income tax department

January 14, 2025 1:20 PM

Net direct tax collections surge 16% to ₹16.90 lakh crore in FY25

India’s net direct tax collections recorded a robust 15.88% jump to ₹16.90 lakh crore during April 1, 2024–January 12, 2025, compared to the same period of the previous financial year, according to the latest figures compiled by the Income Tax Department. The gross direct tax collections, before refunds, increased by 19.94% to ₹20.64 lakh crore during this period, compared to ₹17.21 lakh crore in the corresponding period of the previous year. Personal income tax collections surged 21...

November 29, 2024 3:08 PM

All you need to know about PAN 2.0

A day after the Cabinet Committee on Economic Affairs approved PAN 2.0, the Income Tax Department on Tuesday issued a detailed clarification on the project, comprising 11 frequently asked questions (FAQs) to offer taxpayers detailed insights into the new system. 1. What is PAN 2.0? PAN 2.0 is an e-Governance initiative by the Income Tax Department aimed at re-engineering business processes for taxpayer registration services. The objective is to enhance the quality of PAN services by adopting ...

November 25, 2024 10:19 PM

Centre approves PAN 2.0 project worth ₹1,435 crore to transform taxpayer registration

The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, on Monday approved the Income Tax Department's PAN 2.0 project with an allocation of ₹1,435 crore. The PAN 2.0 project aims to introduce a technology-driven overhaul of taxpayer registration services, offering several key benefits, including improved accessibility, faster service delivery, enhanced data accuracy, eco-friendly processes, cost efficiency, and upgraded infrastructure security for greater a...

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...