On October 26, 2024, the Central Board of Direct Taxes (CBDT) made an impactful announcement extending the filing deadline for audited Income Tax (IT) returns for the Assessment Year (AY) 2024-25. This extension gives taxpayers additional time to ensure compliance, easing the pressure for individuals and businesses alike. Here’s an in-depth look at what this update entails, its implications, and
On October 17, 2024, the Central Board of Direct Taxes (CBDT) unveiled its revised guidelines for the compounding of offences under the Income-tax Act, 1961. These new guidelines are a significant step forward in simplifying the tax compounding process and reducing charges, aligning with the Finance Minister’s recent budget announcement. These revised guidelines replace all previous instructions and are applicable
The Central Board of Direct Taxes (CBDT) has rolled out significant updates for Tax Deducted at Source (TDS) rates, which will be applicable in the financial year 2024-25 and the corresponding assessment year 2025-26. These adjustments, introduced through the Finance (No. 2) Act, 2024, bring changes across various income categories such as salary, interest from securities, winnings from lotteries, and
The Central Board of Direct Taxes (CBDT) has introduced crucial amendments to the Income-tax Rules with Notification No. 111/2024, issued on October 15, 2024. These changes came into effect on October 1, 2024, and are aimed at making the registration process easier for charitable institutions, trusts, and non-profit organizations seeking tax exemptions under sections 12A and 80G of the Income-tax
The Central Board of Direct Taxes (CBDT) continues to shape India’s tax landscape, bringing more clarity to tax processes with the latest changes to the Income-tax (Eighth Amendment) Rules, 2024. In their Notification No. 112/2024, issued on October 15, 2024, significant modifications have been introduced to streamline tax deductions at source (TDS) and tax collection at source (TCS). These changes
CBDT Extends Form 10B/10BB Filing Deadline to November 10, 2024 In a significant and much-needed relief for organizations, the Central Board of Direct Taxes (CBDT) has extended the deadline for filing Form 10B and 10BB to November 10, 2024. This move comes as a response to concerns raised by trusts, institutions, and funds that were unable to meet the original
