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New Delhi: The Central Board of Direct Taxes (CBDT) Chairman, Ravi Agrawal, has confirmed that the reason for the delay in processing many income tax refunds for the assessment year 2024-25 is the heightened scrutiny of certain claims flagged by the system. He stated that refunds involving “high-value” or otherwise “red-flagged” deductions are under extra…
New Delhi: The Central Board of Direct Taxes (CBDT) has extended the due dates for filing audit reports and Income Tax Returns (ITR) for the Assessment Year 2025–26, giving major relief to businesses, professionals, and firms whose accounts require auditing. Earlier, the deadline to submit tax audit reports was October 31, 2025, and the…
New Delhi: The Central Board of Direct Taxes (CBDT) has once again clarified that taxpayers cannot claim tax rebate under Section 87A of the Income Tax Act on income that is taxed at special rates, such as short-term capital gains (STCG). In the financial year 2023-24, many taxpayers claimed a rebate on short-term capital gains,…
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: 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…
Last Updated:November 16, 2024, 2:57 PM IST IT department to send messages to taxpayers who have not disclosed high-value foreign income or assets in their ITRs for AY 24-25 CBDT has launched a Compliance-Cum-Awareness Campaign for Assessment Year 24-25 The Income Tax Department announced on Saturday that it has initiated a campaign to send targeted…
The income tax return filing season has now entered the penalty phase where those who failed to file their returns by July 31 are now needed to pay fine to fill their returns. The Income Tax Department said earlier this month that timely compliance by taxpayers and tax professionals has led to a significant increase…
Curated By: Business Desk Last Updated: August 12, 2024, 11:51 IST Income Tax Day was celebrated on July 24. The CBDT Chairman recently spoke about this in an online video session titled ‘The Chairan Speaks’ with income tax officials from around the country. Paying income tax on time is one of the most important things…