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 …
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 …
If you’ve received an intimation under Section 143(1) but believe the refund amount is incorrect, you can file a rectification request under Section 154(1) Raising Rectification Request u/s.154(1): When you successfully file your Income Tax Return (ITR), the next phase …
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 …
This ongoing scam has been observed year after year, particularly after the original ITR filing deadline, as scammers attempt to exploit taxpayers eagerly awaiting their refunds. With the recent deadline for filing Income Tax Returns (ITRs) just passed and the …
Advice of CBDT Chief Ravi Agarwal to Income Tax Officers Ravi Agarwal, the newly appointed Chairman of the Central Board of Direct Taxes (CBDT), has urged income tax officials to adopt a prudent approach in their duties. This guidance, along …
This AI Scrutiny system has been successfully finalized and tested, and it will be implemented for the first time this year before before any tax refund. Income Tax Refund: This year, taxpayers should be prepared for delays in their income …
Know about the consequences of filing Income Tax return (ITR Filing) after the deadline of 31 July 2024 For individual taxpayers whose accounts do not require auditing, the last date to file income tax returns (ITR filing) for FY 2023–24 …
The 2024 Budget has introduced stricter rules for obtaining these clearance certificates, particularly focusing on compliance with the Black Money Act. Starting October 1, a new mandate requires anyone living in India to obtain a tax clearance certificate before leaving …
Taxpayers are encountering significant challenges while filing their income tax returns due to persistent glitches in the e-filing portal. These issues include difficulties in accessing crucial forms such as Form 26AS, AIS, and TIS. The deadline for filing income tax …
Section 80GG offers a valuable deduction for individuals and HUFs paying house rent without getting HRA benefits Section 80GG of the Income Tax Act provides significant relief for individuals paying house rent without receiving House Rent Allowance (HRA) from their …