The Central Board of Direct Taxes (CBDT) recently amended income tax laws, allowing individuals other than the original tax payer to claim Tax Collected at Source (TCS) credits. The new guidelines offer greater flexibility to parents in managing tax obligations of children who are studying abroad. They can claim TCS credits against their taxable income, potentially reducing overall tax liability.
CBDT issued notification no. 106/2024 dated 01.10.2024 to specify ‘Principal Secretary to Government & Chairman, Odisha Computer Application Centre (OCAC), Department of Electronics & Information Technology (E&IT), Government of Odisha’ for the purposes of identifying genuine beneficiaries for social welfare schemes of Government of Odisha in pursuance of Section 138(1)(a)(ii) of the Income-tax Act, 1961.
The Central Board of Direct Taxes (CBDT) has recently released notification, saying the Direct Tax Vivad Se Vishwas Scheme 2024 will come into effect from October 1, 2024. This scheme seeks to minimise income tax litigation by offering taxpayers the opportunity to settle ongoing income tax appeals, writs, and petitions pending before various appellate authorities, including the Supreme Court and high courts, as of July 22, 2024.
The income tax department has hiked the minimum threshold for filing appeals by the department in tribunal, high courts and the Supreme Court.
Net direct tax collection after adjusting for refunds has grown 16% so far this financial year to ₹9.95 trillion, led by strong growth in taxes on personal and corporate incomes and on trading in securities, Central Board of Direct Taxes (CBDT) said on Wednesday.
The Central Board of Direct Taxes (CBDT) has launched the e-Dispute Resolution Scheme (e-DRS) for taxpayers to resolve matters related to Income Tax assessments. The scheme was notified in 2022 and will minimise litigation and provide a more efficient resolution mechanism.
An internal committee under the CBDT has been established to review the Income Tax Act of 1961. The committee will be led by VK Gupta, Chief Commissioner of Income Tax.
CBDT has instructed its officials to create a new database of charitable institutions to track their registration status under different provisions of the Income-Tax (I-T) Act. The intent is to eliminate discrepancies in tax filings and claims of exemption.
The Central Board of Direct Taxes (CBDT) has relaxed provisions of TDS/TCS in event of death of deductee/collectee, before linkage of PAN and Aadhaar.
The Central Board of Direct Taxes (CBDT) has initiated the process of automatically extinguishing tax demand notices up to Rs 1 lakh per assessee, which is similar to a waiver in layman’s terms
