Stay updated
India is reviewing the ‘faceless’ income tax (I-T) assessment mechanism to make it more taxpayer-friendly, following suggestions that the programme can be made more effective.
A hybrid formula is being examined that could allow taxpayers to pick either the faceless scheme or in-person resolution, people familiar with the development told ET.
Read more at: The Economic Times
Share this content:
The Income Tax Department has extended the deadline to file income tax return (ITR) for FY 2023-24 (AY 2024-25) from October 31, 2024, to November 15, 2024, in select cases. This extension applies only to specific taxpayers who are liable to submit a tax audit report by September 30, 2024, and file an ITR by October 31, 2024.
Applying the tiebreaker test, ITAT, in the case of a person who is a tax resident of both India and the US, has held that income earned in the US was taxable in India.
The income tax department recently notified the income tax return (ITR) forms to be used for filing tax returns for FY 2024-25 (AY 2025-26). However, Tax experts advise postponing the filing of ITRs until June 15, 2025, even though the ITR forms are available now.