The net direct tax has seen a year-on-year rise of nearly 16 per cent. The government has budgeted to collect Rs 22.07 lakh crore in the current fiscal from direct taxes.
The Income Tax Department has extended the deadline for filing revised and belated ITR for AY 2024-25 to January 15, 2025. This move, announced by CBDT, aims to help taxpayers address AIS and ITR mismatches and ensure accurate filings. Here’s everything you need to know.
The Central Board of Direct Taxes (CBDT) in a statement said it has launched an electronic campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the AIS and those disclosed in Income Tax Returns (ITRs) for the financial years 2023-24 and 2021-22.
The announcement from the CBDT comes in response to the challenges taxpayers faced with electronic submissions under the Income Tax Act, particularly due to issues with the e-filing portal.
The CBDT said the e-DRS enables the taxpayers to file an application electronically for dispute resolution to the Dispute Resolution Committees (DRC) designated for the region of Principal Chief Commissioner of Income Tax having jurisdiction over the taxpayer.
The Budget announced the withdrawal of outstanding small tax demands dating back to 1962, up to Rs 25,000 till 2014-15.
Direct Tax to GDP ratio seen an upward trajectory, ascending from 5.62% in F.Y. 2013-14 to 6.11% in F.Y. 2022-23, showcasing enhanced fiscal contribution.
The assets were confiscated during raids on government contractors and real estate developers across multiple states, with searches commencing on October 12 and covering 55 locations in Bengaluru, Telangana, Andhra Pradesh, and Delhi.
The Central Board of Direct Taxes (CBDT) in a statement said that the post-verification process by the taxpayer has been simplified and made faster.
As per the change, for policies issued on or after April 1, 2023, the tax exemption on maturity benefits under Section 10(10D) might be relevant in the event that the total premium paid by an individual depends on Rs 5 lakh a year.
The Central Board of Direct Taxes (CBDT), the administrative authority of the tax department, said they do not comment on individual cases.
This year, the CBDT has released tax return forms for the Fiscal Year 2022-23 well in advance. The change will assist taxpayers in being well-prepared for reporting requirements on tax return forms.
The Central Board of Direct Taxes (CBDT) issued Income Tax return forms for individuals, Hindu Undivided Families, businesses, and others for the fiscal year 2022-23, earlier than last year, providing ample time to prepare their returns.
I-T raids on Congress leaders: The two MLAs, on the day the searches were initiated, were identified by the officials as Kumar Jaimangal alias Anup Singh and Pradip Yadav.
"Thus, in a peer-to-peer (ie buyer to the seller without going through an Exchange) transaction, the buyer (ie person paying the consideration) is required to deduct tax under section 194S of the Act," the CBDT said.
The group has a pan-India presence having an annual turnover exceeding Rs 6,000 crore. A total of 23 premises were covered in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh, in the search operation.
The decision comes as people have been facing difficulties in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961
The Central Board of Direct Taxes (CBDT), which frames policy for the tax department, said that the group received unaccounted money as part of immovable property transactions.
The tax refund includes 65.31 lakh refunds of AY 2021-22 amounting to Rs 12,616.79 crore.
The Central Board of Direct Taxes (CBDT) frames policy for the tax department.
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