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The Income Tax Department, under the Central Board of Direct Taxes (CBDT), has started the verification of the reporting entities. The Income Tax Department actively encourages taxpayers to comply voluntarily. To facilitate this, the department obtains financial transaction information from Reporting Entities such as banks, currency dealers, sub-registrars, and others. The Income Tax Department requires […]
For every person in India filing the ITR would be an important obligation that counts beneath the taxable income brackets. It will be known to ensure compliance with the law including that it indeed assists the person to keep the transparency in financials and contribute to the progress of the nation. However, given its complexity […]
The specific TDS/TCS statements filing deadline has been extended by the Central Board of Direct Taxes (CBDT) to September 30, 2023. The board has given a waiver in completing the following compliance standards within the authority provided under Section 119 of the Income Tax Act, 1961: Form 26QFor any payments received except salaries, Form 26Q […]
The Income Tax Department has mentioned the PAN-Aadhaar demographic mismatch fix. If the PAN and Aadhaar are not linked by June 30, 2023, then Rs. 1000 will be fined. Moreover, the PAN card will expire after the due date, and as a result, taxpayers will not be liable to submit a claim for a deduction […]
The Central Board of Direct Taxes (CBDT) has introduced a convenient way for taxpayers to access the Annual Information Statement (AIS) directly through the Income Tax Portal. This development enables individuals to obtain the statement by using their unique direct tax number, which has been issued by the income tax division. To facilitate easy access […]
The Income Tax Department recently issued an important message to taxpayers, emphasising the importance of safeguarding personal information such as PAN numbers on social media platforms to prevent potential misuse. Responding to a taxpayer’s query on Twitter regarding difficulties encountered while filing income tax returns through the official e-filing system, the department advised against sharing […]
In a ruling, the Income Tax Appellate Tribunal (ITAT), Raipur bench has instructed the Income Tax Department to allow the delayed filing of Form 10B. However, the condition was provided by the bench that it should be filed before the “due date” of filing of return of income under Section 139 of the Income Tax […]
Recently, the Government of India released a notification and mentioned that a 20% tax will be levied as TCS on international usage of credit cards. As per the notification, usage of international credit cards will be included under the Liberalised Remittance Scheme (LRS). It was cleared by the Finance Ministry in the notification that Foreign […]
A notification has been issued by the Central Board of Direct Taxes (CBDT) which specifies that the TDS shall be subject to be applied to the interest made on the Mahila Samman savings scheme. According to the latest notifications, the tax shall get deducted on the interest that has been made via the Mahila Samman […]
