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 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
Union Minister Nirmala Sitharaman tabled the Finance Bill in the parliament as part of the Union Budget 2024-25, which included an amendment to the Black Money Act. Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal stated on 25 July that the amendment in the Black Money Act would provide taxpayers relief from penalty when … Read more
Amid concerns about the removal of the indexation benefit for property sales under the Long Term Capital Gains (LTCG) tax, there will be no reconsideration of the changes made in the Union Budget, according to news agency ANI. “There will be no rethink on LTCG provisions made in the budget as it is beneficial for … 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