As tax costs are eating into the earnings of every household, there is always a search to reduce the tax incidence within the four corners of the law. The Income-tax Act (‘the Act’) provides certain deductions from taxable income, the policies for which are based upon larger socio-economic parameters. With the new tax regime seeking … Read more
ITR filing AY 2024-25: The Income Tax department time to time introduces changes in tax return forms seeking some additional details from taxpayers. Like in December 2023, the Income Tax department tweaked ITR forms 1 and 4 notified for Assessment Year 2024-25. The Central Board of Direct Taxes (CBDT) has introduced many additional reporting requirements and … Read more
The Union Finance Minister has noted that the Central Board of Direct Taxes (CBDT) has exempted the Reserve Bank of India from the special provisions of the Income Tax Act, 1961, regarding the tax deducted at source, and the tax collected at source for non-filers of an income-tax return. In a notification, the Finance Ministry … Read more
The Ministry of Finance has notified the final Cost Inflation Index (CII) for FY25 (Assessment Year 2025-26) at 363. The ministry through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2024, detailing the Cost Inflation Index (CII) for the financial year 2024-25 i.e. Assessment Year 2025-26. The notification … Read more
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
The Central Board of Direct Taxes (CBDT) has asked SROs or self-reporting organisations to file details of all high-value transactions that were carried out in 2022-23 by June 30. The SROs include organisations such as banks, post offices, co-operatives, fintechs and mutual fund houses. Any transaction over Rs 50 lakh, share sale and purchase of … Read more
To beat the last minute rush, at least some taxpayers have started filing their income tax returns for assessment year 2024-25 after the Central Board of Direct Taxes (CBDT) enabled functionalities for commonly used income tax returns from April 1 this year. According to data with the income tax department, as many as 119,000 income … Read more
Income Tax 2024-25: During the Union Budget proceedings for fiscal year 2023-24, Finance Minister Nirmala Sitharaman declared that the new tax structure will be established as the default regime. This updated approach to taxation was initially implemented in 2020. The present rules stipulate that should taxpayers neglect to declare their preference with their employer, deductions … Read more
The Central Board of Direct Taxes (CBDT) has notified ITR forms 1 (SAHAJ) and 4 (SUGAM), which are filed by individuals and entities with annual total income of up to Rs 50 lakh, for assessment year (AY) 2024-25. ITR forms for a particular financial year are usually notified by the end of March or early … Read more
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 … Read more