CBDT issued a time limit for verification of return of income after uploading
Where the return of income is uploaded but e-verification or ITR-V is submitted after 30 days of uploading the date of e-verification/ITR-V submission shall be treated as the date of furnishing the return of income and all consequences of late filing of return under the Act shall follow, as applicable.
Clarification regarding applicability of new tax regime and old tax regime
Although, new tax regime is the default tax regime, tax payers can choose the tax regime that they think is beneficial to them. The option for opting out from the new tax regime is available till filing of return for the AY 2024-25.
Income-tax (Fifth Amendment) Rules, 2024
The amendment has revised the FORM ITR-V used to file the INCOME TAX RETURN VERIFICATION FORM.
Central government extends the income tax exemption available to non profit entities to National Mission for Clean Ganga Authority
This notification shall be deemed to have been applied for assessment years 2020-21 to 2023-2024 relevant for the financial years 2019-20 to 2022-2023 respectively.
Revised Convention between the Government of The Republic of India and the Kingdom of Spain for the avoidance of double taxation and the prevention of fiscal evasion
The revised convention provides that royalties and fees for technical services may also be taxed in the Contracting State in which they arise and according to the law of that State, but if the recipient is the beneficial owner of the royalties or fees for technical services, the tax so charged shall not exceed ten per cent of the gross amount of royalties or fees for technical services.
CBDT has specifies the Press Trust of India Limited, New Delhi as a news agency set up in India solely for collection and distribution of news
Central Government has specified the “The Press Trust of India Limited, New Delhi” as a news agency set up in India solely for collection and distribution of news, for the purpose availing exemption under Section 10 of IT Act, 1961 for two assessment years 2022-2023 to 2023-2024.
Income Tax Department to mount e-campaign for Advance Tax e-campaign for F.Y. 2023-24
On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified such persons/entities where payment of taxes for F.Y. 2023-24(A.Y. 2024-25) is not commensurate with the financial transactions made by the persons/entities concerned, during the said period. Hence, as a part of taxpayer service initiative, the Department is undertaking an e-campaign, which aims to intimate such persons/entities of significant financial transactions, through email (marked as Advance Tax e-Campaign-Significant Transactions for A.Y. 2024-25) and SMS, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before 15.03.2024.
CBDT ISSUES Ex-post facto extension of due date for filing Form No. 26QE which was required to be filed during the period 01.07.2022 to 28.02.2023
The due date is hereby extended to 30.05.2023 in those cases where the tax was deducted by specified persons under section 1945 of the Act durin9 the period from 01 .07.2022 to 28.02.2023.
CBDT clarification regarding submission of audit reports by trusts and institutions
The Central Board of Direct Taxes, exercising its powers under Section 119 of the Act, has allowed trusts and institutions to rectify their submissions. Entities that submitted audit reports using the incorrect form—Form No. 10B instead of Form No. 10BB, or vice versa—for the assessment year 2023-24 can now furnish the correct audit report by 31st March, 2024.
E-Verification Scheme-2021
The Income Tax Department has identified certain mismatches between the information received from third parties on interest and dividend income, and the Income Tax Return (ITR) filed by taxpayers. In many cases, taxpayers have not even filed their ITR. In order to reconcile the mismatch, an on-screen functionality has been made available in the Compliance portal of the e-filing website https://eportal.incometax.gov.in for taxpayers to provide their response. At present, the information mismatches relating to Financial Years 2021-22 and 2022-23 have been displayed on the Compliance portal.
