These amendments are pivotal for strengthening India’s financial ecosystem and attracting global investments through IFSCs. The Ministry of Finance, via the Central Board of Direct Taxes (CBDT), has introduced pivotal amendments to the Income Tax Rules, 1962. Through Notification No. …
CBDT Circular 19/2024: Guidance Note 2/2024 on Direct Tax Vivad Se Vishwas Scheme 2024 Guidance Note 2/2024: The Direct Tax Vivad Se Vishwas Scheme, 2024 (commonly referred to as the DTVSV Scheme, 2024 or simply the Scheme) has been introduced …
As per the notification, the Director General of Income Tax (Systems), with the approval of the CBDT, has mandated the electronic filing of the following forms prescribed in Appendix-II of the Income Tax Rules, 1962. In a significant move to …
This Awareness Campaign primarily focuses on resident taxpayers who have already filed their ITR for AY 2024-25 but may have missed or incorrectly completed Schedule FA (Foreign Assets) or FSI (Foreign Source Income). Taxpayers are encouraged to take advantage of …
Under Section 220(2A), certain income tax authorities have the power for reduction or waiver of interest, upon satisfaction of certain condition. Reduction or Waiver of Interest: The Central Board of Direct Taxes (CBDT) has recently issued Circular No. 15/2024 on …
New Definition of Arm’s Length Price of an International or Specified Domestic transaction as per the second proviso under sub-section (2) of Section 92C of Income-tax Act 1961 The Central Board of Direct Taxes (CBDT) has issued Notification No. 116/2024, …
As per the New Guidelines, the time restriction of 36 months for filing compounding applications from the date of complaint filing has been removed. The Central Board of Direct Taxes (CBDT) has released New Guidelines for Compounding of Offences under …
CBDT Notifies Amendments in Income-tax Rules for Ease in Claiming Credit for TCS Collected/TDS Deducted for Salaried Employees and Enabling claiming TCS Credit of Minors in the Hands of Parents The Central Board of Direct Taxes (CBDT) has recently notified …
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 …
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, …
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 …