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’s Compliance-Cum-Awareness Campaign: A Step Toward Enhanced Transparency
The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year 2024-25. This initiative aims to ensure the accurate reporting of foreign income and assets in…
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,…
🌟 CBDT Circular on Condonation of Delay for Filing Form 10-IC/10-ID
On November 18, 2024, the Central Board of Direct Taxes (CBDT) issued Circular No. 17/2024. This circular addresses the condonation of delays in filing Form 10-IC or Form 10-ID for…
🟥 CBDT Circular on Condonation of Delay for Filing Forms 9A/10/10B/10BB
Date: November 18, 2024Category: CBDT Notification The Central Board of Direct Taxes (CBDT) has issued Circular No. 16/2024 concerning the condonation of delay under Section 119(2)(b) of the Income-tax Act,…
CBDT Launches Compliance-Cum-Awareness Campaign for AY 2024-25
Date: November 16, 2024Category: Income Tax | Press Release The Central Board of Direct Taxes (CBDT) has initiated a Compliance-Cum-Awareness Campaign for the Assessment Year (AY) 2024-25. This initiative aims…
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…