22 Mar Guidelines Regarding Cash Limits in Home under Tax Regulations
Under the provisions of the Income-Tax Act (ITA) of 1961, there exists no stipulation on the maximum amount of cash permissible to be kept within one's residence....
Direct Tax
21 Mar Auditor’s Accountability for Audit Trail Reporting
An essential aspect of maintaining financial transparency and accuracy is the implementation of an audit trail, which serves as a detailed record tracking the origin and modifications of financial transactions within a system. Auditors are obligated to report on the adequacy and effectiveness of these...
21 Mar CBDT issues corrigendum to include sec. 43B(h) disallowance under clause 22 of Form 3CD
The Central Board of Direct Taxes (CBDT) introduced amendments to Form 3CD through Notification No. 27/2024 /F. No. 370142/3/2024-TPL, dated 05-03-2024. These amendments primarily focused on enhancing disclosures related to certain provisions of the Income Tax Act....
20 Mar Guidelines on Cash Limits and Tax Implications for Individuals
As per the Income-Tax Act (ITA), 1961, there is no restriction on the amount of money stored in the house; in case of an income tax raid, an individual is required to present the source of the money....
20 Mar Filing of Form 10-IEA for Income-Tax Return
The Income-Tax Department has introduced Form 10-IEA for individuals who wish to switch back to the old tax regime from the new one....
20 Mar Understanding the Contrast: Income Tax vs Tax Deducted at Source (TDS)
Income tax and Tax Deducted at Source (TDS) represent distinct facets of taxation, each with its own operational framework....
20 Mar Gross Direct Tax Revenues for FY24 Experience Notable Growth of 18.74%, net direct tax at 19.88%
During the recent Budget speech, Finance Minister Nirmala Sitharaman revised the projection for direct tax collections in FY24 to Rs 19.45 lakh crore, reflecting an increase from the initial estimate of Rs 18.20 lakh crore....
19 Mar CBDT Issues Guidelines on Income Tax Appeal Filing to Reduce Litigation
The Central Board of Direct Taxes (CBDT) has issued Circular No. 5/2024 dated March 15, 2024, under Section 268A of the Income-tax Act, 1961, providing guidelines for the Department's appeal filings before the Income Tax Appellate Tribunal (ITAT), High Courts (HCs), and for Special Leave...
19 Mar Key JSON Schemas for ITR-1 and ITR-4 Issued by Income Tax Department for Assessment Year 2024-25
The Income Tax Department has recently unveiled the JSON Schema for ITR-1 for the Assessment Year 2024-25, corresponding to the Financial Year 2023-24....
19 Mar CBDT Orders Income Tax Offices to Operate on March 29-31, 2024
The Central Board of Direct Taxes (CBDT) has issued an Order dated March 18, 2024, announcing the extension of working days for all Income Tax Offices in India. This extension applies to March 29, 30, and 31, 2024, with the aim of facilitating the completion...