The ITAT Jaipur underscores the need for a detailed examination of rural land transactions for tax purposes, especially when the property is near urban canters. In a significant ruling, the Income Tax Appellate Tribunal (ITAT) in Jaipur has upheld the …
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 …
The Court questioned how, during assessment proceedings for 2011-12, the authorities could examine the business nature and extent of the assessee’s activities dating back to 1999-2000. In a significant judgment in Kings Infra Ventures Ltd vs. ACIT (ITA No. 28/2023), …
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 …
Circular 14/2024 addressing the condonation of delays in filing income tax returns by cooperative societies claiming deductions under Section 80P of the Income Tax Act for the Financial Year 2022-23. The Central Board of Direct Taxes (CBDT) has issued Circular …
CBDT Specified Forms Prescribed in Appendix II of IT Rules 1962, to be Furnished Electronically under Sub-rule (1) & (2) of Income Tax Rules 1962. The Central Board of Direct Taxes (CBDT) has issued Notification No. 5/2024, which mandates the …
The court emphasized that Section 119(2)(b) is a beneficial provision, intended to allow for exceptions and refunds in cases of genuine hardship. Decisions made under this provision must include proper justification, aligning with both procedural fairness and the legislative intent …
For those with high home loan interest payments on self-occupied properties, the old tax regime may still be beneficial due to the deductions it offers. However, if your focus is on simplicity and lower tax rates with fewer deductions, the …
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, …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …