A CENTRAL BOARD OF DIRECT TAXES
Banks in a GST fix over RBI's directive to levy penal charges The Reserve Bank of India's directive to levy penalties only in the form of 'penal charges' is posing a tax dilemma for banks. Banks fear that the indirect tax on such levies would attract the goods and services tax (GST). The new rule, which came i...
25 Jun, 2024, 12.59 AM ISTKanchanjunga Express accident: ECR suspends issuing of T/A 912, directs drivers to maintain caution The East Central Railway (ECR) has suspended the T/A 912 written authority letter for train drivers to cross signals in case of automatic signal failure. The decision was taken at a safety meeting, following a Kanchanjunga Express-goods train collis...
22 Jun, 2024, 01.41 PM ISTIndia's net direct tax collections up 21% YoY to over Rs 4.62 lakh cr in April-June India's net direct tax collections for the period from April 1 to June 17, 2024, have risen significantly by 21% year-on-year, totaling over Rs 4.62 lakh crore. This includes Corporate Income Tax (CIT) amounting to Rs 1,80,949 crore and Personal Inc...
18 Jun, 2024, 06.12 PM IST- ADVERTISEMENT
ITR filing forms for FY 2023-24 (AY 2024-25): Which income tax return form applies to you? ITR forms: The important part of ITR filing process is to identify the correct the income tax return form applicable to their incomes. Filing income tax return using wrong ITR form will make the filed ITR as defective ITR. Read on to know the correc...
10 Jun, 2024, 02.41 PM ISTGSTN rolls out form for tobacco manufacturers to report inputs, outputs to tax authorities The GST Network (GSTN) has introduced a new form, GST SRM-II, for manufacturers of pan masala and tobacco products to report inputs and outputs, aiming to curb tax evasion. This form, implemented shortly after the rollout of GST SRM-I for registerin...
08 Jun, 2024, 01.18 PM ISTWhite goods, FMCG imports failing to get custom-fit tag White goods, chemicals, pharmaceuticals, and FMCG companies face import delays or higher duties as customs authorities scrutinize third-party invoicing at various ports. This practice, used for tax optimization, allows invoicing through a country di...
08 Jun, 2024, 05.30 AM ISTNo tax recovery within three months of notice, says CBIC The letter was written after the board noted that many tax officers were abusing the exceptional case clause, initiating recovery proceedings before the expiry of the specified three-month period, even in routine cases, forcing the companies to move...
03 Jun, 2024, 12.07 AM ISTCBIC issues instructions for initiating early GST recovery The CBIC has authorized Principal Commissioners or Commissioners to demand GST dues within three months of a demand order if necessary for revenue. Generally, recovery starts post the three-month period, but early recovery can be initiated if justif...
02 Jun, 2024, 01.10 PM ISTFiscal deficit may fall below revised estimate of 5.8% The Indian government's fiscal deficit could be slightly lower than revised estimates of 5.8% of GDP due to robust revenues and lower subsidy outgo. Tax revenues could exceed the revised estimate by ₹27,000 crore. The fiscal deficit in absolute term...
30 May, 2024, 01.17 AM ISTGold storage at home: How much gold can you legally keep at home, government rules, taxation Gold storage at home: Gold is a valuable metal in India. People buy it during festivals for luck and keep it at home. It's crucial to be aware of government rules on gold storage.
29 May, 2024, 11.20 AM ISTAadhaar-PAN linking update: Pay penalty for not deducting higher TDS amount if PAN and Aadhaar not linked by this date The Income Tax Department has urged taxpayers to link PAN with Aadhaar by May 31, 2024, to avoid higher tax deducted at source (TDS) or tax collected at source (TCS). The TDS is deducted at a higher rate when a deductee’s (whose tax has been deducte...
28 May, 2024, 02.58 PM ISTIncome Tax department notifies cost inflation index for current fiscal The Income Tax Department has notified the Cost Inflation Index (CII) for the fiscal year 2024-25, set at 363, to calculate long-term capital gains from the sale of assets. The CII reflects economic inflation, with an increase of 15 points from the ...
25 May, 2024, 03.29 PM ISTMandatory scrutiny of ITR: Income tax dept reveals the criteria how the ITRs will be selected for the scrutiny Income tax return: The tax department has released a circular which outlines the criterias and procedure to be followed if a particular income tax return (ITR) is to be selected for scrutiny. These guidelines also includes the procedure and criteria...
23 May, 2024, 04.30 PM ISTQ1 tax revenue likely to exceed budgeted growth The government expects tax revenues to exceed budgeted growth in Q1 but will stick to interim budget revenue estimates, considering global headwinds. Gross revenue collections projected at ₹38.30 lakh crore for FY 2024-25, with factors like complian...
16 May, 2024, 12.19 AM ISTCBDT brings new update in income tax AIS; now you can check the status of correction request; Here's how it works Annual Information Statement (AIS): The Central Board of Direct Taxes (CBDT) has updated the functionality of AIS which can be found on the compliance portal. Now after you put in a correction request, you will be able to see whether the reporting s...
14 May, 2024, 07.09 PM ISTNew functionality in AIS rolled out for taxpayers CBDT introduces AIS feature for real-time taxpayer feedback on transactions, enhancing data accuracy, compliance, and taxpayer services, covering tax deductions and financial data sources.
14 May, 2024, 12.24 AM ISTReceived a tax notice seeking more details, or for not filing your ITR? Here's are some key things to know This particular notice, covered under Section 142(1), is sent to taxpayers who fails to file their income tax returns. This is also sent when the taxman feels that more details about a taxpayer is required.
08 May, 2024, 11.58 AM ISTCBDT extends deadline for charitable trusts' registration till June 30 The income tax department has extended the deadline for charitable and religious trusts to submit registration applications with tax authorities until June 30. The Central Board of Direct Taxes (CBDT) had previously extended the due date for filing ...
26 Apr, 2024, 12.20 AM ISTNon-linkage of PAN-Aadhaar: CBDT gives relief to tax deductors The Central Board of Direct Taxes (CBDT) has clarified that tax deductors will not be treated as defaulters for failures in deduction of tax at a higher rate on transactions between July 1, 2023, and March 31, 2024, if the Permanent Account Number (...
25 Apr, 2024, 12.53 AM ISTProof of HRA claims of previous years; can you really take it easy after CBDT's assurance of no review of old HRA cases Rent HRA: The Central Board of Direct Taxes (CBDT) has clarified that there is no special drive to identify fake HRA claims from previous years. However this communication from CBDT should not be taken lightly, because if you have claimed false HRA ...
18 Apr, 2024, 03.41 PM IST