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Source: Live Mint The Central Board of Direct Taxes (CBDT) has started a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in correctly completing the Schedule overseas assets and appropriately reporting income from overseas sources in their income tax returns (ITRs). As part of this campaign, informational messages will be sent via SMS…
Source: Live Mint Direct Tax Vivad Se Vishwas Scheme, 2024, was enacted to resolve disputes regarding pending income tax litigation. The scheme aims to give taxpayers peace of mind by settling legal disputes. This scheme was notified on October 1, 2024. After this, several queries were received from the stakeholders seeking guidance in respect of…
Source: Business Standard 4 min read Last Updated : Oct 16 2024 | 11:28 AM IST The Finance Ministry has released a note in the form of frequently asked questions (FAQ) regarding the Direct Tax Vivad Se Vishwas Scheme, 2024. Click here to connect with us on WhatsApp “In order to…
Source: Business Standard 2 min read Last Updated : Oct 10 2024 | 5:34 PM IST The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax audit reports for trusts, institutions, and funds to November 10, 2024. The extension is due to cases where trusts, institutions, and funds failed…
Source: Live Mint Following the announcement made by the Union Finance Minister Nirmala Sitharaman during Budget 2024, the Central Board of Direct Taxes (CBDT) has set up an internal committee to oversee a comprehensive review of the Income Tax (I-T) Act. The key goal of this review is to make the income tax law concise, clear and…
Source: Business Standard 4 min read Last Updated : Oct 02 2024 | 8:10 PM IST The Ministry of Finance has released new guidelines for handling delayed tax refund claims and loss carry forward applications. The new guidelines issued on Tuesday increase the limit of tax refund claim amount in condonation of delay cases…
Source: Business Standard 3 min read Last Updated : Sep 30 2024 | 3:49 PM IST The income tax department has extended the date for filing the audit report for 2023-24 by 7 days till October 7. The audit report must be filed online via the e-filing ITR portal. This extension is…
Source: Business Standard 4 min read Last Updated : Sep 30 2024 | 11:38 AM IST The income tax department has extended the deadline for submitting various audit reports for the assessment year 2023-24 to October 7, 2024. The original deadline was September 30, allowing taxpayers additional time to fulfil their compliance obligations. …
Source: Live Mint Tax audit extension: The Central Board of Direct Taxes (CBDT) has extended the due date for submitting income tax audit reports for the Assessment Year 2024-25 by seven days to October 7, 2024, citing technical issues on the e-filing portal. CBDT announced the deadline extension on September 29, a day before the…
Source: Business Standard 3 min read Last Updated : Sep 23 2024 | 5:16 PM IST Many taxpayers are waiting for their income tax refunds for the income tax return (ITR) filed for the financial year 2023-24 (assessment year 2024-25). However, can someone request an income tax refund from the Income Tax Department for…
