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The Delhi High Court has asked the income tax department to grant income tax exemption to the New Okhla Industrial Development Authority under Section 10(46) of the Income Tax Act, 1961.
Read more at: The Economic Times
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CBDT has released its Central Action Plan (CAP) for FY2024-25, outlining a roadmap for the Income Tax (I-T) Department, ANI reported. CAP Fy25 comes as India approaches the centenary of its independence in 2047.
Net direct tax collection fell 1.34 per cent to about Rs 5.63 trillion till July 10 of the current financial year, mainly on account on higher refunds, according to government data released on Friday.
Since yesterday many chartered accountants and taxpayers are saying that taxpayers, including individuals, have been getting nudge emails from the income tax department about advance tax. The nudge email mentions that the Income Tax Department has reason to believe that the taxpayer’s advance tax payment doesn’t match up with their financial activities.