In the 2024-25 Union Budget, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman announced an overhaul of the Income Tax Act, 1961. Following this announcement, the Central Board of Direct Taxes (CBDT) set up an internal committee to lead a comprehensive review of the Act. The Committee for Comprehensive Review, chaired by Mr. V.K. Gupta, Chief Commissioner of
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
