Category: Tax

Intimation Under Section 143(1) of Income Tax Act

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Section 143(1) of the Income Tax Act, 1961 is essentially a computer-generated automated message which lets the taxpayer know of any error that exists in his/her tax filing. It also tells the taxpayer if he/she has any interest that is payable. Anytime someone receives a notice from the Income Tax Department, there seems to be an overwhelming […]

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Advance tax collection for H1 swells 22.6% to Rs 4.36 lakh crores

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Advance tax collections in India increased by 22.61% to ₹4.36 lakh crores in the first half of the current financial year, indicating strong corporate performance and a robust economy. Net direct tax collections rose 16.12% to ₹9.95 lakh crores, with personal income tax showing significant growth over corporate income tax. The Government’s advance tax collections […]

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Overseas Citizen of India (OCI) income tax depends on person’s residency status under I-T Act:

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A foreign national applied for an OCI card based on her marriage to an Indian citizen, but her application was rejected as her estranged husband was not present. While her petition was upheld by the Delhi High Court, the Supreme Court ruled that the Indian spouse’s physical or virtual presence was mandatory under Section 7-A(d) […]

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Why Taxpayers Have Only 10 Days to Verify Income Tax Returns?

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The Income Tax Department has announced a critical deadline for taxpayers you must verify your Income Tax Returns (ITR) within 10 days of filing to ensure your returns are processed correctly. This verification step is essential for the completion of the filing process. Taxpayers are given a 10-day window to verify their Income Tax Returns […]

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Net direct tax collection rises 22.5% to Rs 6.93 trillion till August 11

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India’s net direct tax collection, with refunds adjusted, grew 22.5% to Rs 6.93 trillion between April 1 and August 11 of FY25. In the same period last year, tax collection was at Rs 5.65 trillion, according to the Income-Tax (I-T) Department’s latest data released on Monday. Of the tax mop-up, personal income-tax (PIT) outpaced corporation tax. […]

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Special Drive To Weed Out Fake GST Registration Begins On Aug 16: CBIC

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The second Special All-India Drive may be launched by all Central and State Tax administrations from August 16 to October 15, 2024, to detect suspicious or fake GSTINs. Central and State GST officers will launch a pan-India special two-month drive against fake registration beginning August 16, the CBIC said on Monday. This is the second […]

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