Income tax return (ITR) filing for the financial year 2023-24 (current assessment year) was opened in the first week of April. This is unlike past years when the tax filing utilities would typically be enabled by May. The Central Board of Direct Taxes in a press release said this is for the first time in recent …
New Delhi: India’s apex direct taxes body Friday said it will address all “queries” related to the amended Double Taxation Avoidance Agreement with Mauritius while terming concerns around it “premature” as the protocol is yet to be notified. “Some concerns have been raised on the India Mauritius DTAA amended recently. In this context, it is …
Rejecting media reports suggesting the large-scale reopening of cases related to incorrect house rent allowance (HRA), the Central Board of Direct Taxes (CBDT) on Monday, April 8 clarified that “apprehensions about retrospective taxation on these matters and re-opening of cases are completely baseless.” Also Read: Income Tax: Rent paid to spouse can be claimed as …
Central Board of Direct Taxes (CBDT) has notified Income Tax Return Forms well in advance for the Assessment Year 2024-25. The CBDT has notified Income-tax Return Forms (ITR Form) – 2, 3 and 5 for the Assessment Year 2024-25. Further, ITR Form-6 has also been notified. Earlier, ITR-1 and ITR-4 for the A.Y. 2024-25 were …
This implies that if you don’t expressly select either the old or new regimes, your taxes will be computed under the new regime by default. Nevertheless, you have the flexibility to revert to the old regime at any time before the due date for filing your return for the applicable assessment year. The frequency of …
The Finance Act, 2020 has a provision under Section 194-O of the Income Tax (I-T) Act which mandated that e-commerce operator will deduct income tax at the rate of one percent of the gross amount of sale of goods or provision of service or both. The Central Board of Direct Taxes (CBDT) released a circular …
The Central Board of Direct Taxes (CBDT) on Saturday notified Income Tax Return forms 1 and 4. In a post on X platform (formerly Twitter), the Income Tax (I-T) department announced that the Board has notified ITR forms 1 and 4. The post also highlights that the other ITR forms will be released in the …
The Central Board of Direct Taxes (CBDT) has clarified to the field formations that assessing officers will not pick up cases for scrutiny for startups registered with the Department for Promotion of Industry and Internal Trades (DPIIT) if the cases are related to the valuation of angel tax. This means startups registered by the DPIIT …
New Delhi: The average time taken to process income tax returns after its verification by the tax payer has been reduced to 10 days, Central Board of Direct Taxes (CBDT) said in a statement on Tuesday. CBDT said that the tax department’s efforts to provide seamless and expeditious taxpayer services are being continuously strengthened. “In …
Hindi movie Raid was loosely based on the income tax (I-T) search operations at the house of a Kanpur-based businessman. In the movie, the protagonist and his team were able to find undisclosed cash and jewellery hidden in the civil structure of the premises. In reality, such a discovery is incriminating enough to justify the …