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Minister of State (finance) Pankaj Chaudhry presented data in Rajya Sabha that showed that the number of individuals who submitted an e-return with income of more than ₹1 crore surged to over 2.16 lakh during AY24, showing a growth of 97 per cent. ....
Earlier, ITR-1 and ITR-4 for the A.Y. 2024-25 were notified dated 22.12.2023. All ITR Forms 1 to 6 have since been notified and will come into effect from 1st April, 2024. ....
The Income Tax department has notified the Income-tax Return Forms (ITR Forms) 2, 3, and 5 for the Assessment Year (AY) 2024-25, effective from April 1, 2024. These forms are applicable for individuals and Hindu Undivided Families (HUFs) without income from business or profession, individuals and HUFs with income from business or profession, and partnership firms, respectively. The Central Board of Direct Taxes (CBDT) highlighted that changes have been incorporated to facilitate taxpayers and improve ease of filing. ....
In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. ....
The Interim Budget 2024-25 has announced withdrawal of outstanding small tax demands, some even dating back to 1962, of up to Rs 25,000 till 2014-15 in respect of income, wealth and gift taxes. There are about 1.11 crore such disputed demand entries and the aggregate tax demand involved is Rs 3,500-3,600 crore. ....