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.
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.
A lot of measures have been taken to ease compliance burden and provide better taxpayer services, Mody said, adding that this got reflected in the tax collection for last fiscal.
This includes personal income tax (PIT) refunds amounting to Rs 31,741 crore.
