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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…
New Delhi: The government on Sunday responded to social media outrage over a Budget proposal requiring tax clearance certificates for travelling abroad. They clarified that this new rule is not for everyone and only those accused of financial irregularities or with substantial tax arrears will need to obtain such clearance. In the Finance Bill 2024,…
As per section 230 of the Income-tax Act, 1961, every person is not required to obtain a tax clearance certificate. (Representative image) The Budget 2024 proposed to include a reference of the Black Money Act, 2015 to obtain a tax clearance certificate. The Central Board of Direct Taxes (CBDT) has clarified Section 230 of the…