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New Delhi: Finance Minister Nirmala Sitharaman on Monday directed the Central Board of Direct Taxes (CBDT) to significantly reduce pendency in grievance redressal mechanisms such as CPGRAMS and e-Nivaran pertaining to the department. She also emphasised that prompt and time-bound disposal of taxpayer grievances is essential for ensuring responsive governance. Chairing the Conclave of Principal…
Last Updated:June 22, 2025, 15:47 is IT department has extended the last date of filing to September 15, 2025, though taxpayers must file as soon as possible to avoid last minute glitches and rush. Income Tax Return Filing 2025 Income Tax Return Filing FY 2024-25: The Income Tax Department has been working to simplify the…
New Delhi: The gross direct tax collection (corporate tax, non-corporate tax, securities transaction tax and other levies) in the current fiscal (2025-26) rose by 4.86 per cent to Rs 5.45 lakh crore (as of June 19), according to the latest figures released by the Income Tax (I-T) department. However, net collections saw a marginal decline…
New Delhi: The Central Board of Direct Taxes on Friday said that it regularly receives detailed financial data under global tax cooperation frameworks, including the Automatic Exchange of Information (AEOI) with over 100 jurisdictions, including Switzerland, which it uses to verify ITRs filed by Indian taxpayers. As a result, a total of 24,678 taxpayers reviewed…
New Delhi: Central Board of Direct Taxes (CBDT) has in its latest circular has said that electronically filed valid returns of income filed u/s 139 of the Act for Assessment Years (AY) 2023-24, for which date of sending intimation has lapsed, shall be processed now and intimation shall be sent to the assessee concerned by…
ITR Filing Deadline: The Income Tax Department has extended the deadline for filing belated or revised income tax returns for the Assessment Year (AY) 2024-25 for resident individuals, as stated in a notification issued by the CBDT. Taxpayers now have until January 15, 2025, providing an additional two weeks to finalize or amend their filings….
New Delhi: SBI Research in a report has advocated for quicker review of the Income Tax Act as announced in Budget 2024-25.The report recommended that the revised Act be introduced as a money bill so that it can be passed within stipulated 75 days. This will not only simplify and streamline taxation process but also…
Income Tax Audit Report Deadline: The Central Board of Direct Taxes (CBDT) has extended the deadline for submitting tax audit reports for the assessment year 2024-25, offering relief to those required to comply with this obligation. The original deadline of September 30, 2024, has now been extended to October 7, 2024. This extension comes in…
New Delhi: The Central Board of Direct Taxes (CBDT) recently notified Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, which will come into force with effect from tomorrow (1 October 2024). The Direct Tax Vivad Se Vishwas Scheme provides for lesser settlement amounts for a ‘new appellant’ in comparison to an…
New Delhi: The Central Board of Direct Taxes (CBDT) has notifies Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, which will come into force with effect from 1 October 2024. The Direct Tax Vivad Se Vishwas Scheme provides for lesser settlement amounts for a ‘new appellant’ in comparison to an ‘old…