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.
In order to implement the scheme, the Board has diverted the existing manpower at all levels of the department to the Faceless Assessment charges.
In a tweet earlier in the day, PM Modi said the initiative will strengthen the Government's efforts of reforming and simplifying the tax system and will benefit several honest taxpayers, whose hard work powers national progress.
Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN).
The date for commencement of operation for the SEZ units for claiming deduction under deduction 10AA of the IT Act has also been further extended to September, 30, 2020 for the units which received necessary approval by 31st March, 2020.
To encourage digital transactions and move towards a less-cash economy, the government inserted a new provision, Section 269SU
