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CBDT issued notification no. 2/2025 dated 02.01.2025 vide which the Central Government notifies that no deduction of income-tax under Chapter XVII of the said Act shall be made on the payments received by a credit guarantee fund established and wholly financed by the Central Government and managed by the National Credit Guarantee Trustee Company Limited as referred to in sub-clause (ii) of clause (46B) of section 10 of the said Act.
CBDT issued notification no. 1/2025 dated 02.01.2025 whereby the Central Government notifies ‘Karnataka State Horticulture Development Agency’ (PAN: AAALE0284C), a Society constituted by the Government of Karnataka, for the purposes of the clause (46) of section 10 of Income tax Act, in respect of the specified income arising to that Society.
CBDT issues Circular No. 20/2024 dated December 30, 2024 extending due date for determining amount payable as per column (3) of Table specified in section 90 of Direct Tax Vivad Se Vishwas Scheme, 2024 from 31st December, 2024 to 31st January, 2025.
CBDT issued a Circular no. 19 of 2024 dated 16.12.2024 providing Guidance note on provisions of the Direct tax Vivad se Vishwas Scheme, 2024
FAQs on PFA & Defective for ITR 1 to 6 for AY 24-25; FAQs based on tax Audit report and FAQs based on other Audit reports and Forms
The Institute of Chartered Accountants of India (ICAI) has rooted for a special and concessional tax regime for partnership firms, as part of its suggestions for the comprehensive review of the Income-tax Act, 1961, announced in the July 2024 Budget.
The Income Tax Department updated the income tax return forms for ITR-2 and ITR-3 on January 4, 2025. The ITR forms have been updated to allow the taxpayers to claim Section 87A tax rebate on short-term capital gains on equity, which they were denied during the July ITR filing. However, despite the income tax e-filing accepting the claim, the income tax department is rejecting the Section 87A rebate. This rejection is happening at the time of processing the ITR because the software linked for processing the ITR forms has not been updated. Under section 87A eligible taxpayers can claim up to Rs 25,000 tax rebate under the new tax regime. Under the old tax regime up to Rs 12,500 tax rebate can be claimed by eligible taxpayers under section 87A.
DGFT issued Public Notice No. 37/2024-25 dated 02.01.2025 regarding Amendment by incorporation of Para 1.04 (k) in Chapter 1 of the Handbook of Procedures 2023 to specify the procedure for furnishing views, suggestions, comments or feedback from relevant stakeholders including importers/exporters/industry experts concerning the formulation, amendment or incorporation of specific provision(s) in the Foreign Trade Policy.
The Goods and Services Tax Department of Gautam Buddh Nagar has issued notices to 43 project developers of Noida and Greater Noida asking them to submit tax worth Rs 580 crore on the lease premium of their projects, officials said on Saturday.