RBI: Premature Redemption under Sovereign Gold Bond
RBI Notification: Premature Redemption Details for Sovereign Gold Bond...
Proposed Income Tax Act Amendment Targets MSME Dues Tax Treatment
A recent alteration in the Income Tax Act, aimed at bolstering small businesses by ensuring timely payments, might have inadvertently deterred potential buyers from engaging with them. Sources familiar with government discussions hint at a possible revision in the Act during the forthcoming FY25 ful...
CBDT releases guidelines for compulsory selection of ITR for mandatory scrutiny during FY 2024-25
The Central Board Direct Taxes(CBDT) has released some guidelines relating to compulsory selection of Income tax returns for 100% Scrutiny during the financial year 2024-2025. The board has also notified the procedure for compulsory selection which are similar to guidelines issued for FY 2023-24 Com...
When to file your Income Tax Return
Should You File ITR Now or Closer to the July 31 Due Date for FY24? Know the Sweet-Spot Timing for Income Tax Return Filing...
CBDT issues Clarification on Media Reports on Special Drive to Reopen Cases Regarding HRA Claims
The recent data analysis by the CBDT primarily targeted high-value cases with discrepancies in rent payments for the fiscal year 2020-21…...
Understanding and Protecting Against Misuse of PAN in House Rent Allowance (HRA) Claims
The Income Tax department has uncovered a significant number of cases where discrepancies exist between the rent received and the House Rent Allowance (HRA) claimed by taxpayers. As a result, numerous individuals have been issued notices through......
GSTN issues Advisory on Auto-population of HSN-wise summary from e-Invoices into Table 12 of GSTR-1
The Goods and Services Tax Network (GSTN) has rolled out a new functionality that streamlines GSN Summary in GSTR-1 reporting for businesses. Read the Advisory Here…...
Relief for TDS/TCS Deductors – CBDT Circular No. 6/2024
CBDT issued Circular No. 6 on 23rd April, 2024, to address the grievances faced by deductors/collectors who collected TDS/TCS at the normal rate but were required to deduct/collect at double the rate due to the PAN of the deductee being inoperative because of non-linkage with Aadhar. The circular st...
Important Amendments to Charitable Trusts Regulations from April 1, 2024
Effective from April 1, 2024, significant changes have been made to the regulatory landscape for Charitable Trusts, specifically in Section 11 of the Income Tax Act, 1961. These amendments entail crucial alterations in deduction policies, corpus donations, and audit report submissions. Trustees of C...
Companies Act / FEMA / FSSAI Compliance Calendar May 2024
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