CBDT notifies amendments in I-T rules for presumptive taxation of non-resident cruise ships, ET LegalWorld
The income tax department has notified amendments in I-T rules to prescribe conditions for applicability of presumptive taxation regime for non-resident cruise ship operators. As a measure to promote investment and employment, the government had in the July Budget, provided a presumptive taxation regime for non-residents, engaged in the business of operation of cruise ships. […]
CBDT grandfathers treaty benefits with Mauritius, 2 more nations, ET LegalWorld
The income tax department has come out with a fresh guidance note on applicability of Principal Purpose Test (PPT) for claiming tax treaty benefits, which will apply prospectively. The Central Board of Direct Taxes (CBDT) in its guidance note on PPT also clarified that the grandfathering provisions under the India-Cyprus DTAA, India-Mauritius DTAA and India-Singapore […]
CBDT extends deadline for revised ITR to January 15, Legal News, ET LegalWorld
The last date for filing an Income Tax Return (ITR) for the financial year 2023-24 was July 31, and for those who could not, the time was for filing a revised ITR with late fees was December 31, but now, the Central Board of Direct Taxes has extended this deadline to January 15. As the […]
CBDT launches campaign to intimate taxpayers on undeclared foreign assets in ITR, ET LegalWorld
The income tax department on Saturday said it has launched a campaign to send messages to taxpayers who have not disclosed high-value foreign income or assets in their ITRs for AY 2024-25. The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing […]
CBDT extends deadline to file income tax returns by corporates to Nov 15, ET LegalWorld
The Central Board of Direct Taxes (CBDT) on Saturday extended the deadline for filing income tax (I-T) returns by corporates by 15 days till November 15 for the assessment year 2024-25. The earlier deadline was October 31. The CBDT said in a circular that it has extended due date for furnishing return of income for […]
New compounding guidelines issued by CBDT to help taxpayers in preventing prosecution, ET LegalWorld
The Income Tax Department has revised its guidelines for compounding of offences under the Income Tax Act, 1961. Basically, compounding of offences is a process wherein if you had committed a default under the Income-tax Act you can file an application to the specified competent tax authority accepting that you have committed an offence and […]
CBDT extends deadline to file tax audit report to Oct 7, Legal News, ET LegalWorld
All taxpayers who are required by law to file tax audit report can now file by October 7. The Central Board of Direct Taxes (CBDT) has extended the due date for filing various reports of audit including Tax Audit for the Previous Year 2023-24. The last date for filling the audit report was September 30. […]