Tag: Income Tax Department

In Graphics: Post-dated clearing of cheques is history

Economy
The Reserve Bank of India’s new real-time cheque clearance system, aimed at improving ef ciency, is facing glitches, with some customers complaining about delays. ET takes a look back at how cheques have evolved over...

Currency watch: Rupee rises 7 paise to 88.72 against dollar; domestic markets and crude oil support gains

Business
The rupee strengthened by 7 paise to close at 88.72 against the US dollar on Friday, buoyed by positive domestic market trends and a broad decline in crude oil prices, PTI reported. Forex...

ITR filing FY 2024-25: ITR-6 excel utility for AY 2025-26 released by Income Tax Department — here’s what taxpayers should know

Business
ITR-6 is applicable to companies other than those claiming exemption under Section 11. The Income Tax Department has released the Excel utility...

I-T refunds up 6x in 11 years at ₹4.8L crore

Economy
The income-tax department has issued ₹4.76 lakh crore in refunds in FY25, a staggering increase from ₹83,008 crore in FY14, officials said.This 474%...

Income Tax refunds jump 474% since 2013-14, issuance time improves in past 11 years

Economy
Income Tax refunds have jumped 474 per cent in the last 11 years to Rs 4.77 lakh crore in 2024-25, significantly outpacing the...

Direct tax collections rise 4.9%; advance tax up 3.9% in FY26 so far

Economy
India's direct tax collection for the financial year 2025-26 rose by 4.86% to Rs 5.45 lakh crore as of June 19, according to...

Income tax department notifies ITR-U: Extended window for filing updated return, penalties- all you need to know

Business
NEW DELHI: The Income Tax Department has officially notified the updated return form, called ITR-U, allowing taxpayers with an extended window...

Claimed HRA but skipped TDS? Income Tax department comes knocking with notices

Economy
Individuals who have claimed House Rent Allowance (HRA) exemptions in their tax returns over the past few years but failed to deposit the...

I-T dept slaps Rs 944 crore penalty on IndiGo parent

Business
IndiGo's parent company, InterGlobe Aviation, faces a Rs 944.2 crore penalty imposed by the Income Tax department for the Assessment Year 2021-22....

Data helps Taxman unearth foreign assets worth Rs 22,000 cr

Economy
New Delhi: The Income Tax Department has detected ₹22,000 crore during a drive against undisclosed foreign assets and investments, a senior official told...

Taxpayers take note! Income Tax department recovers Rs 37,000 crore from individuals not filing returns despite taxable income

Business
An expanded and stricter tax collection and TDS system has helped identify significant transaction. (Image source: Freepik) Income Tax Department’s extensive crackdown!...

Tough to mop up taxman’s outstanding demand

Economy
The outstanding tax demand of the income-tax department has grown more than fourfold to ₹42 lakh crore as on October 1 this year,...

CBDT launches compliance-cum-awareness campaign for AY 2024-25 to assist taxpayers in reporting foreign assets and income

Economy
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...

Over 34.84 lakh IT audit reports filed on e-filing portal up to Oct 7: Finmin

Economy
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...

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