Taxation of property transactions where the consideration is less than stamp duty value Section 56(2)(x) of the Income Tax Act was introduced to address the taxation of gifts or property received without adequate consideration. It replaced the earlier provisions under Section 56(2)(vii) and (viia) and widened the scope to include all categories of taxpayers (individuals, …
Section 87A Rebate Restored- utility update disallowed rebate on Special Rate Income The Income Tax Department’s announcement about the updated utilities for ITR-2 and ITR-3 incorporating Section 87A rebate provisions is a notable development, especially for taxpayers dealing with income taxed at special rates such as Short-Term Capital Gains u/s 111A and Long-term capital gains …
PAN 2.0 Project- Aims, benefits & who should apply? PAN 2.0 Project, approved by the Cabinet Committee on Economic Affairs on November 25, 2024, is a key e-governance initiative aimed at modernizing the taxpayer registration system in India. In essence, PAN 2.0 is a crucial step towards digital transformation, designed to improve taxpayer services, make …
Filing a Belated Income Tax Return: Key Details If you’ve missed the deadline to file your Income Tax Return (ITR), you can still file it as a belated return under Section 139(4). While filing the belated return, you must select Section 139(4) of the Income Tax Act. What is a Belated Return? A belated return …
CBDT Guidelines for Handling Delayed Old pending Tax Refund Claims The Central Board of Direct Taxes issued Circular No. 11/2024 on October 1, 2024, providing new guidelines for condoning delays in filing Income Tax Returns (ITRs) that claim refunds or carry forward losses u/s 119(2)(b) of the Income-tax Act, 1961. This circular supersedes earlier instructions …
What is normal Components Included in CTC ? CTC (Cost to Company) is the total expenditure an employer incurs for hiring an employee. It includes the basic salary, allowances, perks, and contributions to savings like Provident Fund (PF) and gratuity. CTC provides a full picture of the employer’s cost but doesn’t reflect the actual money …
CBDT Guidance on Vivad Se Vishwas Scheme, 2024 related CBDT circular Direct Tax Vivad Se Vishwas Scheme, 2024 provides a structured approach to settle ongoing tax disputes and aims to reduce litigation by offering taxpayers a way to resolve matters amicably. The CBDT Circular No. 12/2024 outlines key guidelines, adding clarifications on various situations where …
Summary of the key amendments from the Union Budget 2024, effective October 1, 2024: Direct Tax Vivad Se Vishwas Scheme (VSV) 2.0: Aimed at resolving tax disputes related to tax, interest, penalties, or fees pending as of July 22, 2024. If the tax department filed the appeal, taxpayers will benefit from a reduced settlement at …
If Tax Refund delayed – Unless these taxpayers verify it on the ITR portal, they will not receive a refund. Even though the Taxpayer filed & verified his Income tax Returns, the Risk Management System can pause your refund if there are discrepancies that require clarification. Ensuring the accuracy of your claims and being prompt …
Undisclosed Foreign Asset must accurately report in ITRs to avoid Penalties The issue of whether a bona fide mistake in the non-disclosure of foreign assets in an Income Tax Return (ITR) would result in a penalty under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) has …