Apr 18, 2024 CBDT signs record number of 125 Advance Pricing Agreements in FY24

Apr 18, 2024 CBDT signs record number of 125 Advance Pricing Agreements in FY24 The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) with Indian taxpayers in 2023-24. This includes 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs), the finance ministry said in a statement on Tuesday.

Apr 18, 2024 ITR Filing: How to claim TDS Credit not reflecting in Form 26AS

Apr 18, 2024 ITR Filing: How to claim TDS Credit not reflecting in Form 26AS Tax Deducted at Source (TDS) applies to various income sources, including salaries, business income, property sales, and interest on bank deposits. When a payer deducts TDS from your income, they essentially withhold a portion of your tax liability. This deducted amount is then credited to your tax account and is supposed to be reflected when you file your tax return.

ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal Apr 02, 2024

The Income Tax Department has enabled the online income tax return forms, ITR-1, ITR-2 and ITR-4, for FY 2023-24 (AY 2024-25) on the e-filing portal. The online ITR forms have been enabled from April 1, 2024. With the availability of income tax return forms, taxpayers eligible to file their tax returns using these ITR forms can now file their ITR for FY 2023-24.

HRA tax exemption: HRA fraud with illegal usage of PANs detected by tax dept; how to avail House Rent Allowance, proofs Apr 02, 2024

The income tax department has uncovered a scheme involving fraudulent use of Permanent Account Numbers (PAN) by individuals to falsely claim house rent allowance (HRA), despite not being tenants, stated a Times of India (ToI) news report. As per initial findings, around 8,000-10,000 significant cases have been identified, with amounts exceeding Rs 10 lakh in many instances. The investigation began when authorities stumbled upon purported rent receipts totaling approximately Rs 1 crore under an individual's PAN. However, upon questioning, the individual disavowed any knowledge of these transactions. Subsequent inquiry revealed that the individual had not actually received the rent attributed to them.

CBDT enables ITR filing for FY24; 23,000 returns filed in 4 days Apr 05, 2024

The Income Tax department on Thursday said ITRs 1, 2, 4 and 6 have been made available on e-filing portal from April 1, 2024, and about 23,000 returns have already been filed for the 2023-24 fiscal year. This is for the first time in recent years that the Income Tax department has enabled taxpayers to file their I-T Returns on the first day of the new financial year and, is a step towards ease of compliance and seamless taxpayer services.

Why you need not rush to file your ITR immediately Apr 06, 2024

Around 23,000 taxpayers filed their income tax returns (ITR) in the first three days of Assessment Year (AY) 2024-25 (Financial Year 2023-24) after the Income-tax Department for the first time opened return filing utilities on its portal from the first day of the assessment year, that is, April 1, 2024. Last year, even though the returns had been notified early, they became available for filing on the IT portal only in May (for Assessment Year 2023-24 or Financial Year 2022-23). Filing functionalities were available from May 20, 2023 for salaried individuals (ITR-1) and individuals, HUFs, and partnership firms generating an income from a business or profession (ITR-4). The filing utility for individuals and HUFs having income other than income from profits and gains from business or profession was available from May 30 (ITR-2).

Key income tax changes effective April 1: All you need to know Apr 01, 2024

As the new financial year begins on April 1, 2024, this is the right time look back at your investments made in the past and make plans for the new fiscal year. April holds much importance as it witnesses the implementation of most Budget 2023 proposals regarding income tax. You, therefore, must prepare for the new tax changes that will take place in the financial year 2024-2025. In her last Union Budget speech, Finance Minister Nirmala Sitharaman had outlined various changes set to take effect from this day onward, impacting our finances. Here’s a breakdown of some key changes to be aware of, including expanded basic exemption limits and more.

CBDT identifies mismatches in ITRs, dividend income info from third party Feb 27, 2024

The Income Tax department on Monday said it has identified mismatches in ITRs filed by some taxpayers and information on dividend and interest income received from third parties. In a statement, the Central Board of Direct Taxes (CBDT) said an on-screen functionality has been made available in the compliance portal of the e-filing website https://eportal.incometax.gov.in for taxpayers to provide their response.The Income Tax Department has identified certain mismatches between the information received from third parties on interest and dividend income, and the Income Tax Return (ITR) filed by taxpayers. In many cases, taxpayers have not even filed their ITRs, it said.

Income Tax Waiver Limits: CBDT Clarifies Rs 1 Lakh Cap, Exempts Future Interest Feb 26, 2024

Income Tax Waiver Limits: CBDT Clarifies Rs 1 Lakh Cap, Exempts Future Interest The Central Board of Direct Taxes (CBDT) has established a maximum ceiling limit of Rs 1 lakh for the waiver of eligible income tax demands. However, an exclusion from this calculation, as outlined in the CBDT's order dated February 13, 2024, is future interest, which will not be considered when determining the overall amount of income tax demand. CBDT said, "Consequent to the aforesaid remission and extinguishment of entries of outstanding demand, there shall not be requirement of calculation of interest on account of delay in payment of demand under sub-section (2) of section 220 of the Income-tax Act, 1961 or corresponding provisions of Wealth-tax Act, 1957 and Gift-tax Act, 1958 and therefore, the same shall not be considered for the purpose of determining the ceiling of Rs 1,00,000 (Rupees one lakh)."

Tax demand waiver: Income tax dept can waive off demand above Rs 1 lakh in these cases Feb 23, 2024

The Central Board of Direct Taxes (CBDT) has fixed the maximum ceiling limit as Rs 1 lakh for waiving eligible income tax demands. However, in an order dated February 13, 2024, CBDT said that future interest will not make part of this calculation of the overall amount of income tax demand. CBDT said in the order, "Consequent to the aforesaid remission and extinguishment of entries of outstanding demand, there shall not be requirement of calculation of interest on account of delay in payment of demand under sub-section (2) of section 220 of the Income-tax Act, 1961 or corresponding provisions of Wealth-tax Act, 1957 and Gift-tax Act, 1958 and therefore, the same shall not be considered for the purpose of determining the ceiling of Rs 1,00,000 (Rupees one lakh)."

CBDT sets Rs 1 lakh threshold per assessee for withdrawal of old tax demands Feb 20, 2024

The Income Tax department has prescribed a ceiling of Rs 1 lakh per assessee for withdrawal of small tax demands till Assessment Year 2015-16, in accordance with a scheme announced in Budget.The Central Board of Direct Taxes (CBDT) has issued an order giving effect to the 2024-25 Budget announcement by Finance Minister Nirmala Sitharaman. The Budget had announced that tax demands for AY 2010-11 of up to Rs 25,000 and for AY 2011-12 to 2015-16 of up to Rs 10,000 will be withdrawn. Tax demands totalling about Rs 3,500 crore will be withdrawn following the announcement.The CBDT order said that such outstanding tax demands pertaining to income tax, wealth tax and gift tax as on January 31, 2024, shall be remitted and extinguished “subject to the maximum ceiling of Rs 1 lakh for any specific taxpayer/assessee”.The limit of Rs 1 lakh would include principal component of tax demand, interest, penalty or fee, cess, surcharge.However, the remission shall not be applicable on the demands raised against the tax deductors or tax collectors under TDS or TCS provisions of the I-T Act.Nangia Andersen India Partner Maneesh Bawa said the directive further specifies that this waiver or cancellation does not entitle taxpayers to any claims for credit or refunds.

How ITR's Automated Reconciliation Works Feb 17, 2024

How ITR's Automated Reconciliation Works The income-tax department is set to launch a screen-based automated reconciliation system for plugging mismatches between returns filed by taxpayers and information processed by the department. In some select cases, people who did not file I-T returns (ITR) can use the automated reconciliation facility. In the first phase, information mismatches related to financial years 2021-2022 and 2022-2023 will be considered. Sources said no notice needed to be issued for this, and the I-T department would send alerts through SMS and e-mail to taxpayers where mismatches were identified.

No TDS on minimum guarantee paid by OYO Rooms to hotels: ITAT. Feb 16, 2024

A tax tribunal has ruled that Oravel Stays Private Limited, the company which runs OYO Rooms, is not required to pay the tax deducted at source (TDS) on the minimum guarantee payments made to hotels.
The Delhi-based Income Tax Appellate Tribunal (ITAT) observed that hotels conduct their operations in terms of providing lodging and accommodation services whereas OYO Rooms provides technology, sales, and marketing services through its platformOYO Rooms assures minimum benchmarks, occupancy of hotels and in case such benchmark is exceeded, the service fee is payable by the hotel and in case of shortfall, the former is required to meet the same.

'Non-resident' gets tax relief on overseas income. Feb 14, 2024

The Income Tax Appellate Tribunal (ITAT) has come to the rescue of a salaried individual who was deputed to work outside India, by holding that the salary income (which includes allowances) of a 'non-resident' for services rendered overseas cannot be taxed in India. In this case, which was heard by the ITAT Delhi bench, Devi Dayal was deputed by his employer - an Indian company engaged in digital technologies - to work on a project in Austria.

How ITR's Automated Reconciliation Works. Feb 17, 2024

The income-tax department is set to launch a screen-based automated reconciliation system for plugging mismatches between returns filed by taxpayers and information processed by the department.

In some select cases, people who did not file I-T returns (ITR) can use the automated reconciliation facility.

In the first phase, information mismatches related to financial years 2021-2022 and 2022-2023 will be considered.

Sources said no notice needed to be issued for this, and the I-T department would send alerts through SMS and e-mail to taxpayers where mismatches were identified.

'Non-resident' gets tax relief on overseas income. Feb 14, 2024

• The Income Tax Appellate Tribunal (ITAT) has come to the rescue of a salaried individual who was deputed to work outside India, by holding that the salary income (which includes allowances) of a 'non-resident' for services rendered overseas cannot be taxed in India.
  In this case, which was heard by the ITAT Delhi bench, Devi Dayal was deputed by his employer - an Indian company engaged in digital technologies - to work on a project in Austria.

Direct tax collection reaches 80% of revised FY24 target at Rs 15.60 trn. Feb 12, 2024

• Net direct tax collection so far in current fiscal grew 20 per cent year-on-year to Rs 15.60 trillion, which is 80 per cent of revised budget estimates for full fiscal year.
  "The provisional figures of direct tax collections continue to register steady growth. Direct tax collections up to 10th February, 2024 show that gross collections are at Rs 18.38 trillion, which is 17.30 per cent higher than the gross collections for the corresponding period of last year," Central Board of Direct Taxes (CBDT) said in a statement.This collection is 80.23 per cent of the total revised estimates of direct taxes for 2023-24.
  Refunds amounting to Rs 2.77 trillion have been issued during April 1, 2023 to February 10, 2024.
  Gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also showed a steady growth.
  Growth rate for CIT was 9.16 per cent while for PIT, it was 25.67 per cent (PIT only).
  After adjustment of refunds, the net growth in CIT collections was 13.57 per cent and that in PIT was 26.91 per cent (PIT only), it added.

ITAT upholds cap-gain exemption to Mauritius entity, for shares acquired prior to April 1, 2017. Feb 09, 2024

The Income-tax Appellate Tribunal (ITAT), Mumbai bench, in the case of Comstar-Mauritius has upheld the exemption of long-term capital gains (available under Article 13 of the India-Mauritius tax treaty) on sale of equity shares of an Indian company, which were acquired prior to April 1, 2017. It has overturned a revisionary order passed by the Commissioner of Income-tax (Appeals).

Finance Minister assures stability in capital gains tax regime Feb 03, 2024

Assuring the market participants stability in the capital gains tax regime, Finance Minister Nirmala Sitharaman said that Prime Minister Narendra Modi is never in favour of quick twists and turns in policy.

“Policy stability is one thing, which Prime Minister lays a lot of emphasis on. He doesn't like periodic tweaking; he would tell you it's only two years or three years, and let it play out, let it settle down and so on. He's never in favour of quick twists and turns. And this is not me saying. People who have observed him since his tenure as chief minister will know that the biggest strength under Prime Minister Modi is stability in policy,” the finance minister said on February 2 in a post-Budget interview with Network 18 with Editor-in-Chief Rahul Joshi.

Rich taxpayers will now need to give more details, ITR-2, ITR-3 for FY 2023-24 notified by CBDT Feb 03, 2024

Taxpayers who earn more than Rs 50 lakh or have more than one house need to share extra information when they file their income tax return (ITR).

The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) forms, ITR-2 and ITR-3. Many entities, including individuals, whose income iexceeds Rs 50 lakh are required to file their ITR using these forms for FY 2023-24 (AY 2024-25). The last date to file ITR-2 and ITR-3 is July 31, 2024. Whereas taxpayers who are required to conduct income tax audit and have business income must file ITR-3 by October 31, 2024

TDS deducted, but not filed ITRs? You may soon get income tax notice Feb 05, 2024

The Income Tax Department will soon send notices to individuals who have not filed income tax returns (ITRs). The notices will be sent to even those whose income tax has been deducted at source, The Economic Times reported on Sunday.

Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said that the department will be sending notices to only those taxpayers for which it had definitive information. He said the department's focus was on improving taxpayer services, from bringing down the period of refund to updated returns or solving a large tax dispute

Wait for unprocessed income tax refund to get longer; deadline extended by 3 months Feb 05, 2024

The Central Board of Direct Taxes (CBDT) has said that all income tax returns (ITR) that are validly filed electronically up to AY 2020-21 with refund claims under section 143 (1) would now be processed by April 30, 2024, unless otherwise prescribed.

CBDT in the circular dated January 31, 2024, said, "The matter has been re-considered by the Board in view of pending taxpayer grievances related to the issue of refund. To mitigate the genuine hardship being faced by the taxpayers on this issue, Board hereby further extends the time till 30.04.2024 in respect of returns of income validly filed electronically up to AY 2020-21.

11.48 crore PAN cards are still not linked with Aadhaar: Govt Feb 06, 2024

The government has collected over Rs 600 crore as penalty for delay in linking PAN with Aadhaar, and about 11.48 crore Permanent Account Numbers are still not linked with biometric identity, Parliament was informed on Monday.

“Number of PANs not linked with Aadhaar, excluding exempted categories, is 11.48 crore as on January 29, 2024,” Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha.

To a question regarding the details of government earning through late penalty of Rs 1,000 from the persons who have not linked their PAN and Aadhaar after the last date of June 30, 2023, Chaudhary said “the total collection of fee from persons who have not linked their PAN with Aadhaar is Rs 601.97 crore from July 1, 2023 to January 31,2024”.

Existing taxation structure for corporates very reasonable: Revenue Secretary 02-Feb-2024

The existing taxation structure for corporates with a 22 per cent tax is "very reasonable" when compared to an economy of the size of India and hence the concessional tax regime which was in force for four years for new manufacturing units was not extended beyond March 2024, Revenue Secretary Sanjay Malhotra said. In an interview with PTI, Malhotra said the Interim Budget 2024-25 provides for continuity in taxation regime and the benefits given to taxpayers in the last years are showing results in the form of huge buoyancy in personal income tax.

TDS deducted, but not filed ITRs? You may soon get income tax notice 02-Feb-2024

The Income Tax Department will soon send notices to individuals who have not filed income tax returns (ITRs). The notices will be sent to even those whose income tax has been deducted at source, The Economic Times reported on Sunday. Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said that the department will be sending notices to only those taxpayers for which it had definitive information. He said the department's focus was on improving taxpayer services, from bringing down the period of refund to updated returns or solving a large tax dispute.

Income Tax: Rent paid to spouse can be claimed as HRA exemption; here are 6 key provisions Jan 30, 2024

In the run up to the Budget 2024, there are expectations galore that the finance ministry could perhaps raise some of the exemption limits, which would reduce the tax burden.

Among tax exemptions, one of the important ones is house rent allowance (HRA) which one can claim regardless of who owns the house. In other words, even if the house is owned by your spouse, you can claim a house rent allowance so long as it is part of your salary.

Notably, the HRA exemption is not permitted in the new tax regime. So, in case you want to claim the tax exemption for rent allowance, you must stick to the old tax regime only.

If you want to know more on HRA exemption, understand the key exemptions here as follows.

ITR-2, ITR-3 for FY 2023-24 notified by CBDT; More details required from certain taxpayers Feb 02, 2024

The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) forms, ITR-2 and ITR-3. Many entities, including individuals, who have certain specific types of income are required to file their ITR using these forms for FY 2023-24 (AY 2024-25). The last date to file ITR-2 and ITR-3 is July 31, 2024. Whereas taxpayers who are required to conduct income tax audit and have business income must file ITR-3 by October 31, 2024

Manufacturing companies face uncertainty as Budget mentions no extension of beneficial tax rate Feb 02, 2024

Several manufacturing companies will face uncertainty following the interim Union Budget 2024 as the government has not specified any provision to extend the special tax rate of 15 percent applicable to new manufacturing units that begin production before March 31, 2024.

This could potentially increase the tax outgo of some manufacturing by 7 percent, say tax experts.

According to tax experts, the budget documents are silent about extending the applicability of the Section 115BAB of the Income Tax Act. The section provides a beneficial tax rate of 15 percent to companies incorporated post 2019 and who begin their manufacturing before March 31, 2024.

New Income Tax Return Forms for AY 2023-24 notified by CBDT: ITR 1-6, ITR-V details here

Feb 15, 2023

New ITR forms for AY 2023-24: New Income Tax Return (ITR) filing forms for individuals and businesses for Assessment Year 2023-24 (FY 2022-23) have been notified by the Income Tax Department. Through a notification dated February 10, the Central Board of Direct Taxes (CBDT) notified ITR forms 1-6, ITR-V (verification form) and ITR acknowledgement form. (Read: What�s new in New ITR forms)

Feb 15, 2023

New UTR (Unique Transaction Reference) forms for AY 2023-24: The Income Tax Department has notified Income Tax Return forms (ITR 1-6) and Income Tax verification form (ITR V) for the assessment year 2023-24. These forms will be used for return filing for income made in FY 2022-23.

The last date for ITR filing for AY 2023-24 is July 31. The tax department has notified the ITR forms for AY 2023-24 early compared to previous years. Last year, the CBDT notified the forms for AY 2022-23 on March 30.