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 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.
The corrective measures are being taken based on feedback from taxpayers, tax professionals, and representatives of ICAI to provide taxpayers with a smooth e-filing experience.
The Finance Act, 2021 inserted a new Section 194Q in the Income-Tax Act, 1961, which took effect from July 1, 202I.
The functionality allows the tax deductor or collector to feed the single PAN (PAN search) or multiple PANs (bulk search) of the deductee/coIIectee, which can get a response if such deductee/collectee is a specified person.
