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.
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.
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.
