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CBDT Directs Self-Reporting Organizations to Submit High-Value Transaction Details of FY23 by 30th June

   19 April 2024 at 08:58

In a recent development, the Central Board of Direct Taxes (CBDT) has issued a directive to Self-Reporting Organizations (SROs) urging them to furnish comprehensive details of high-value transactions conducted during the fiscal year 2022-23.

Posted in Income Tax |   3876 Views


ITR-1, ITR-2, ITR-4 & ITR-6 for AY 2024-25 Enabled For Offline/Online mode at e-filing portal

   17 April 2024 at 08:53

ITR-1, ITR-2, ITR-4 & ITR-6 for AY 2024-25 are enabled for filing in Offline as well as Online mode at e-filing portal. Excel utilities of ITR-1, ITR-2 & ITR-4 for AY 2024-25 are available under 'Downloads' button at e-filing portal. 

Posted in Income Tax |   318 Views


CBDT signs record number of 125 Advance Pricing Agreements (APAs) in FY 2023-24

   17 April 2024 at 08:48

The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) in FY 2023-24 with Indian taxpayers. This includes 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs).

Posted in Income Tax |   1809 Views


Income Tax Department Targets 1.52 Crore Non-Filers for Tax Return Compliance

   15 April 2024 at 08:57

According to a report, the Income Tax Department has identified a staggering 1.52 crore such individuals who, despite having taxable income or TDS, have failed to fulfill their filing obligations.

Posted in Income Tax |   3645 Views


Income Tax Department Issues Clarification Regarding India-Mauritius Tax Treaty

   13 April 2024 at 07:33

The Income Tax Department recently issued a clarification regarding concerns about the amendment to the India-Mauritius Double Taxation Avoidance Agreement (DTAA) on April 12, 2024.

Posted in Income Tax |   2097 Views


Income Tax Department Sets April 30 Deadline for Pending Refunds Approval

   10 April 2024 at 08:59

In a significant relief for taxpayers awaiting their income tax refunds, the Income Tax Department has announced a deadline of April 30 for the approval of pending refunds.

Posted in Income Tax |   5619 Views


CBDT Directs Officers to Identify Top 30 TDS Shortfall Cases by 30th June

   10 April 2024 at 08:58

In a recent directive from the Central Board of Direct Taxes (CBDT), income tax officers have been mandated to scrutinize the top 30 cases of short payment concerning tax deducted at source (TDS).

Posted in Income Tax  1 comments |   4866 Views


CBDT Releases Interim Action Plan for FY 2024-25

   09 April 2024 at 09:06

The Circular issued by the CBDT delineates a comprehensive Interim Action Plan tailored for the Financial Year 2024-25.

Posted in Income Tax |   5337 Views


CBDT clarifies on media reports claiming special drive to reopen cases with reference to HRA claims

   09 April 2024 at 09:04

There is no special drive to re-open cases of mismatch, and media reports alleging that large-scale re-opening is being undertaken by the CBDT are completely misplaced

Posted in Income Tax |   2754 Views


New Forms Released for Aircraft and Ship Leasing Businesses, Including Dividend Exemption

   06 April 2024 at 15:52

New Form-1 (Aircraft Leasing business), Form -1 {Dividend exempt u/s 10(34B)}, Form-1 (Ship Leasing Business), Form-10IEA, Form-10IFA & Form-3AF are released.

Posted in Income Tax |   207 Views