Tag: CBDT

CBDT Exempts RBI from TCS Requirement under Section 206C(1F) of the Income Tax Act

In a significant update, the Central Board of Direct Taxes (CBDT) has issued Notification No. 115/2024, dated October 16, 2024, exempting the Reserve Bank of India (RBI) from the requirement of tax collection at source (TCS) under Section 206C(1F) of the Income Tax Act, 1961. This exemption …

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CBDT Notifies Key Changes to Forms 10A and 10AB

The Central Board of Direct Taxes (CBDT) has announced significant amendments to the Income-tax Rules through Notification No. 111/2024, dated October 15, 2024. Effective from October 1, 2024, these changes aim to streamline the registration process for charitable institutions, trusts, and non-profit organizations under sections 12A and …

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CBDT Unveils Form 12BAA and Revised TDS/TCS Guidelines

The Central Board of Direct Taxes (CBDT) has issued Notification No. 112/2024 on October 15, 2024, introducing significant modifications to the Income-tax (Eighth Amendment) Rules, 2024. These changes primarily impact the provisions surrounding tax deductions at source (TDS) and tax collection at source (TCS), particularly under section 192(2B). Key …

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CBDT Notifies Direct Tax Vivad Se Vishwas Rules, 2024 to Resolve Tax Disputes

The Central Government has officially announced the Direct Tax Vivad se Vishwas Rules, 2024, through G.S.R. 584(E) in alignment with the Finance (No. 2) Act, 2024. These rules aim to streamline dispute resolution in direct taxation and are effective immediately upon publication in the Official Gazette. …

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CBDT Unveils Revised Form ITR-V for Unverified E-Filed Tax Returns for AY 2024-25

The Central Board of Direct Taxes (CBDT) has announced a significant update regarding the verification process for electronically filed Income Tax Returns (ITRs). Effective from April 1, 2024, taxpayers submitting their returns via electronic means but failing to verify them electronically will now need to utilize …

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CBDT Allows E-filing of Modified Returns for Successor Companies

CBDT has released an order dated March 13, 2024, in accordance with section 119 of the Income-tax Act, 1961 (referred to as “the IT Act”), aimed at providing assistance to successor companies engaged in business reorganizations such as amalgamations, mergers, or demergers authorized by competent bodies, …

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CBDT Provides Clarity on Finance Act 2023 Provisions for Trust Donations

CBDT clarifies provisions under Finance Act 2023 relating to donations made by a trust/institution to another trust/institution for purposes of the application of income Any trust or institution registered u/s 12AA or 12AB of the Income Tax Act 1961 is exempt, subject to the fulfilment of …

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CBDT Allows Processing of E-Filed ITRs for Refunds Beyond Deadline in Non-Scrutiny Cases

The Central Board of Direct Taxes (CBDT) has recently issued a significant order dated March 01, 2024, concerning the processing of income tax returns filed electronically with refund claims under section 143(1) of the Income-tax Act, 1961. The order addresses the challenges faced by taxpayers in …

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CBDT Issues Corrigendum Clarifying 6 Changes to ITR Forms ITR-2, ITR-3 and ITR-5 for AY 2024-25

The Central Board of Direct Taxes (CBDT) recently released a corrigendum, marked as Notification No. 22/2024 dated February 21, 2024, amending Notification No. 19/2024 dated January 31, 2024. This corrigendum serves to provide clarity and notify six specific changes and aspects concerning the Income Tax Return …

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Budget 2024: CBDT Chairman Nitin Gupta Lauds Swift Tax Return Processing

In a significant development, Nitin Gupta, Chairman of the Central Board of Direct Taxation (CBDT), has announced that the process of tax return filing has been streamlined, reducing the turnaround time to just 10 days. Gupta shared this information, stating that an impressive 22% of returns …

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