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.
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.
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.
