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Lucknow, Jul 17 (PTI) To curb illegal mining and transportation, the Uttar Pradesh government is deploying advanced technologies under the Integrated Mining Surveillance System (IMSS), a release said on Thursday. Mining activities are already being monitored through drones, geo-fencing, RFID tags, and AI-powered check gates. Now, the state is set to introduce 'Weigh-In-Motion' (WIM) technology to accurately track vehicle overloading. Also Read | 'Arvind Kejriwal Used Government Funds to Buy Mo ...Read More >
New Delhi: The Income Tax Bill 2025, set to be moved in the monsoon session of Parliament to simplify the direct tax law, will set the stage for another round of reforms which will be more substantive in nature in subsequent years, said two people informed about the discussions in the government The finance ministry is of the view that once the over-six-decade-old Income Tax Act, 1961 is simplified and made more readable, targeted reforms can be achieved in taxation of personal and corporate in ...Read More >
The Appointments Committee of the Cabinet has approved Nitin Gupta as the new Chairperson of the National Financial Reporting Authority. Gupta, a former IRS officer, is set to lead the independent auditing regulator, reinforcing standards and trust in financial reporting. Three additional members have also been appointed. The Appointments Committee of the Cabinet has officially appointed Nitin Gupta, a retired Indian Revenue Service officer, as the Chairperson of the National Financial Reportin ...Read More >
New Delhi, Jul 17 (PTI) The government has appointed Nitin Gupta, former Chairman of CBDT, as the Chairperson of the National Financial Reporting Authority (NFRA). Besides, Smita Jhingran, P Daniel and Sushil Kumar Jaiswal have been appointed as Full Time Members of the regulator, according to a source. The post of the NFRA Chairperson has been lying vacant after the three-year tenure of Ajay Bhushan Prasad Pandey ended on March 31. In April, the government gave the Competition Commission of I ...Read More >
Srinagar, July 15: The Central Board of Direct Taxes (CBDT) has announced an extension of the Income Tax Return (ITR) filing deadline to ensure a smoother and more convenient experience for taxpayers. According to Section 234A of the Income Tax Act, individuals who file their ITR and pay any outstanding self-assessment tax by the new deadline will not be liable to pay interest. This extension applies to a wide range of taxpayers, including both salaried individuals and the self-employed. It's i ...Read More >
PRNewswire Chandigarh [India], July 15: Chandigarh University, India leading private university, in collaboration with job platform Apna and investment firm Venture Catalysts (VCats) have launched Campus Tank, India first university-led Startup launch-pad for young innovators below the age of 30 to pitch their ideas and get funding of $1 Million to launch their startups along with expert venture guidance, strategic ecosystem alliances and immersive startup incubation. APNA which is India larges ...Read More >
India's tax engine is revving harder than ever. But are there enough drivers? India's tax system has undergone significant improvements in recent years. Taxpayers are paying advance tax on time and receiving refunds as early as seven days after filing their returns. But while India's tax engine is revving harder, are there enough drivers? Finance Minister Nirmala Sitharaman, in a conclave with the principal chief commissioners of the Central Board of Direct Taxes on June 23, said that the gove ...Read More >
Nagpur: The income tax (I-T) department has detected as many as 9,000 returns that were filed to claim fake exemptions from tax liabilities and refunds in Nagpur zone alone. The estimates so far indicate that exemptions to the tune of Rs100 crore were claimed. A large number of such returns were filed by policemen, railway employees, zilla parishad staffers, even as the list includes some private employees too.A sizeable number of filers claimed exemptions by misrepresenting their status as fore ...Read More >
The Income-Tax Department has found organised rackets operated by some returns preparers and intermediaries across the country, filing income-tax returns (ITRs) on behalf of their clients -- including employees of multinational companies, public sector firms, government bodies, academic institutions, and entrepreneurs -- to fraudulently claim exemptions and refunds, the Finance Ministry said. The department is now poised to take stern action against continued fraudulent claims, including penalt ...Read More >
New Delhi [India], July 14 (ANI): The Income Tax Department initiated a large-scale verification operation across multiple locations in the country on Monday, targeting individuals and entities facilitating fraudulent claims of deductions and exemptions in Income Tax Returns (ITRs). This action follows a detailed analysis of the misuse of tax benefits under the Income-tax Act, 1961, often in collusion with professional intermediaries, as per a statement from Central Board of Direct Taxes. Also ...Read More >
New Delhi, July 14 (SocialNews.XYZ) Vandana Gurnani, Secretary, Ministry of Labour and Employment, exhorted Global Capability Centres (GCCs) on Monday to leverage existing government schemes for hiring talent in the country. She urged the GCCs to engage with government initiatives such as the Employment Linked Incentive Scheme, which holds substantial potential for job creation, and the National Career Services Portal, a comprehensive platform with partnerships across major firms offering job m ...Read More >
New Delhi [India], July 13 (ANI): India's tax administration has undergone a dramatic transformation over the past decade, with taxpayer refunds growing at nearly double the pace of tax collections, Ministry of Finance sources told ANI. The numbers paint a striking picture of administrative efficiency gains. Between 2013-14 and 2024-25, refunds issued to taxpayers have skyrocketed by 474 per cent, rising from Rs 83,008 crores to Rs 4,76,743 crores. This growth significantly outpaces the 274 pe ...Read More >
New Delhi, July 13 (SocialNews.XYZ) The average number of days it takes for taxpayers to get refunds from the Income Tax Department in India has come down drastically from 93 days in 2013 to a mere 17 days in 2024, reflecting the increased efficiency in the system on the back of rising digital infrastructure that enables faceless online disbursals. The introduction of pre-filled returns, automation in refund processing, real-time TDS adjustments and online grievance redress mechanisms has led t ...Read More >
New Delhi: India's tax administration has undergone a dramatic transformation over the past decade, with taxpayer refunds growing at nearly twice the pace of tax collections, sources from the Ministry of Finance told ANI. The data highlights significant gains in administrative efficiency. Between FY 2013-14 and FY 2024-25, refunds issued to taxpayers surged by 474%, rising from ₹83,008 crore to ₹4,76,743 crore. This increase far outpaces the 274% growth in gross direct tax collections during th ...Read More >
Mumbai, July 11: The Income Tax Department has officially released the Excel-based utilities for ITR-2 and ITR-3 forms for the Assessment Year (AY) 2025-26, enabling individuals with more complex income sources, including capital gains, cryptocurrency, and professional income, to begin filing their tax returns. The announcement was made via the department's official X, formerly Twitter, handle, saying, "Attention Taxpayers! Excel Utilities of ITR-2 and ITR-3 for AY 2025-26 are now live and avail ...Read More >
New Delhi [India], July 10 (ANI): The central government has granted tax-saving status to PSU renewable projects financing company IREDA Ltd's bonds under Section 54EC of the Income Tax Act. This will facilitate low-cost fundraising for renewable energy and offer capital gains tax exemption to investors. The Central Board of Direct Taxes (CBDT) under the Ministry of Finance has notified bonds issued by the Indian Renewable Energy Development Agency Ltd. (IREDA) as 'long-term specified asset' u ...Read More >
New Delhi [India], July 10 (ANI): The central government has granted tax-saving status to PSU renewable projects financing company IREDA Ltd's bonds under Section 54EC of the Income Tax Act. This will facilitate low-cost fundraising for renewable energy and offer capital gains tax exemption to investors. Also Read | Ad Legend Prasoon Pandey Turns Film Director: MovieVerse Studios and Ellipsis Entertainment To Produce His Mythological Thriller. The Central Board of Direct Taxes (CBDT) under th ...Read More >
THIRUVANANTHAPURAM: Finance Minister K N Balagopal, on Tuesday, said that some practical problems of Goods and Service Tax (GST), which were evident from the beginning, are yet to be resolved. "I was one of the few people who expressed dissent over GST in the joint select committee due to these problems," the minister said, after inaugurating the GST Day celebrations of CGST Thiruvananthapuram zone at the Tagore Theatre. "Though said to be barrier-free, certain issues are persistent in the GST ...Read More >
Bengaluru, Jun 30 (PTI) In a crackdown against autorickshaws overcharging and plying illegally, Karnataka transport department authorities on Monday registered 260 cases and seized 98 vehicles. The action came days after state Transport Minister Ramalinga Reddy directed the transport commissioner to take strict action against app-based and other autorickshaws in Bengaluru that charge fares above the government-fixed rates, calling the practice a "daylight robbery". In a letter dated June 28, t ...Read More >
Srinagar- Get ready for a series of significant financial and travel regulation changes rolling out across India starting July 1. These updates will impact everything from how you file your income tax returns to how you use your credit cards and book train tickets, directly affecting individual taxpayers and customers of major banks like HDFC, SBI, and ICICI. One of the most impactful changes comes from the Central Board of Direct Taxes (CBDT). From Tuesday, Aadhaar verification will be mandato ...Read More >
New Delhi: The month of July is going to start after a few hours, which will prove to be very important for common people as well as special people. Many big changes are going to be implemented across the country from July 1, 2025. The effect of the new rules will be seen from credit card users to LPG users. Apart from this, it will also affect the railway passengers. Users using credit cards of banks like HDFC Bank, SBI are expected to get a big shock. The new order of CBDT for PAN card applic ...Read More >
New Delhi [India], June 30 (ANI): The Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal has issued strict directives to Faceless Assessment Officers (FAOs) to avoid raising irrelevant queries while conducting faceless assessments, emphasising the need for more focused and case-specific scrutiny procedures. Chairman Ravi Agarwal has written to the Principal Chief Commissioners of Income Tax, directing them to ensure that faceless assessment officers maintain higher standards of inquiry ...Read More >
Mumbai, June 29 (SocialNews.XYZ) Tata Steel on Sunday said it has received a show-cause-cum-demand notice from the tax department over an alleged irregular use of input tax credit worth over Rs 1,000 crore for the financial years 2018-19 to 2022-23. In a filing to the stock exchanges, the company said that the notice was issued by the Office of the Commissioner (Audit), Central Tax, Ranchi, on June 28. "On June 28, Tata Steel Limited received a Show Cause cum demand Notice dated June 27, issue ...Read More >
Imphal, June 29 (UNI) A series of successful operations carried out by Manipur Police and security forces during the last 24 hours led to the arrest of several individuals involved in vehicle theft, insurgent activity, and the recovery of a significant cache of arms and ammunition. Police arrested a vehicle lifter identified as Syed Riyaj from his residence at Lilong Chaobok in Thoubal District. The arrest was made under Lilong Police Station. Authorities seized a blue two wheeler without reg ...Read More >
New Delhi: Ravi Agarwal has been reappointed as the Chairman of the Central Board of Direct Taxes (CBDT), the top policy-making body of the Income Tax Department. The Appointments Committee of the Cabinet announced the decision on Saturday. His reappointment is on a contract basis for a period of one year from July 1, 2025, to June 30, 2026 or until further orders, whichever comes earlier. The government stated in a notification that his service terms will follow the standard rules that apply t ...Read More >
Kolkata: The political slugfest following the alleged gang rape of a law student inside a south Kolkata college continued on Saturday as Trinamool took pains to distance itself from the "misogynistic remarks" of its own netas, emphasising the "quick action taken against the accused". The opposition, however, questioned security for women at workplaces and educational institutes and "promised to stay on the roads"."The remarks by MP Kalyan Banerjee and MLA Madan Mitra concerning the heinous crime ...Read More >
NEW DELHI: The government on Saturday extended the term of the chairman of the Central Board of Direct Taxes (CBDT) Ravi Agrawal by one year, an official notification said.The Appointments Committee of the Cabinet approved the re-appointment of Agrawal, an IRS officer of the 1988 batch, as CBDT chairman for one year from July 1 this year to June 30, 2026, on contract basis.Agrawal took over as the CBDT chairman from Nitin Gupta in June 2024 after Gupta's extended tenure ended. Agrawal has been a ...Read More >
KOLKATA: The political slugfest following the gang-rape of a law student inside a college continued Saturday as TMC took pains to distance itself from the "misogynistic remarks" of its own netas, emphasising instead the "quick action taken against the accused". Opposition, however, questioned security for women at workplaces and educational institutes and "promised to stay on the roads"."The remarks by MP Kalyan Banerjee and MLA Madan Mitra concerning the heinous crime were made in their persona ...Read More >
New Delhi [India], June 28 (ANI): The Appointments Committee of the Cabinet has approved the re-appointment of Ravi Agrawal, as Chairman of the Central Board of Direct Taxes (CBDT) on a contract basis for one year, effective from July 1, 2025, to June 30, 2026, or until further orders, according to an official order. Last year, Agrawal, a 1988-batch IRS officer, was appointed as the new chairman of the Central Board of Direct Taxes, the administrative body for the Income Tax Department. With t ...Read More >
New Delhi [India], June 28 (ANI): The Appointments Committee of the Cabinet has approved the re-appointment of Ravi Agrawal, as Chairman of the Central Board of Direct Taxes (CBDT) on a contract basis for one year, effective from July 1, 2025, to June 30, 2026, or until further orders, according to an official order. Last year, Agrawal, a 1988-batch IRS officer, was appointed as the new chairman of the Central Board of Direct Taxes, the administrative body for the Income Tax Department. Also R ...Read More >
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