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
India is gearing up for a significant overhaul of its tax system by aligning with the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS). A key part of this alignment is the adoption of Pillar 2, which mandates a global minimum corporate tax rate of 15% for multinational corporations (MNCs). This move is expected to be integrated into
Income Tax Exemption for Senior Citizens: Benefits You Shouldn’t Miss in 2024 As India’s senior citizen population continues to grow, the government has introduced several measures to ease the financial burden on this group, especially through income tax exemptions. These benefits are aimed at reducing the tax liability for those who have retired or are nearing retirement. It is essential
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
The Indian Income Tax Act, 1961, is one of the most significant and complex pieces of legislation governing taxation in India. Over the years, this Act has undergone multiple amendments, making it quite intricate. To simplify and modernize it, the Central Board of Direct Taxes (CBDT) has formed a committee aimed at conducting a comprehensive review. As part of this
How the Different Types of Assessment in Income Tax Affect Your Business Filing For businesses, income tax filing isn’t just a legal obligation—it’s also essential for financial health and compliance. Understanding the different types of assessments in income tax is key to ensuring that your filings are accurate, compliant, and legally sound. The Income Tax Act, 1961, offers various methods
How Section 194F Impacts Mutual Fund Investment Process in India Mutual funds are one of the most popular investment vehicles in India, providing opportunities for higher returns with professional management. However, like other investment options, mutual funds are subject to specific tax regulations that can influence investor returns. One such regulation is Section 194F of the Income Tax Act, which
