Net Direct Tax collections (provisional) for Financial Year (FY) 2023-24 exceed Union Budget Estimates by Rs. 1.35 lakh crore i.e. by 7.40%
In a recent development, the Central Board of Direct Taxes (CBDT) has issued a directive to Self-Reporting Organizations (SROs) urging them to furnish comprehensive details of high-value transactions conducted during the fiscal year 2022-23.
ITR-1, ITR-2, ITR-4 & ITR-6 for AY 2024-25 are enabled for filing in Offline as well as Online mode at e-filing portal. Excel utilities of ITR-1, ITR-2 & ITR-4 for AY 2024-25 are available under 'Downloads' button at e-filing portal.
The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) in FY 2023-24 with Indian taxpayers. This includes 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs).
According to a report, the Income Tax Department has identified a staggering 1.52 crore such individuals who, despite having taxable income or TDS, have failed to fulfill their filing obligations.
The Income Tax Department recently issued a clarification regarding concerns about the amendment to the India-Mauritius Double Taxation Avoidance Agreement (DTAA) on April 12, 2024.
In a significant relief for taxpayers awaiting their income tax refunds, the Income Tax Department has announced a deadline of April 30 for the approval of pending refunds.
In a recent directive from the Central Board of Direct Taxes (CBDT), income tax officers have been mandated to scrutinize the top 30 cases of short payment concerning tax deducted at source (TDS).
The Circular issued by the CBDT delineates a comprehensive Interim Action Plan tailored for the Financial Year 2024-25.
There is no special drive to re-open cases of mismatch, and media reports alleging that large-scale re-opening is being undertaken by the CBDT are completely misplaced
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