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April 30 is been set as the due date by the Central Board of Direct Taxes (CBDT) for filing declarations under the Direct Tax Vivad se Vishwas Scheme (DTVSV) 2024, desired to resolve pending income-tax disputes before various appellate authorities, along with the Supreme Court and high courts, as of July 22, 2024. The second […]
Circular No. 05/2025 has been issued by the Central Board of Direct Taxes (CBDT) to provide relief to taxpayers facing charges under Section 201(1A)(ii) and Section 206C(7) of the Income-tax Act, 1961. The circular allows for an exemption from interest on late payments of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) that resulted […]
The Central Board of Direct Taxes (CBDT) has reported the Income-tax (Eighth Amendment) Rules, 2025, through Notification No. 23/2025. These rules introduce changes to Form 3CD, the tax audit report mandated under section 44AB of the Income-tax Act, 1961. The same amendment shall come into effect on 1 April 2025, impacting businesses and tax professionals. Latest Modifications […]
The Central Board of Direct Taxes (CBDT) has issued Notification No. 21/2025 dated March 25, 2025, amending the Income-tax Rules, 1962. The Income-tax (Sixth Amendment) Rules, 2025, introduce modifications impacting transfer pricing, electric vehicles, and assessment years. Latest Update The IT Notification 124/2024 regarding the application for the Safe Harbour option under Section 9(1)(i), Profits […]
The Raipur Bench of the ITAT has partly removed an addition of Rs. 11,00,000 made on account of cash deposits at the time of the demonetization period, carrying that Rs. 3.5 lakh can be reasonably attributed to household savings, in line with CBDT Instruction No. 03/2017. The taxpayer Sunita Sherwani e-filed the income tax return […]
The Central Board of Direct Taxes (CBDT) has invited public input on the new Income Tax Bill, 2025, via a utility. The bill was introduced in Parliament on February 13 and is currently under review by a select committee. Under the process of consultation, the board has launched an online portal where the stakeholders can […]
Circular No. 04/2025 dated March 17, 2025, has been issued by the Central Board of Direct Taxes (CBDT) furnishing Frequently Asked Questions (FAQs) on the revised guidelines for the Compounding of Offences under the Income Tax Act, 1961. Effective from October 17, 2024, these revised guidelines, have the motive to ease the compounding process, making […]
The CBDT issued an Office Memorandum (OM) on February 27, 2025, clarifying the implementation of the Risk Management Strategy (RMS) under the Income-tax Act, 1961, following amendments introduced by the Finance (No. 2) Act, 2024. Memorandum Highlights Understanding RMS Upload Exemptions for Select Cases Applicability of Unamended Sections 147-151 Obligatory Submission to JAO RMS Upload […]
The Central Board of Direct Taxes (CBDT) has released Circular No. 3/2025, citing the income tax deduction from salaries u/s 192 of the Income Tax Act, 1961, for the financial year 2024-25. The same circular specifies the changes introduced via the Finance (No. 2) Act, 2024, Finance (No. 1) Act, 2024, and Finance Act, 2023 […]
