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 …
Taxpayers eligible for e-DRS can file their application electronically by using Form No. 34BC on the Income Tax Department’s e-filing portal. The Central Board of Direct Taxes (CBDT) has introduced the e-Dispute Resolution Scheme (e-DRS) 2022 under Section 245MA of …
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 …
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, …
The CBDT typically issues a circular on TDS from salaries for employers after the Finance Bill receives the President’s assent and is notified. The July 2024 Budget introduced significant changes to the income tax laws under the new tax regime, …
Press Release Dated 7 August 2024: CBDT relaxes provisions of TDS/TCS in the event of death of deductee/collectee before linkage of PAN and Aadhaar In a recent update, the Central Board of Direct Taxes (CBDT) has issued Circular No. 8 …
Taxnet 2.0 is designed to overhaul the Income Tax Department’s network system, aiming to deliver enhanced security, improved reliability, and a seamless user experience for all stakeholders. The Central Board of Direct Taxes (CBDT) has granted the prestigious Taxnet 2.0 …
Mandatory Electronic Submission of Specified Forms under Rule 131 of I-T Rules 1962: CBDT Notification 1/2024-25 The Central Board of Direct Taxes (CBDT), through Notification No. 1/2024-25 dated June 24, 2024, has mandated that certain forms listed in Appendix-II of …
CBDT Notification No. 50/2024 Dated 6 June 2024 In a significant update, the Central Board of Direct Taxes (CBDT) has issued Notification No. 50/2024 on June 6, 2024. This notification revises the jurisdiction of the Directorate of Income Tax (Intelligence …
CBDT Notification 45 & 46 of 2024: RBI is excluded from the category of “Specified Persons” who would otherwise face higher TDS/TCS rates due to non-filing of ITR. The Central Board of Direct Taxes (CBDT) has issued Notifications 45 and …
Cost Inflation Index (CII) for Financial Year 2024-25 Released by CBDT The Central Board of Direct Taxes (CBDT) has officially released the Cost Inflation Index (CII) for the fiscal year 2024-25. This index is a crucial tool for taxpayers, helping …
CBDT Issues New Guidelines for ITR Scrutiny for FY 2024-25 The Central Board of Direct Taxes (CBDT) recently released a notification outlining the scrutiny process for income tax returns (ITR) for the financial year 2024-25. This notification aims to provide …
Taxpayers can now check in AIS whether their feedback is acted upon by the Source/Reporting Entities New Functionality in AIS: According to a recent press release by the Ministry of Finance on dated 13th May 2024, the Central Board of …
CBDT highlighted that, the recent amendments, introduced by the Finance Act 2021, have reduced the time limit for serving notices under Section 143(2) to three months from the end of the financial year in which the return is filed. The …
Responding to representations received, CBDT has further extended the deadline for filing Form 10A (Provisional registration) and Form 10AB (Permanent Registration) to 30th June, 2024. The Central Board of Direct Taxes (CBDT) has issued Circular No. 07/2024 dated 25.04.2024, extending …
Circular No. 6/2024 dated 23 April 2023 In a significant update, the Central Board of Direct Taxes (CBDT) has issued Circular No. 6/2024 dated April 23, 2024, stating that deductors/collectors won’t be held liable for short deductions/collections of tax until …
CBDT Notification No. 39/2024 Dated 22 April 2024 In a recent development, the Central Board of Direct Taxes (CBDT), introduces pivotal changes to the Income-tax Act, 1961 vide its Notification No. 39/2024 Dated 22nd April, 2024. This notification reshapes the …