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.
Net direct tax collections so far this financial year are at Rs 700,669 crore, an increase of 23 per cent as compared to Rs 568,147 crore till the same period
Income Tax department said that CBDT has issued refunds of over Rs 1.14 lakh crore to more than 1.97 crore taxpayers.
The Supreme Court was told on Thursday that the Central Board for Direct Taxes (CBDT) has accused makers of Dolo-650 tablet of distributing freebies around Rs 1,000 crore to doctors as consideration for prescribing the tablet.
The CBDT has decided that relief will only be applicable to taxpayers who were eligible to file application for settlement on January 31, 2021 for the assessment years for which the application is sought to be filed (relevant assessment years)
It has now been decided to extend the aforesaid date to August 15 from the earlier deadline of July 15.
