The Finance Ministry has recently modified the Direct Tax Vivad Se Vishwas Scheme, 2024 to address issues faced by taxpayers and provide relief. A circular issued by the ministry stated that the changes were made to remove difficulties that had hindered taxpayers from applying for the scheme earlier. The government has released crucial clarifications in … Read more
The Central Board of Indirect Taxes and Customs (CBIC) has announced an extension in the deadlines for filing GSTR-1 and GSTR-3B returns due to technical glitches affecting the GST portal. Monthly taxpayers now have until 13 January 2025 to file their GSTR-1 returns, while QRMP taxpayers have until 15 January to do so. Additionally, the … 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
Budget 2024: Finance Minister Nirmala Sitharaman will be presenting the Union Budget for 2024-25 later this month. Since the beginning of this year, taxpayers have been expecting some relief and concession on the tax front. But were disappointed in the Interim Budget as the finance minister proposed to retain the same tax rates for both … Read more