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.
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.
Section 138 of the Income Tax Act empowers income tax authorities to share information/ details of its taxpayers with other agencies.
Finance Ministry sources said that the demand management strategy to be adopted by the Income Tax Department was also discussed in the meeting.
The JCA has pointed out that the restructuring exercise if not implemented in a thoughtful manner may result in massive displacement of manpower.
