D J A S & Co.’s Post

I feel these constant efforts from CBDT to reduce prolonged litigation is a welcome step and assessee's should make the most out of these opportunities. The Departments should be conducting sessions and awareness campaign to make sure tax payers benefit from such circulars. The Income Tax Department could take this initiative further by leveraging AI technology to identify and target the right taxpayers who are eligible to benefit from these condonation provisions. Such a forward-thinking approach would align perfectly with the mission of a more inclusive and technology-driven tax administration. #CBDT #incometaxindia #Taxupdate

📢 Important Update for Taxpayers: CBDT Circular No. 17/2024 - Delay Condonation for Filing Forms 10-IC and 10-ID The Central Board of Direct Taxes (CBDT) has issued Circular No. 17/2024, providing a significant relief for taxpayers who missed the deadline for filing Forms 10-IC (relating to the new tax regime for MSMEs) and 10-ID (related to opting for the new tax regime under section 115BAC). 📅 Key Highlights: The Circular grants condonation of delay for filing Forms 10-IC and 10-ID for the assessment years 2020-21 and 2021-22. This provides taxpayers a one-time opportunity to file these forms, ensuring compliance with the provisions of the Income Tax Act. The condonation is available for taxpayers who could not file these forms within the stipulated timelines due to genuine reasons. 🔍 What Does This Mean for Taxpayers? Taxpayers who were unable to file Forms 10-IC and 10-ID on time can now submit these forms with a reduced risk of penalties or non-compliance issues, helping them to align with the tax provisions and avoid potential legal consequences. This is a welcome relief for businesses and taxpayers navigating the complexities of tax filings during challenging times. For more details, refer to the CBDT Circular No. 17/2024. #CBDT #TaxCompliance #IncomeTax #BusinessTax #TaxFiling #Circular17 #Forms10IC10ID #MSME #TaxRegime #IncomeTaxAct Talk with #TaxExpertCASagar:- https://lnkd.in/dHQBveFg

Understanding Section 156 of the Income Tax Act: What You Need to Know! Section 156 of the Income Tax Act is a crucial provision that governs demand notices for unpaid taxes. This section empowers the Income Tax Department to issue a formal notice when a taxpayer has an outstanding tax liability that needs to be paid. Whether it's due to a tax return assessment, an audit, or any other cause, this provision ensures timely recovery of dues. But what exactly should you know about Section 156? 🔍 Key Details - A demand notice is issued under Section 156 when the tax authorities determine that a taxpayer owes money after processing their return or completing an assessment. - The notice specifies the amount payable, and the taxpayer is required to pay it within 30 days from the date of the notice. - Failure to comply within this time frame may lead to interest, penalties, or even legal actions, so it's important to address the notice promptly. 💡 Important Limits under Section 156 Penalties and Interest: If the payment is not made within 30 days, interest under Section 220(2) and possible penalties can be levied. 📌 Takeaway for Taxpayers - Always check the details of any notice you receive. If you believe there's an error or dispute the demand, consider filing an appeal or seeking rectification. - Proactively address any pending dues to avoid unnecessary complications or escalation. By understanding the implications of Section 156 and responding on time, you can stay compliant and avoid potential legal hassles. #Taxation #IncomeTaxAct #Section156 #TaxCompliance #TaxMatters #Finance #TaxTips #IndiaTax

This post educates income taxpayers on the recent circular issued by CBDT regarding the application for condonation of delay in filing Income Tax Returns (ITR). Taxpayers often utilize this application to request the tax department to condone delays in filing or revising their ITR, enabling them to claim income tax refunds and carry forward losses for set off purposes. The updated circular has notably reduced the time limit for applying for condonation of delay to five years from the end of the financial year in which the ITR was originally required to be filed. This adjustment contrasts with the previous 2015 circular, which allowed taxpayers a six-year window to submit their condonation delay applications from the end of the relevant financial year. These changes emphasize the importance of timely compliance with tax filing requirements and the significance of adhering to the revised timelines set forth by the CBDT for condonation of delay applications. #tax #incometax #taxupdates #indiataxes #ca #cpa #irs

Rebate under Section 87A Extended to Special Rate Income I am pleased to bring attention to a significant legal development that addresses a contentious issue surrounding Section 87A of the Income Tax Act. In the case of Beena Manishbhai Fofaria vs. Assistant Officer, dated November 22, 2024, the Commissioner of Income Tax (Appeals) has decisively ruled that the rebate under Section 87A is applicable even against income taxed at special rates. This judgment is pivotal as it resolves a long-standing dispute regarding the scope and applicability of the rebate under Section 87A, particularly in the context of special rate incomes, such as short-term capital gains (Section 111A) or long-term capital gains (Section 112/112A). Key Highlights of the Judgment: 🔹 It affirms that the intent of Section 87A is to provide tax relief to eligible taxpayers, irrespective of the rate at which income is taxed. 🔹 The judgment provides a precedential reference for taxpayers who may have been denied this rebate on technical grounds. 🔹 It reinforces a taxpayer-friendly interpretation of the law, aligned with the principles of equity and fairness. This decision marks a significant milestone for taxpayers, as it sets a crucial benchmark for both assessment proceedings and appellate reviews. The ruling will undoubtedly guide the resolution of similar disputes and strengthen taxpayers' claims for rightful benefits under the Act. I encourage tax professionals, advisors, and taxpayers to review this judgment in detail and leverage its insights for accurate tax compliance and planning. Your thoughts and perspectives on this matter are welcome—let's discuss its broader implications! #IncomeTax #Taxation #Section87A #LandmarkJudgment #TaxRebate #LegalUpdates

📢 Important Update for Taxpayers! On October 26, 2024, the Central Board of Direct Taxes (CBDT) 📄 announced an extension for filing the Return of Income for Assessment Year (AY) 2024-25. This much-needed extension is designed to provide relief 🧘♂️ and ensure compliance with income tax regulations. 📅✅ Key Highlights of Circular No. 13/2024: 🚨 Extension of Due Date: The filing deadline for the Return of Income under Section 139(1) has been extended from October 31, 2024 to November 15, 2024. This applies specifically to assessees as mentioned in clause (a) of Explanation 2 to sub-section (1) of Section 139. ⏳ 🛠️ Reason for Extension: Using its powers under Section 119 of the Income Tax Act, the CBDT extended the deadline to ease the filing process for taxpayers 📂📈. This change is particularly helpful for individuals and businesses 🏢👥 facing challenges during the tax filing period. ⬇️ See the official copy of the Circular below: #CBDTUpdate #IncomeTaxFiling #AuditDeadlineExtension #TaxCompliance #ITRAudit2024 #TaxPlanning #AY2024_25 #FinanceIndia #TaxFilingDeadline #BusinessTaxIndia

Do this before filing Income Tax Return to avoid notices Mismatch in AIS and Form 26AS data: Are you planning to file income tax return (ITR) for Assessment Year 2024-25? Make sure that your Form 26AS data match with that of AIS (Annual Information Statement) else you will be served a notice by the Income Tax Department. With just five days left for ITR deadline, taxpayers who are yet to file their income tax return must be in a hurry to complete their ITR filing process before the due date. The income tax return filing deadline is July 31, 2024. Taxpayers are advised that before starting the ITR filing process they must ensure that there is no mismatch between AIS and 26AS data.

📢 Important Update: Extension of Tax Audit Report Deadline for AY 2024-25 The Central Board of Direct Taxes (CBDT) has extended the deadline for filing tax audit reports for the Assessment Year 2024-25. The new deadline is now October 7, 2024. This extension provides much-needed relief to taxpayers who were initially required to submit their tax audit reports by September 30, 2024. This extension applies to all taxpayers, including individuals, companies, and other assessees whose income tax returns are due by October 31, 2024. The decision was made to address the challenges faced by taxpayers in meeting the original deadline. #TaxAudit #IncomeTax #CBDT #TaxCompliance #TaxDeadline #Finance #Accounting

‼️The deadline for submitting the annual CIT-8 tax return is fast approaching, and consequently, taxpayers of transferred income tax are obliged to calculate it in the annual return. What are transferred incomes, how to tax them, and what are the exceptions from the provisions of the CIT Act? Everything in the article on our website, read it now 😉 #WeAreVGD #VGD #VGDPolska #CIT8 #transferredincome

The Federal Board of Revenue (FBR) has once again extended the deadline for filing income tax returns, giving taxpayers more time until October 31 to submit their returns. This decision came after requests from trade organizations and tax bar associations for extra time to complete their tax filings. In a circular issued by the FBR, the extension was granted under Section 214A of the Income Tax Ordinance 2001, allowing taxpayers more time to meet their tax obligations. This is the second extension, as the original deadline was first moved from September 30 to October 14. Previously, October 14 was announced as the final date for filing income tax returns for 2024, with the FBR stating that no further extensions would be provided. #FBR #TaxReturn #Extension #IncomeTax #Pakistan #Taxation #TaxFiling2024 #FBRUpdate #Deadline #TaxpayerSupport #FinanceNews #Cohortmax