The Central Board of Direct Taxes (CBDT) has issued guidelines, dated March 07, 2024, under F.No.279/Misc/M-102/2021-ITJ, aimed at expediting the handling of appeals by Commissioners of Income Tax (Appeals/Assessment Unit) or Additional/Joint CIT(A)....
The Income Tax Department has released a recent update, dated March 7, 2024, regarding the provision to submit an Updated Income Tax Return (ITR) under section 139(8A) of the Income Tax Act, 1961....
The Central Board of Direct Taxes (CBDT) has issued Notification No. 28/2024 dated March 07, 2024, announcing the exemption of Units within the International Financial Services Centre (IFSC) from tax deductions under various sections of the Income-tax Act, 1961....
The e-Way Bill and e-Invoice systems are scheduled for urgent maintenance, resulting in downtime on Friday, March 8th, 2024, from 11:30 PM to 00:30 AM. Users are advised to plan their activities accordingly during this period. We apologize for any inconvenience caused and appreciate your...
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Starting from the fiscal year 2025, the government will introduce a regulation mandating that payments to micro, small, and medium enterprises (MSMEs) must be settled within a 45-day period. Failure to comply will result in companies facing taxation on the outstanding amount, as revealed by...
In a move aimed at streamlining tax compliance and ensuring transparency, the Central Board of Direct Taxes (CBDT) has issued Notification No. 27/2024 dated March 05, 2024, notifying the Income-tax (Fourth Amendment) Rules, 2024. These amendments, made to the Income-tax Rules, 1962, bring significant updates...
Circular No. 02/2024, issued by the CBDT on March 05, 2024, grants an extension to trusts and institutions that submitted incorrect audit report forms for the assessment year (A.Y.) 2023-24. They are allowed to rectify their submissions by March 31, 2024, especially those needing to...
ITR-U, or Updated Income Tax Return, is a form introduced by the government to allow taxpayers to rectify errors or omissions in their previous income tax returns. It can be filed within two years from the end of the relevant assessment year....
Finance Minister Nirmala Sitharaman has called upon goods and services tax (GST) officials to address classification-related concerns promptly. Speaking at the National Conference of Enforcement Chiefs of the State and Central GST Formations, Sitharaman emphasized the importance of engaging with stakeholders to understand their issues,...
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