Tag: income tax department
CBDT launches compliance-cum-awareness campaign for AY 2024-25 to assist taxpayers in reporting foreign assets and income
New Delhi: The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing…
Tax tracker on property owners with builder deals; I-T dept told to identify capital gains evaders
Mumbai: All landowners who had cut ‘joint development’ deals with builders are under the lens for skirting tax on capital gains. The investigation wings of…
I-T dept notifies tolerance range for AY25 for transfer pricing cases
The income tax department has notified the tolerance range for variation between arm’s length price and transfer pricing for international and specified domestic transactions for…
Over 34.84 lakh IT audit reports filed on e-filing portal up to Oct 7: Finmin
The finance ministry on Wednesday said more than 34.84 lakh audit reports, including about 34.09 lakh Tax Audit Reports (TARs), have been filed for assessment…
Income Tax Act: Tax dept invites public suggestions for I-T Act review
The Income Tax department on Monday invited public inputs for review of the six-decade old I-T Act with regard to simplification of language, litigation reduction,…
Vivad Se Vishwas 2.0: Lesser settlement amounts for those who file declaration by Dec 31
The Income Tax Department on Saturday said it has notified dispute resolution scheme Vivad Se Vishwas scheme 2.0 that provides for lesser settlement amounts for…
Income Tax Department increases thresholds for filing appeals in tax disputes
The Income Tax Department has raised the minimum threshold for filing appeals in tax disputes, streamlining the process for cases brought before the Income Tax…
Income tax notices sent to TCS employees are a ‘discrepancy,’ ITRs will be reprocessed: Report
Sep 14, 2024 12:59 PM IST TCS said that the employees who received the income tax notices will get a intimation of rectification soon and…
TCS India employees get tax notices, firm asks them to wait before paying: Report
Sep 13, 2024 10:47 AM IST TCS employees received tax notices for TDS discrepancies. The company advises them to await instructions, with amounts ranging from…
How long does it take for income tax department to process ITRs?
It usually takes an average of 15-45 days from the e-verification date of income tax returns (ITRs) for the income tax department to start processing…