CBDT extends deadline for taxpayers under Vivad Se Vishwas scheme to Jan 31
The CBDT stated that the extension allows taxpayers additional time to determine the amount payable as specified in column (3) of the relevant table in the scheme.
The CBDT stated that the extension allows taxpayers additional time to determine the amount payable as specified in column (3) of the relevant table in the scheme.
The year 2024 saw the Central Board of Direct Taxes (CBDT) prioritising the speedy processing of returns and refunds, with over Rs 2.35 lakh crore refunded and more than 3.87 crore Income Tax Returns (ITRs) processed within 7 days.
The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to assist taxpayers in resolving mismatches between income and transactions, the Ministry of Finance informed on Tuesday.
Compliance with Schedule FA and FSI is mandatory under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which requires the full disclosure of foreign assets and income.
According to the latest figures released by the Central Board of Direct Taxes (CBDT), the net direct tax collection surged 15.4 per cent to Rs 12.1 lakh crore as of November 10, 2024, after refunds of Rs 2.91 lakh crore.
This is in pursuance of the announcement in the Union Budget 2024-25 by Union Finance Minister Nirmala Sitharaman.
In pursuance of the announcement made by Finance Minister Nirmala Sitharaman in the Union Budget, the Central Board of Direct Taxes (CBDT) has notified the Direct Tax Vivad Se Vishwas Scheme, 2024 (referred as DTVSV, 2024) to resolve pending appeals in the case of income tax disputes.
In view of genuine difficulties being faced by taxpayers, the CBDT issued a circular on Monday relaxing the provisions of TDS/TCS as per the Income-tax Act, 1961(the ‘Act’) in the event of the death of deductee/collectee before linking of PAN and Aadhaar.
The Income Tax Department has now rolled out a new functionality in Annual Information Statement (AIS) to display the status of the information confirmation process to taxpayers, according to a statement issued by the Central Board of Direct Taxes (CBDT) on Monday.
The extension was made considering the representations received by CBDT requesting for further extension of due date, and with a view to avoid genuine hardships to taxpayers.
