# cbdt
12 posts in `cbdt` tag
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High Court Challenges CBDT's Stand on Appeals Below Monetary Limits
The CBDT's Circular Nos. 05/2024 and 09/2024, which do not have an exception clause for tax appeals under monetary restrictions, raised concerns from the High Court. Addressing important legal issues, ongoing disagreements, and consistent tax administration may be hampered by its omission. To maintain justice and fairness, the HC urged CBDT to assess and revise the circular.
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By Krishna
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Section 10(23FE Simplified: CBDT’s Notification 127/2024 Explained
By issuing Notification No. 127/2024, the Central Board of Direct Taxes (CBDT) has amended Section 10(23FE) of the Income-tax Act. The updated rules simplify compliance and increase the range of assets available to pension funds (PFs) and sovereign wealth funds (SWFs). In line with India's economic objectives, these adjustments are meant to draw in long-term investments in the social development and infrastructure sectors.
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By Krishna
Simplification of the Income Tax Act 1961: No New Rates, Just Easier Compliance
Without altering tax rates, the ongoing review of the Income Tax Act of 1961 seeks to enhance compliance and streamline tax regulations. This project aims to improve digital integration, eliminate out-of-date provisions, and make the Act easier to use. It is anticipated to be finished by mid-December 2024, and taxpayers can anticipate more transparency and lower compliance expenses.
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By Krishna
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Relief for Charities & Trusts: CBDT Extension of Audit Reporting Deadline
The Central Board of Direct Taxes (CBDT) has extended the deadline for trusts and charities to file their audit reports (Form 10B/10BB) until November 10, 2024. This extension provides relief to organizations struggling to meet the original deadline of October 31, 2023.
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By Krishna
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October 7, 2024, as the new deadline for income tax returns: Major advantages for taxpayers
The deadline for filing income tax returns for the assessment year 2024–25 has been extended by the Central Board of Direct Taxes (CBDT) to October 7, 2024. This blog discusses the rationale for the extension, who stands to gain from it, and how taxpayers should use the additional time to make timely and proper filings in order to avoid fines. It is recommended that people and businesses take early action to prevent last-minute issues.
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By Krishna
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Understanding the e-DRS: A Taxpayer's Guide
The tax dispute settlement procedure has been made simpler by a ground-breaking effort launched by the Central Board of Direct Taxes (CBDT). The e-Dispute Resolution Scheme (e-DRS) provides taxpayers with an easy-to-use and effective online platform to submit objections or appeals against tax orders or assessments. This blog post offers a thorough rundown of the main characteristics, advantages, and usage of the e-DRS. Find out how using the e-DRS to resolve tax disputes may save you money, time, and effort.
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By Krishna
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CBDT Launches New e-DRS Scheme: A Game-Changer for Tax Dispute Resolution
To expedite the resolution of tax disputes, the Central Board of Direct Taxes (CBDT) has launched the e-DRS (Electronic Dynamic Response System) program, a digital platform. The purpose, capabilities, and advantages for taxpayers of the e-DRS program are all explained in this blog article.
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By Krishna
CBDT's Latest Update on Income-Tax Clearance Certificate: What It Means for You
The Central Board of Direct Taxes (CBDT) has issued a clarification on the Income-Tax Clearance Certificate (ITCC), specifying the circumstances under which an individual is required to obtain one. This blog post breaks down the CBDT's clarification, explaining who needs an ITCC, when it's required, and the procedure to obtain one.
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By Krishna
Understanding Section 119 of the Income Tax Act: A Lifeline for Taxpayers
This blog post provides a detailed guide to Section 119 of the Income Tax Act, including its significance, guidelines for accepting or rejecting applications, monetary limits, and authorities responsible for dealing with these applications. It's a must-read for taxpayers and tax professionals looking to understand the intricacies of the Income Tax Act
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By Krishna
CBDT's Relaxation of TDS/TCS Provisions
The Central Board of Direct Taxes (CBDT) has introduced a relaxation in Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) provisions for cases where the deductee or collectee has passed away before linking their Permanent Account Number (PAN) with Aadhaar. This relaxation provides relief to family members and heirs of deceased taxpayers who may be facing difficulties in obtaining the refund of excess TDS or TCS deducted or collected. In this blog, we will delve into the details of this relaxation and its implications on taxpayers.
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By Krishna
CBDT Mandates Electronic Filing of Appendix-II Forms
The blog post discusses the CBDT's mandate for electronic filing of Appendix-II forms under the Income Tax Rules, 1962, effective from April 1, 2024. It covers the electronic filing process, forms covered, benefits of electronic filing, and compliance requirements for taxpayers. The post aims to inform and guide taxpayers about the new mandate, helping them prepare for the upcoming changes and ensure timely and accurate filing of Appendix-II forms.
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By Krishna
CBDT Exempts RBI from Higher TDS Deduction under Section 206AB of Income Tax Act, 1961: A Comprehensive Analysis
This article explains the recent exemption of the Reserve Bank of India from higher TDS and TCS rates under sections 206CCA and 206AB of the Income Tax Act, 1961. It provides an understanding of the sections and their implications for the RBI and the Indian economy.
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By Krishna