayers in their Income Tax …
Congress Party emphasized that the Income Tax Department should halt any further action until the outcome of the stay application pending in ITAT The Indian National Congress has found itself in the midst of a financial tussle with the Income …
Notices will be issued only to the taxpayers for whom the Income Tax department possesses concrete information, CBDT Chairman Nitin Gupta says In a move aimed at ensuring compliance with tax regulations, the Income Tax Department is set to dispatch …
Income Tax Department Ready to Move Supreme Court to Challenge the Ruling of Delhi High Court on Validity of Orders Issued Without Document Identification Number (DIN) The Income Tax Department is ready to challenge a recent Delhi High Court ruling …