Income tax

January 22, 2025 1:34 PM

Centre notifies new income-tax rules for non-resident cruise ship operators

The Central Board of Direct Taxes (CBDT) has notified amendments to the Income-Tax Rules, outlining the conditions for the applicability of the presumptive taxation regime for non-resident cruise ship operators, according to an official statement issued on Wednesday. As a measure to promote investment and employment, the Finance Act, 2024, introduced a presumptive taxation regime for non-residents engaged in the business of operating cruise ships. Additionally, an exemption has been provided f...

July 26, 2024 10:48 PM

Over 5 crore Income Tax Returns filed till July 26

The Income Tax Department of India announced on Friday that over 5 crore Income Tax Returns (ITRs) for the assessment year 2024-25 have been filed as of July 26. This milestone was reached a day earlier compared to the previous year, signaling a robust response from taxpayers. In a statement released on social media platform X, the department expressed its gratitude to taxpayers and tax professionals for their cooperation in achieving this significant number. "We express our gratitude to the t...

April 9, 2024 12:07 PM

Income tax department clarifies misinformation regarding HRA claims

Income Tax Department has addressed concerns raised by taxpayers regarding certain discrepancies in the information provided to the department. These discrepancies were identified during routine verification exercises conducted by the department. The department has clarified that there is no basis for apprehensions regarding retrospective taxation or the reopening of cases related to incorrect claims of House Rent Allowance (HRA) and rent paid by employees. Central Board of Direct Taxes (CBDT)...