CBDT forms internal committee to oversee comprehensive review of I-T Act
This is in pursuance of the announcement in the Union Budget 2024-25 by Union Finance Minister Nirmala Sitharaman.
This is in pursuance of the announcement in the Union Budget 2024-25 by Union Finance Minister Nirmala Sitharaman.
While posts on WhatsApp would have us believe that taxpayers, who are allegedly in a minuscule minority, are a muchharassed lot, the Government pushes a diametrically opposite narrative viz.
First, regulatory authorities should work closely with start-ups and investors to establish clear guidelines and best practices for valuation. Transparency is paramount and start-ups must maintain comprehensive records of their valuation methodologies.
Chidambaram said the Income Tax Act had become too complex after repeated amendments over the years and a simplified Direct Tax Code would help everybody.
As the lockdown continues during the Financial Year 2020-21 a circular excluding the period of stay of these individuals up to the date of normalisation shall be issued.
Small savings provide long-term, risk-free funds for investment by the Government; a further fall in household savings could result in a resource crunch. Viewed in this perspective, the Government's efforts to stimulate consumption by discouraging savings by small taxpayers may not be a very good idea.
According to the resolution, the proposed amendment will adversely affect the Non-Resident Indians, particularly from Kerala.
Making the announcement, Nirmala Sitharaman said the new tax rate will be applicable from the current fiscal which began on April 1.
The Central Board of Direct Taxes has extended the deadline in view of some taxpayers facing difficulties in filing their ITR due to various reasons including the extension of due date for issue of Form 16
As per the Act, the powers of the criminal prosecution against defaulters are vested with the Commissioner of Income Tax who is the sanctioning authority and puts the criminal prosecution into motion by filing a criminal complaint in the designated court
