Clarification Regarding Orders under Section 201 Of The Income-Tax Act, 1961 Under E-Appeal Scheme, 2023 The CBDT vide Order F. NO. 225/17/2025-ITA-II, dated 28-1-2025 clarified that Orders passed u/s 201 in pursuance of action u/s 133A are appealable before CIT(A) under e-Appeal Scheme, 2023. NOTIFICATION G.S.R. 67(E) [NO. 9/2025/F.NO.370142/18/2024-TPL], DATED 21-1-2025 The CBDT vide insertion of new Rule 6GB – prescribes […]
CBDT extends due date for filing belated/revised ITR for AY 2024-25 The CBDT vide circular no. 21/2024 dated 31.12.2024 has extended the last date for furnishing a belated return of income or for furnishing a revised return of income for the Assessment Year 2024-25 in the case of resident individuals from 31st December 2024 to 15th January 2025. CBDT modifies […]
Due date for filing ITR for AY 2024-25 for assessee required to furnish TP report extended till 15-12-2024: CBDT The CBDT vide Circular No. 18/2024 has extended the due date for furnishing the Return of Income for the Assessment Year 2024-25 for assessees required to furnish a TP report. The due date has been extended from 30th November 2024 to […]
Due Date Tax Submission 7th Nov Due date for deposit of Tax deducted/collected for the month of October, 2024. 14th Nov Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB, 194M & 194S in the month of September, 2024 15th Nov Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the […]
CBDT extends ITR due date from 31st October to 15th November 2024 The CBDT vide Circular No. 13/2024 has extended the due date for furnishing the Income Tax Return (ITR) for Assessment Year 2024-25 under section 139(1) of the Income Tax Act from 31-10-2024 to 15-11-2024. ORDER NO. F. No. 173/118/2024-ITA-I, DATED 7-10-2024 The CBDT further extends due date for filing […]
1.CBDT issues new guidelines to handle applications for condonation of delay in filing ITR with refund/losses The CBDT vide Circular No. 11/2024 dated 1st Oct, 2024 has issued a new circular under Section 119(2)(b) of the Income-tax Act, 1961. This circular provides comprehensive guidelines for handling applications for condonation of delay in filing returns claiming refunds and carry forward of […]
CBDT launches e-DRS 2022 to minimize litigation and offer relief to eligible taxpayers The CBDT launches e-DRS 2022 vide Press Release dated 30.08.2024; A taxpayer can opt for e-dispute resolution against the ‘specified order’ under certain conditions – E-DRS application must be filed within one month from date of receipt of specified order – if appeal is pending, E-DRS application […]
The table below shows the proposed changes to Tax Deducted at Source (TDS) rates by the Finance (No. 2) Bill 2024 compared to the existing rates. Section Nature of Income Payer Payee TDS Rates Existing Proposed (a) (b) (c) (d) (e) (f) 194DA Payment in respect of Life Insurance Policy Every Payer Resident Person 5% 2% 194F Repurchase of Units […]
Important Judicial Precedents 1. As per the settled position in law, interest accrued on compensation received can be termed as capital receipt & hence, not taxable: HC [2024-TIOL-960-HC-DEL-IT_ITA 1114/2018 _PCIT-4 Vs. INS FINANCE AND INVESTMENT PVT LTD] It is pertinent to point out that this amount cannot be characterized as compensation granted by the Court on account of cancellation of […]
NOTIFICATION S.O. 2103(E) [NO. 44/2024/F.NO.370142/10/2024-TPL], DATED 24-5-2024 The CBDT via this notification notified ‘363’ Cost Inflation Index (CII) for Financial Year 2024-25. 2. Notification G.S.R. 233 (E), dated 27th March , 2024. The CBDT amends Form 27Q; added ‘Note 7A’ for furnishing information about lower or no TDS under section 197A. Taxpayers are now required to write “P” if lower […]