The Central Board of Direct Taxes (CBDT) aims to step up its crackdown on evasion through the greater use of data analytics and artificial intelligence (AI) to identify discrepancies in the reporting of income, chairman Ravi Agrawal said in an interview. This is in preparation for the new income tax law that’s set to be […]
NEW DELHI: Finance Minister Nirmala Sitharaman on Thursday urged the Income Tax Department to speed up the disposal of disputed tax demands and litigation backlog, and to withdraw departmental appeals falling below the newly revised monetary thresholds within three months. While she lauded the CBDT’s efforts in redrafting the new Income Tax Bill, she stressed […]
New Delhi, The Income Tax department is working to give shape to the rules, forms and procedures for the new Income Tax Bill, 2025, which aims to simplify the six-decade old direct tax law. Speaking at the 166th Income Tax Day event here, Central Board of Direct Taxes (CBDT) Chief Ravi Agarwal also said the […]
The Income Tax department is in the process of framing rules, forms, and procedures under the proposed Income Tax Bill, 2025, which aims to replace the six-decade-old direct tax legislation, Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal said on Thursday.Speaking at the 166th Income Tax Day event in the capital, Agarwal said the […]
The Central Board of Direct Taxes (CBDT) aims to step up its crackdown on evasion through the greater use of data analytics and artificial intelligence (AI) to identify discrepancies in the reporting of income, chairman Ravi Agrawal said in an interview. This is in preparation for the new income tax law that’s set to be […]
The Lok Sabha Select Committee has recommended two key amendments regarding tax deductions on income from house property. One of the key amendments proposed by the Committee is to allow a standard deduction of 30% from the gross annual value (GAV) of a house property after deducting municipal taxes. The second significant amendment they recommended […]
New Delhi, July 22 (IANS) The new income tax bill will make filing taxes easier for common citizens and small businesses, said BJP MP Baijayant Jay Panda, who chaired the Parliamentary Select Committee responsible for reviewing the legislation. New Delhi, The new income tax bill will make filing taxes easier for common citizens and small […]
Indian promoters and several family offices using limited liability partnerships (LLPs) to own shares of companies, other securities, and invest in private equity and venture capital funds are in for a nasty surprise lurking in the new income tax (I-T) Bill. Such LLPs, which have emerged as a convenient investment vehicle over last decade, will […]
The Income Tax Appellate Tribunal (ITAT) Monday dismissed an appeal filed by Congress challenging a tax demand of ₹199.15 crore for assessment year 2018-19. The tribunal rejected the party’s claim for tax exemption under Section 13A due to late return filing and violations of cash donation limits, establishing strict compliance requirements for political parties seeking […]
Hyundai Motor India Ltd on Tuesday said it has received a demand of Rs 517.34 crore from tax authorities, along with penalty, for alleged short payment of GST compensation cess on its certain SUV models. The company has received an order from Commissioner (Appeals), CGST Dept, Tamil Nadu, confirming GST compensation cess demand of Rs […]
