The Income Tax Department has launched version 1.5 of its Excel-based utility for filing ITR-3, marking a significant upgrade for individuals and Hindu Undivided Families (HUFs) earning income from business or profession. The release, available from October 18, 2024, replaces the previous version rolled out on May 9, 2024, and comes with improved features designed to streamline the filing process.
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
International financial dealings can be confusing, especially when it comes to taxes. If you’re managing money abroad, knowing how to claim the Foreign Tax Credit (FTC) using Form 67 is crucial. This guide will help you navigate Form 67, ensuring you optimize your tax position and avoid double taxation. Why Is the Foreign Tax Credit Important? When earning income
The Union Budget 2024 brought several changes that will affect the Tax Deducted at Source (TDS) rates starting from October 1, 2024. These modifications are designed to simplify taxation and provide relief in certain transactions. Let’s explore the revised TDS rates and understand how these changes impact taxpayers. What is TDS? Tax Deducted at Source (TDS) is a
Tax Audit Due Date Extended for FY 2023-24 to 7th October 2024 The Central Board of Direct Taxes (CBDT) has announced an important extension for tax audits for the fiscal year 2023-24. This extension offers taxpayers a critical reprieve, providing additional time to file essential audit reports. What is the New Deadline for Tax Audits? The new deadline for filing
