Department Financial News

Revenue Secretary Sanjay Malhotra on Wednesday said the income tax department has processed close to 4 crore ITRs for AY 2024-25 in 15 days. Over 7.28 crore income tax returns for Assessment Year 2024-25 were filed till July 31, 2024. About 4.98 crore ITRs (income tax returns) have already been processed by the tax department, and intimations sent to taxpayers. Of this, 3.92 crore ITRs were processed in less than 15 days. «We have made strides in digitisation...About 4 crore returns were processed within 15 days..,» Malhotra said at the 165th Income Tax Day celebration.

Union Finance Minister Nirmala Sitharaman on Wednesday asked the Income Tax department to work towards being identified as fair and friendly. The FM was speaking on the occasion of Income Tax day celebration, where she marked 165 years of Income Tax, and congratulated Indian taxpayers for the feat achieved. Furthermore, Sitharaman took this opportunity to emphasise on the need for the language of income tax notices and letters issued to the public to be simplified.

UAVs) is rising in agriculture, surveillance, logistics and infrastructure, among others. As a result, many industries are seeking fresh talent to leverage this technology. The collaborative efforts of the government, industry leaders and educational institutes are helping to bridge the skill gap in this segment. This is also making thedrone industry brim with job opportunities. However, before building a career in this sector, freshers need to know the in-demand roles, skills, pay expectations, and other details.

Following data released by the Office for National Statistics today (21 August), Reeves' claims of a gaping £22bn hole in the public finances were vindicated after borrowing figures for the first three months of the 2024-25 financial year came in at £49.8bn, £3.2bn more than the Office for Budget Responsibility expected. Among the changes that Reeves is said to be mulling, according to reports from The Guardian, are inheritance tax and capital gains tax rises and sticking closely to plans for a 1% increase in public spending despite it leading to cuts to Whitehall departments. Other p...

Note that not all Indian nationals are required to obtain an ITCC prior to departing the country, despite what some recent stories claim, stated a Press Information Bureau press release on August 20, 2024. Tax clearance certificate: What was announced in Budget 2024 Finance Minister Nirmala Sitharaman introduced a significant amendment in the Union Budget 2024 for those planning to relocate from India. According to the Budget 2024 announcement, the new law requires individuals domiciled in India to clear all tax dues and get 'clearing certificates' before departing the country.

pigeon, released as a symbol of peace, failed to fly off. The incident occurred during a ceremony attended by local officials and was quickly compared to a scene from the popular web series Panchayat.

Supreme Court that it has recovered outstanding taxes from the Congress. The I-T department had issued a demand notice to the Congress for recovery of nearly ₹105 crore as outstanding taxes. The development took place during the resumed hearing of a plea filed by Congress against a Delhi High Court order refusing to interfere with the order of Income Tax Appellate Tribunal (ITAT). However, the HC had permitted Congress to move a fresh application for stay before ITAT. The SC today questioned the rationale behind the high court sending the Congress back to ITAT and not exercising its own (HC) jurisdiction.

The owner of 7-Eleven convenience stores has received a buyout offer for from Canada’s Alimentation Couche-Tard

Alaska Air is one step closer to acquiring Hawaiian Airlines after the U.S. Department of Justice chose not to challenge the $1.9 billion deal that the carriers say will create a company better able to serve travelers

The U.S. Department of Justice has launched an investigation into a privately operated Tennessee prison where officials say violence and sexual abuse have gone unaddressed for years

central government departments through lateral entry following a request from the Centre, which was forced to take the step following backlash from both BJP allies and Opposition. They had dubbed the move «anti-reservation». A day after Opposition and BJP allies — Chirag Paswan and Janata Dal (United) — expressed concerns over the issue of lateral entry, Union minister of state for personnel Jitendra Singh wrote to UPSC chairperson Preeti Sudan, urging her to cancel the advertisement. In the letter, Singh said that for Prime Minister Narendra Modi reservation in public employment is a cornerstone of «our social justice framework», aimed at addressing historical injustices and promoting inclusivity.

madrasas which impart religious education to students of other faiths and force them to attend worship practices contrary to their religious teachings will be stopped and legal action taken, Madhya Pradesh Chief Minister Mohan Yadav said on Tuesday. Yadav issued this warning during a meeting of cabinet ministers. The School Education Department has issued instructions enforcing a ban on religious teaching to students of faiths other than those prescribed by their respective religions, in compliance with Article 28(3) of the Constitution, as per an official release quoting Yadav. The chief minister said that government grants to madrasas (Islamic seminaries) that force students to study or participate in religious practices contrary to their own beliefs will be halted. Additionally, such institutions may face legal actions, including potentially cancelling their recognition.

rainfall in Tripura over the past 48 hours, seven people have died from landslides and drowning, and two individuals are still missing. Water levels in rivers across Tripura have risen significantly, leading to flooding in many areas. Notably, Bagafa (375.8 mm), Belonia (324.4 mm) in South Tripura, and Amarpur (307.1 mm) in Gomati experienced exceptionally high rainfall in the last 24 hours. As a result, South Tripura and Gomati have been severely affected, with four rivers—Howrah, Dhalai, Muhuri, and Khowai—flowing above dangerous levels. Chief Minister Manik Saha is regularly monitoring the flood situation from New Delhi.

Water on an Alaska Airlines flight from Hawaii to Alaska entered the cabin from a flooded bathroom, crew tried to mop it up. (Credit: Dustin Parker/Facebook)

A Texas-based investment adviser has been fined $95,000 by the SEC after an investigation by the agency found the firm in violation of the “pay to play” rule under the Advisers Act.

Maharashtra Deputy Chief Minister Devendra Fadnavis on Tuesday said an inquiry led by a woman IPS officer has been ordered into an incident of alleged abuse of two school girls in Badlapur in Thane district. Talking to reporters here, Fadnavis said the state government has appointed Arti Singh, an inspector general-rank Indian Police Service (IPS) officer, to conduct the inquiry. «It will be our endeavour to inquire into the incident at the earliest. We want to file the chargesheet in this case as soon as possible and place the matter before a fast-track court for hearing,» he said. «Our police department will make complete efforts to get such a barbaric and inhuman act punished immediately,» the deputy chief minister added.

complaint against India’s second-largest software services firm Infosys to the ministry of labour and employment over delay in onboarding of freshers, NITES said in a statement on Tuesday. NITES is an organisation working for the welfare, and rights of IT, BPO and KPO professionals in India. “We have filed a formal complaint against Infosys Limited for the ongoing exploitation and unprofessional treatment of over 2,000 young engineering graduates who were selected for System Engineer (SE) and Digital Specialist Engineer (DSE) roles during the 2022-23 recruitment drive,” Harpreet Singh Saluja, president, NITES, said in a statement.

move, in accordance with Instruction No. 02/2024-GST dated 12 August 2024, follows the success of a similar campaign last year that uncovered nearly 22,000 fake registrations and over ₹24,000 crore in suspected tax evasion. GST registrations are deemed fake or bogus when entities are established solely to defraud authorities by falsely claiming Input Tax Credit (ITC) without any actual supply of goods or services.

Government on Tuesday instructed the Union Public Service Commission (UPSC) chairman to cancel the recent lateral entry advertisement. The directive, issued under the guidance of Prime Minister Narendra Modi, comes amid growing political controversy over the lateral entry process. In a letter addressed to the UPSC chairman, Jitendra Singh, the Minister of State (MoS) for the Department of Personnel and Training, conveyed the Prime Minister's stance that the lateral entry process must adhere to the principles of equity and social justice as stated in the Indian Constitution, particularly concerning the provisions of reservation. The government emphasized that the lateral entry mechanism needs to be reviewed and reformed to align with PM Modi's focus on ensuring social justice. «Cancelling the advertisement would be a significant advance in the pursuit of social justice and empowerment,» the letter stated.

Congress on Tuesday claimed that the Centre's move to withdraw the latest advertisement for lateral entry in bureaucracy was due to the criticism by the Leaders of the Opposition in both the Lok Sabha and Rajya Sabha — Rahul Gandhi and Mallikarjun Kharge — along with others. The remarks came after Union Minister of State for Personnel Jitendra Singh wrote to Union Public Service Commission (UPSC) Chairman Preeti Sudan and asked her to cancel the advertisement so that marginalised communities get their rightful representation in government services. Congress general secretary in-charge communications Jairam Ramesh tagged Singh's letter and said on X, «A letter from a Union Minister working under a non-biological PM to a Constitutional authority without a date. What pathetic governance this is.» «Even so, this is clearly the impact of the criticism of the Leaders of the Opposition in both the Lok Sabha and Rajya Sabha and others,» he said in another post.

Mint. India’s ministry of home affairs had rejected the US State Department’s letter of rogatory or formal request sent in March last year, show court filings reviewed by Mint. This prompted the US Department of Justice to seek help from its Indian counterpart under the Mutual Legal Assistance Treaty between the two countries.