D Gukesh: Tamil Nadu MP wants PM Modi to waive tax from prize money won by chess world champion, says report
Tamil Nadu Congress Member of Parliament (MP) R Sudha has reportedly requested Prime Minister Narendra Modi to consider tax waiver for the prize money that newly-crowned world chess champion D …
How three income tax officials & a cop orchestrated a Rs 15 lakh heist in Chennai
Chennai city police arrested three officials from the Income-Tax (I-T) Department and a special sub-inspector (SSI) of police for an alleged hawala money heist worth Rs 15 lakh. According to …
PAN 2.0 targeted for fraud: How to protect yourself from misinformation
Permanent Account Number (PAN) is needed to prove identity for financial transactions and taxation. The government recently introduced PAN 2.0 to streamline the process for updating and reprinting process the …
ITAT ruling: Cryptocurrencies now recognised as capital assets for taxation
In a landmark ruling, the Income Tax Appellate Tribunal (ITAT) in Jodhpur has provided clarity on the tax treatment of cryptocurrencies in India. The decision, which recognises cryptocurrencies as capital …
Income Tax Department regrets issuing erroneous notices to taxpayers: Know the details
The Income Tax Department has recalled the defective ITR notices sent to many taxpayers who have correctly filed their income tax returns (ITR). Experts are surprised the tax department has …
CBDT launches campaign to intimate taxpayers on mismatch in ITR filed and AIS
The income tax department said it is sending SMS and emails to taxpayers and non-filers where it has identified mismatch between transactions reported in Annual Information Statement (AIS) and income disclosed in ITRs …
New Income Tax Bill Unlikely To Be Introduced In Budget 2025: Report
The Finance Ministry is reportedly unlikely to introduce the new Income-Tax Bill during the Budget 2025 session of Parliament. Finance Minister Nirmala Sitharaman announced a review of the Income-Tax Act …
Missed ITR deadline or made an error? File a revised return by Dec 31, 2024
Taxpayers who missed the initial deadline have time until December 31, 2024, to file their income tax return (ITR) for FY 2023-24 (AY 2024-25). This date applies to those filing …
Income tax department recovers Rs. 37,000 crore from individuals not filing returns despite taxable income
Income Tax departments’ extensive crackdown! Over the past 20 months, the Income tax department has collected Rs. 37,000 crore from individuals who had taxable income but failed to file returns, …
After D Gukesh’s win, people congratulate the Income Tax department: ‘TDS-Tax deducted by Sitharaman’
D Gukesh made history on Thursday by becoming the youngest-ever World Chess Champion at just 18, defeating China’s reigning titleholder, Ding Liren. While the nation celebrates his victory – highlighted …
