Enhancing Tax Transparency on Foreign Assets & Income: Understanding CRS & FATCA Enhancing Tax Transparency on Foreign Assets & Income Tax Transparency on Foreign Assets & Income In an increasingly interconnected global economy, managing tax compliance has become more challenging than ever. Tax authorities worldwide are working together to address the issue of offshore tax … Read more
Extension of Due Date for Determining Amount Payable Under Direct Tax Vivad Se Vishwas Scheme, 2024 Introduction Extension of Due Date for Determining Amount Payable Under Direct Tax Vivad Se Vishwas Scheme, 2024 The government’s Direct Tax Vivad Se Vishwas Scheme, 2024, aimed at resolving pending tax disputes, has brought relief to taxpayers by offering … Read more
Extension of Due Date for Furnishing Belated/Revised Income Tax Returns for AY 2024-25 Extension of Due Date for Furnishing Belated/Revised Income Tax Returns for AY 2024-25 Filing income tax returns accurately and on time is a critical responsibility for taxpayers. However, unforeseen circumstances can sometimes delay compliance, leading to the need for belated or revised … Read more
Income Tax and GST Updates Effective from 1st January 2025 Changes to Tax Collected at Source (TCS) Rates Applicability under Section 206C(1F): Motor Vehicles: A TCS rate of 1% applies to the sale of motor vehicles exceeding ₹10 lakh. Other Goods: TCS at 1% applies to goods specified by the Central Government via notification. These … Read more
Income and Transaction Mismatches for FY 2023-24 and FY 2021-22 Income and Transaction Mismatches for FY 2023-24 and FY 2021-22 The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has launched a new electronic campaign aimed at assisting taxpayers in resolving discrepancies between the income and transactions reported in their Annual Information … Read more
