The new portal is designed to retain the key services of IEC 2.0, which include e-filing of Income Tax Returns (ITR), submission of statutory forms, and other services. The Income Tax Department is set to revamp its e-filing portal with …
FAQs are designed to guide stakeholders, helping them understand the nuances and benefits of the scheme. The Central Board of Direct Taxes (CBDT) has issued a comprehensive Guidance Note in the form of Frequently Asked Questions (FAQs) to address various …
Some trusts, institutions, and funds faced challenges in submitting their reports in the correct form. As a result, the CBDT has granted these entities an extended deadline to file their audit reports in Form 10B/10BB by 10 November 2024. The …
Taxpayers and stakeholders can submit their suggestions by visiting the webpage via the following link: https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review. In the Budget 2024-2025 speech, the Hon’ble Finance Minister announced a comprehensive review of the Income-tax Act, 1961. This initiative aims to simplify the …
This verdict of Supreme Court ensures the taxpayers a greater clarity on the validity of reassessment notices, while the Revenue can benefit from extended timelines due to pandemic-related challenges, albeit within defined limits. The Supreme Court recently ruled in favour …
No condonation application will be entertained by Income Tax Authorities beyond five years from the end of the relevant assessment year. Power of Income Tax Authorities in condoning delays in filing returns that claims refunds/ carry forward of losses: In …
New Rules to be Effective from 1 October 2024 As we step into October, several key rules regarding income tax, Aadhaar Card, TDS, and other financial regulations are set to change. From TDS adjustments on mutual funds and rent to …
This corrigendum notification specifies about some key amendments in few of the schedules of the Vivad se Vishwas Rules 2024 Central Board of Direct Taxes (CBDT) has issued Notification No. 105/2024 dated 27 September 2024, serving as a corrigendum to …
The Direct Tax Vivad se Viswas Scheme 2024 was introduced through the Finance (No. 2) Act, 2024, with further provisions outlined in Notification No. 104/2024, G.S.R 584(E), issued on 20th September 2024. This scheme offers a simplified mechanism for settling …
To be eligible under Vivad se Viswas Scheme 2024 (VSV 2.0), tax disputes must be pending as of the cut-off date of July 22, 2024. One of the key benefits of settling disputes under VSV 2.0 is the waiver of …
In a landmark decision, the Delhi High Court in Hari Kishan Sharma v. Govt Of NCT Of Delhi & Anr., [2024:DHC:6902-DB], ruled in favor of the taxpayer (assessee), emphasizing that discrepancies in Form 26AS should not be the sole reason …
The current review of the Income-Tax Act holds the potential to revolutionize India’s tax system by reducing complexities, improving clarity, and making it easier for taxpayers to comply. The Indian government is currently undertaking a significant review of the Income-Tax …
By adhering to these Income Tax Compliance deadlines for September 2024, taxpayers can ensure they remain compliant with the law and avoid last-minute financial stress. Income Tax Calendar for September 2024: Adhering to tax compliance in the month of September …
The committee has been given a six-month timeframe to complete the review, a timeline assured by CBDT Chairman Ravi Agrawal to Union Finance Minister. The Central Board of Direct Taxes (CBDT) has established an internal committee to review and simplify …
The Tribunal rejected the Commissioner of Income Tax (Appeals) [CIT(A)]’s assertion that the document was manipulated, labelling it as a baseless allegation. No Bar on Simultaneous Deduction u/s.54 & 54F of IT Act Against Same Asset: In a significant ruling, …
The reform in the Income Tax Act is part of a broader initiative to ensure a more transparent and taxpayer-friendly system. In a significant development, Union Finance Minister Nirmala Sitharaman has revealed plans to introduce a new Income Tax Act …
Shri Ravi Agrawal, Chairman of CBDT, highlighted the department’s achievements, including a 17.7% growth in net collections and a 7.5% increase in the number of income tax returns filed by July 31, 2024, compared to the previous year. On the …
Income-Tax Clearance Certificate u/s. 230(1A) is required by residents domiciled in India, only in cases (a) where a person is involved in serious financial irregularities or (b) where a tax demand of more than Rs. 10 lakh pending but not …
CBDT has directed the income tax department to monitor such high value cash transactions in a “non-intrusive” manner. High-Value Cash Transactions under ITD Scrutiny: The Income Tax Department is tightening its scrutiny on sectors like hotels, luxury brand sales, hospitals, …
Starting in October 2024, share buyback proceeds will be treated as dividend income and taxed according to the shareholder’s applicable income tax slab. Starting October 1, 2024, the landscape for share buyback in India will undergo a significant transformation. The …