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. …
NEW DELHI :The Central Board of Direct Taxes (CBDT) has amended the Income Tax rules to liberalize the ‘safe harbour’ norms that allow multinational companies to avoid rigorous audit of their cross-border transactions by following certain requirements. The changes introduced through the Income-tax (Twenty-Ninth Amendment) Rules, 2023 will be effective from 1 April 2024, showed …
Image Source : PIXABAY According to CBDT data, till 5 September 2023, 6.98 crore ITRs were filed Income Tax Returns update: The average time taken to process income tax returns has come down significantly to just 10 days now. The Central Board of Direct Taxes (CBDT) in a statement on Tuesday said that the post-verification …
Image Source : PEXELS A Woman Holding a tax document The Income Tax Department has recently introduced new regulations for calculating income from life insurance policies with yearly premiums exceeding Rs 5 lakh. These regulations, known as the Income Tax Amendment (Sixteenth Amendment) Rules, 2023, include rule 11UACA. New provision This provision pertains to the …