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Recently, the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the PAN 2.0 project. Rs. 1,435 crore has been allocated for the same project by the government, which aims to overhaul the existing PAN/TAN system to rectify the efficiency and assessee convenience. As per Union Minister Ashwini Vaishnaw, a PAN […]
A new campaign was launched by the Income tax department on November 17 warning the assessees of a Rs. 10 lakh penalty if they lose to reveal the foreign-held assets or income made from abroad in their ITR, as per the PTI report. The motive of the compliance-cum-awareness campaign is to ensure that the assessees […]
The owners of the land who are in joint development agreements (JDAs) with builders are facing intensified scrutiny for bypassing capital gains taxes. The Income Tax Department’s investigation wing has been directed by the Central Board of Direct Taxes (CBDT) to review the matter which comprises engaging the individuals and Hindu Undivided Families (HUFs) who […]
The recently introduced Invoice Management System (IMS) on the GST portal is expected to decrease the volume of notices related to Input Tax Credit (ITC) discrepancies in returns and reduce tax-related litigation, as noted by tax experts and chartered accountants. According to experts, about 10% of total notices from the GST department are concerned with […]
The Apex court dismissed 93 appeals contesting the application of the Tax Deduction at Source (TDS) on the salaries furnished to the nuns and priests of the Catholic Church who are working as teachers in aided institutions. The bench, which included Chief Justice of India DY Chandrachud and Justices JB Pardiwala and Manoj Misra, was […]
The Central Board of Direct Taxes (CBDT) is thinking of changing the official designations in the income tax department to make the roles more precise within people and create a significantly clearer image of the department. The offered restructuring concentrates on revising the nomenclature of positions like the commissioner of income tax (CIT) and principal […]
You are within particular financial transactions this past September, November 14, 2024, is a crucial due date that is near. Various forms by this date pertinent to the tax deductions required to be provided such as forms 16B, 16C, 16D, and 16E. Below is a guide to Forms 16B, 16C, 16D, and 16E what each […]
An updated guideline has been furnished by the income tax department to either exempt or lessen the interest that the taxpayer holds towards the late payments given a specific condition is satisfied. The same adjustment has been proposed to facilitate the relief process, particularly for taxpayers who are facing financial difficulties. What Says the Law […]
An order was set aside by the Kerala High Court in reassessment proceedings that were furnished without furnishing the taxpayer a chance to answer to the show cause notice. The Bench of Justice Gopinath P. marked that “the show cause notice was issued on 12-03-2024, giving only three days’ time to the assessee to respond, […]
