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....
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,...
On March 04, 2024, the Income Tax Department released a notification announcing the activation of online submission for Form I SWF, as outlined in Circular No. 15 of 2020, issued on July 22, 2020....
The Central Board of Direct Taxes (CBDT) has recently issued Notification No. 24/2024 dated March 01, 2024, announcing the release of the Income Tax Return (ITR) Form ITR-7 for the Assessment Year (A.Y.) 2024-25. This form is specifically designed for individuals and companies obligated to...
In the realm of startups, securing funding is a critical step towards realizing entrepreneurial visions. Many startups falter due to inadequate financial backing, highlighting the importance of capital infusion at various stages of growth....
In the realm of entrepreneurship, startups undergo various stages akin to the growth phases of a plant. Just as a seed requires nurturing and sustenance to burgeon into a thriving plant, a startup demands financial backing to explore and flourish. The financial support extended during...
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