CBDT Circular No. 2/2024 dated 5 March 2024: Time Extension for Trusts or Institutions to rectify Audit reports of AY 2023-24 on or before 31 March 2024 by using correct form 10B/10BB as prescribed. Listen the Circular: For funds, institutions, …
E-Verification Scheme 2021: Press Release of MoF Dt 4 March 2024 Listen the Scheme: E-Verification Scheme 2021: The Income Tax Department has taken a significant step towards enhancing transparency and fostering voluntary tax compliance with its latest initiative – the …
Understanding the Taxability of Gifts under Income Tax Act 1961: Exemptions and Taxable Gifts Explained The concept of gifts in India has undergone several changes over the years, particularly in terms of taxation. Initially introduced in April 1958 under the …
According to CBDT Order Dated 1 march 2024, all electronically filed valid returns for AY 2021-22 with refund claims, for which the date of sending intimation has lapsed, can now be processed. In a recent development, the Central Board of …
FIU-IND has imposed a penalty of Rs. 5,49,00,000 on Paytm Payments Bank Ltd for breaching obligations under the Prevention of Money Laundering Act (PMLA) and its associated rules Penalty of 5.49 Cr imposed on Paytm Payments Bank: According to a …
The government is actively reviewing the concerns of stakeholders and assessing whether there are valid grounds for amendments to this 45-days payment rule for MSMEs. 45-days Payment Rule for MSMEs: The Finance Ministry is contemplating a revision to a recent …
The crux of the telecom companies’ defence rested on the assertion that their relationship with distributors was that of principal to principal, not principal to agent as argued by the Income Tax department In a recent landmark judgement, the Supreme …
Diamond Trader of Katargam (Surat) Looted of Rupees Eight Crores by a Man Posing as Income Tax Officer Diamond Trader Robbed by Fake Income Tax Officer: A shocking incident unfolded in the Katargam region as a diamond trader fell victim …
The On-screen Functionality is Designed for Allowing the Taxpayers to Reconcile the Discrepancies Directly on the Income Tax Portal The Income Tax Department has recently identified discrepancies between the interest and dividend income reported by taxpayers in their Income Tax …
CGAS deposit is not a mandatory requirement for claiming capital gain deductions, if it has been invested within the prescribed time limit under section 54(1) of the Income Tax Act for the purchase or construction of a new property Relevance …
How to Verify Income Tax Return after 30 days of Deadline Prescribed under the Act Verifying your Income Tax Returns (ITRs) is a crucial step to ensure their validity. It’s essential to complete the filing process by verifying your return …
ITAT emphasized the importance of procedural correctness and evidentiary standards in tax assessments The recent ruling by the Income Tax Appellate Tribunal (ITAT) Chennai has brought relief to Prakash Ferrous Industries Private Limited (I.T.A No.623/Chny/2023), dismissing the appeal by the …
CBDT Notification No. 22/2024 Dated 21 February 2024: Corrigendum to Notification 19/2024 Bringing Further Changes in ITR Form 2, 3 & 5 The Central Board of Direct Taxes (CBDT) issued Notification No. 22/2024 on Dated 21 February 2024, as a …
Congress Party emphasized that the Income Tax Department should halt any further action until the outcome of the stay application pending in ITAT The Indian National Congress has found itself in the midst of a financial tussle with the Income …
Notices will be issued only to the taxpayers for whom the Income Tax department possesses concrete information, CBDT Chairman Nitin Gupta says In a move aimed at ensuring compliance with tax regulations, the Income Tax Department is set to dispatch …
Learn about the announcement by the Central Board of Direct Taxes (CBDT) where taxpayers with pending tax demands up to Rs.1 Lakh can benefit from remission and extinguishment of their tax liabilities In a recent move aimed at providing relief …
Learn about important cash transaction limits under Indian Income Tax laws to stay compliant and avoid penalties. From cash deposits and withdrawals to real estate transactions, get insights into regulations and limits Cash Transaction Limits: In the realm of financial …
In a recent Ruling, the Supreme Court declared the electoral bonds scheme unconstitutional. But it’s essential to note that the tax deduction for donors remain unaffected until an amendment is brought under the Income Tax Act Tax Deduction on Electoral …
ITRs of salaried employees in Odisha are assessed by the I-T dept and cases of mismatch in claims of deductions/exemptions in ITRs vis-s-vis Form 16 resulting into refunds of more than Rs.50000 Targeted Huge Mismatch Found in ITRs of Salaried …
Insurance agents have been served notices under the Benami Transactions (Prohibition) Amendment Act, 2016 In a significant revelation, the Income Tax (I-T) Department has uncovered a staggering Rs 25,000 crore benami deal within the insurance sector. The probe sheds light …