On November 26, 2024, the central government clarified in the Lok Sabha that no proposal to provide income tax relief for senior citizens is currently under consideration. This statement was…
Income Tax Department Tightens Rules for Claiming Refunds and Condonation of Delays
The Central Board of Direct Taxes (CBDT) has introduced major updates to the process of claiming tax refunds and seeking condonation of delays in filing Income Tax Returns (ITRs). Starting…
Govt Considering Arbitration Mechanism to Resolve Tax Disputes in Budget 2025
In a significant step towards streamlining tax dispute resolution, the Indian government is considering the introduction of an arbitration mechanism in the upcoming Union Budget 2025. This initiative, aimed at…
Bogus Income Tax Refund Claims: A Growing Concern
Fraudulent refund claims have become a significant issue, prompting the Income Tax Department to intensify its scrutiny. Practices such as false income declarations, fabricated deductions, and inflated exemptions are unethical…
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…