CBDT

CBDT’s Dispute Resolution Scheme: Know how you can approach e-DRC to resolve your tax disputes

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CBDT’s Dispute Resolution Scheme: Know how you can approach e-DRC to resolve your tax disputes

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

CBDT launches new e-DRS Scheme to ease tax disputes

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CBDT launches new e-DRS Scheme to ease tax disputes

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

Income tax clearance mandatory to leave India? Centre issues a clarification. Here’s what it says

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Income tax clearance mandatory to leave India? Centre issues a clarification. Here’s what it says

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

ITR filing: 5 crore ITRs filed till July 26 despite e-filing snags, website downtime

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ITR filing: 5 crore ITRs filed till July 26 despite e-filing snags, website downtime

ITR filing: The Income Tax department has informed that more than 5 crore ITRs had been filed by July 26, 2024, which is more than 8.5% more than the last year. It is to be noted that the last date to file your income tax returns “We express our gratitude to the taxpayers & tax professionals … Read more

ITR filing: What happens when you file wrong ITR form. Check important points 

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ITR filing: What happens when you file wrong ITR form. Check important points 

ITR Filing AY 2024-25: The Income Tax Department issues different tax return forms for different section of taxpayers. Income Tax Return (ITR) is a crucial document where taxpayers provide details regarding their income and applicable taxes to the income tax department. As of now, the I-T department has introduced a total of 7 forms, namely … Read more

ITR Filing FY24: Check the new feature in AIS that can help taxpayers in simplifying tax process

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ITR Filing FY24: Check the new feature in AIS that can help taxpayers in simplifying tax process

Income Tax Returns: The Annual Information Statement (AIS) in income tax filing is a detailed financial report issued by the Income Tax Department. It contains comprehensive information on a taxpayer’s financial activities and the corresponding tax deductions made during the year. Recently, the I-T department introduced a new feature in AIS to indicate the status … Read more

Income tax return scrutiny: CBDT issues notification on selection of cases for tax scrutiny. Check details

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Income tax return scrutiny: CBDT issues notification on selection of cases for tax scrutiny. Check details

The Central Board of Direct Taxes (CBDT), earlier this month, issued a notification on the process of scrutiny of income tax returns (ITR) of taxpayers. Under the new guidelines, taxpayers can know why their ITRs have been shortlisted for scrutiny or closer examination for FY 2024-25. The CBDT has also outlined a number of cases … Read more

CBDT issues guidelines for selection of cases for scrutiny, focus on tax evasion info by law enforcement agencies, note experts

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CBDT issues guidelines for selection of cases for scrutiny, focus on tax evasion info by law enforcement agencies, note experts

The Central Board of Direct Taxes (CBDT) has issued the guidelines for compulsory selection of income tax returns for scrutiny for the fiscal year under which it has outlined a number of cases that would be taken up. While the guidelines are largely in line with those of previous years, experts noted that the CBDT continues … Read more

Almost 50% population have PAN, gap between male & female closing: Income Tax dept data

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Almost 50% population have PAN, gap between male & female closing: Income Tax dept data

Latest Income Tax department data shows that nearly half of India’s population have got Permanent Account Number (PAN). It stated that the gap between the number of male and female PAN holders still exists, but it is fast closing. As on March 31, 2024, 42.10 crore males have PAN cards vs 31.05 crore females, a … Read more