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…
More than 8 Crore ITRs Filed for FY 2023-24: 74% Opt for New Tax Regime
Date: November 15, 2024Category: Income Tax News Key Filing Statistics: Over 8 crore Income Tax Returns (ITRs) were filed for the Assessment Year 2024-25, covering income earned in FY 2023-24.…
Panel Report on Income Tax Act Overhaul Expected by December
By: Admin | August 24, 2024 | Categories: TAX News | 4 Min Read The finance ministry has established a five-member committee tasked with revamping the Income Tax Act of…
IndiGo to Challenge Penalties Over Rs 3,50,299 on Input Tax Credit Issues
By: Admin | August 23, 2024 | Categories: GST Recent News | 4 Min Read IndiGo, India’s largest airline, has announced its intention to challenge two penalty orders totaling Rs…