On November 25, 2024, the Central Board of Direct Taxes (CBDT) issued Notification No. 121/2024, officially designating the SKAN Research Trust, Bengaluru, as a Research Association for Scientific Research under…
Reporting Foreign Assets in ITR: Key Guidelines for Taxpayers
As of the 2024-25 assessment year, two lakh Income Tax Returns (ITRs) reporting foreign assets and income have been filed, highlighting the importance of accurate disclosure. To ensure compliance with…
CBDT Mandates Electronic Filing of Forms 42, 43, and 44
By: AdminDate: November 22, 2024Category: CBDT Notification | Notification and CircularReading Time: 4 Minutes The Central Board of Direct Taxes (CBDT) now requires electronic filing for certain forms under Rule…
CBDT Grants Income Tax Exemptions to Legal and Aviation Bodies
Last Updated: 21 November 2024 The Central Board of Direct Taxes (CBDT) has announced income tax exemptions under Section 10(46) of the Income-tax Act, 1961. These exemptions, granted to legal…
🟥 Foreign Income Disclosure Deadline: December 31, 2024
Ravi Agarwal, Chairman of the Central Board of Direct Taxes (CBDT), encourages taxpayers with foreign income or assets to rectify any omissions in their income tax returns before December 31,…
Income Tax Department Targets Rs 15,000 Crore Evasion Following Hotel, Hospital, and Shopping Bills Investigation
By: Admin | August 23, 2024 | Categories: Income Tax News | 4 Min Read The Income Tax Department has issued 10,000 reopening notices to companies and individuals across major…
CBDT Forms Committee to Review Income Tax Act, Plans to Eliminate ‘Sunset’ Clauses
By: Admin | August 22, 2024 | Categories: Tax News | 4 Min Read The Central Board of Direct Taxes (CBDT) has established a new committee to review the Income…
CBDT Clarifies ITCC Requirements for Indian Citizens
By: Admin | August 21, 2024 | Categories: Income Tax, Press Release | 4 Min Read The Central Board of Direct Taxes (CBDT) has clarified the requirements for obtaining an…
CBDT Directs I-T Dept to Monitor High-Value Cash Transactions at Hotels and Hospitals
Introduction The Central Board of Direct Taxes (CBDT) has instructed the Income Tax (I-T) department to monitor cash transactions in high-value sectors, including hotels, luxury brand retailers, hospitals, and IVF…
Direct Tax Arrears Surge to Over ₹43 Lakh Crore: Special Recovery Plan by Department
By: AdminAugust 17, 2024Categories: Income Tax News|News4 Min Read Income Tax Department Faces Surge in Arrears: Urgent Actions and Strategies Unveiled The Income Tax Department is facing a major challenge…