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 …
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 …
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 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 …
E-Verification Instructions Issued by Directorate of I-T (Systems) to Assessing Officers for Initiating Proceedings u/s.147 of Income Tax Act against the High Risk Cases of FY 2020-21. Taxpayers in Default can also treat this as a reminder for them from …
The ITAT noted that the non-compliance under Section 12A of the Act is a procedural lapse, and when the Audit Report was eventually filed, it should have been considered for Section 11 Exemption. ITAT Ahmedabad Ruling on Section 11 Exemption: …
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 …
Section 69A cannot be Invoked if Books of Accounts are not Maintained: Delhi High Court In a significant ruling on December 12, 2023, the Delhi High Court delivered a landmark judgement on Section 69A invocation criteria, in the case of …