Direct Tax Vivad Se Vishwas Scheme, 2024, was enacted to resolve disputes regarding pending income tax litigation. The scheme aims to give taxpayers peace of mind by settling legal disputes. This scheme was notified on October 1, 2024. After this, several queries were received from the stakeholders seeking guidance in respect of various provisions. Following … Read more
The new scheme is meant to be faster and easier than filing an appeal with the Commissioner of Income Tax (Appeals) – CIT(A) – but one particular condition makes it the less attractive option and begs the question: is this just another toothless provision from the tax department? What is e-DRS? Until now, when a … Read more
In the budget for 2024-25, Union finance minister Nirmala Sitharaman had announced a comprehensive review of the Income Tax Act, aiming to make it concise, lucid and easier to understand. According to Sitharaman, with these reforms the finance ministry seeks to reduce disputes and litigation, providing tax certainty to taxpayers. While all these objectives are … Read more
The Central Board of Direct Taxes (CBDT) has released the Central Action Plan (CAP) for the fiscal year 2024-25, charting a roadmap for the Income Tax Department as India approaches the centenary of its independence in 2047. CAP 2024-25 calls for quick resolution of high-priority tax demand cases, identification of above ₹2 lakh cash transactions … Read more
If you are remitting over ₹6 lakh overseas, then it is likely to come under the purview of income tax as Central Board of Direct Taxes (CBDT) has reportedly commenced a thorough investigation into high value foreign remittances above ₹6 lakh, Business Standard reported. The apex body of direct taxes is reportedly cracking down on … Read more
Even after filing your tax returns on time, receiving a notice or intimation from the income tax department can be confusing and unsettling. It’s essential to address these notices promptly and accurately. Start by carefully reading the notice to understand its purpose. Typical issues may include reported income discrepancies, TDS information mismatches, or incomplete details. … Read more
The changes in the capital gains tax announced in the Union budget for FY25 are rational decisions that will benefit people in most scenarios, and it is for the government to decide on the suggestions that come up, Central Board of Direct Taxes chairperson Ravi Agarwal said in an interview. “We feel that this … Read more
Budget 2024: Central Board of Direct Taxes (CBDT) chairman Ravi Agrawal has said the comprehensive review of the Income Tax Act, 1961 is an attempt to make the “bulky” law “simpler” for taxpayers. Union Finance Minister Nirmala Sitharaman, while presenting the Union Budget for fiscal year 2024-25 on July 23, announced that the government would … Read more
With Central Board of Direct Taxes (CBDT) awarding Taxnet 2.0 project to Bharti-Airtel, tax department’s network system is likely to undergo a facelift. For the uninitiated, CBDT is the top governing body that heads the income tax department. The Sunil Mittal-led telecom company will be responsible for a slew of services to be provided to … Read more
Taxpayers are entitled to claim a rebate under section 87A of the Income Tax (I-T) Act, 1961, which enables them to pay ‘nil’ tax when their income is up to ₹5 lakh in the old tax regime and ₹7 lakh in the new tax regime. However, a number of taxpayers and chartered accountants have expressed … Read more