Old Tax Regime vs New Ta Regime: Taxpayers often find themselves in a quandary when it comes to selecting the most suitable income tax regime. The Income Tax Department allows individuals to choose their preferred income tax regime for a particular financial year, with the frequency of switches permitted based on one’s profession or specific criteria … Read more
ITR filing: Taxpayers who missed the deadline to file their belated or revised Income Tax Return (ITR) for the financial year 2024-25 in July 2024 were given a second opportunity to do so on Wednesday, January 15. The Central Board of Direct Taxes (CBDT) extended the deadline to January 15 to give these taxpayers some … Read more
ITR filing: The Income Tax Department has provided a significant update by allowing taxpayers who qualify for the section 87A tax rebate for the financial year 2023-24 to claim it now. In a notification issued on December 31, 2024, the tax department stated that eligible taxpayers will soon be able to submit a revised or … Read more
The Bombay High Court has instructed the Central Board of Direct Taxes (CBDT) to issue a notification extending the deadline for revised and belated Income Tax Return (ITR) filings until January 15, 2025. This extension applies only to taxpayers eligible for claiming the section 87A tax rebate. This is in response to a Public Interest … Read more
Income tax return: The Central Board of Direct Taxes (CBDT) has announced an extension to the income tax return filing deadline for taxpayers with international transactions who need to submit reports under Section 92E. This deadline extension primarily applies to entities involved in international or specified domestic transactions. The new deadline for filing ITR for … Read more
Declaration of foreign assets: If foreign assets were not declared in the original Income Tax Return (ITR) filed for AY 2024-25, a revised return must be filed by December 31, 2024. Failure to do so could result in a penalty of up to Rs 10 lakh, according to a recent advisory from the Income-Tax Department. … Read more
Black Money and Income tax return: The CBDT has launched a Compliance-Cum-Awareness Campaign for Assessment Year 2024-25 to support taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their Income Tax Returns (ITR). Compliance with Schedule FA and FSI is compulsory under the Black Money (Undisclosed … Read more
The Income Tax Department has established Dispute Resolution Committees (DRCs) in 18 principal commissionerates as part of the Electronic Dispute Resolution Scheme. The Central Board of Direct Taxes (CBDT) introduced the e-Dispute Resolution Scheme, 2022, to diminish litigation and offer support to eligible taxpayers. Under this scheme, taxpayers meeting specific criteria outlined in section 245MA … Read more
The Central Board of Direct Taxes (CBDT) has introduced the Dispute Resolution Scheme (e-DRS), 2022, as a streamlined and efficient platform for taxpayers to resolve their income tax disputes. The scheme aims to reduce litigation and provide a faster and more cost-effective resolution for taxpayers. This initiative, established under section 245MA of the Income-tax Act, … Read more
The Central Board of Direct Taxes (CBDT) has issued a clarification regarding Section 230 of the Income Tax Act, 1961 over reports that claimed a mandatory tax clearance was needed before leaving the country. Responding to the reports, which created a significant stir, the CBDT said Section 230 does not mandate every individual domiciled in … Read more