For support, write to us on: admin@taxsutra.com
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
******
New Delhi, 16th November, 2024
Press Release
Compliance-Cum-Awareness Campaign for AY 2024-25
The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets and reporting income from foreign sources in their Income Tax Returns (ITR). Compliance with Schedule FA and FSI is mandatory under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which requires the full disclosure of foreign assets and income.
As part of this campaign, informational messages will be sent via SMS and email to resident taxpayers who have already submitted their ITR for AY 2024-25. These messages are intended for individuals identified through information received under bilateral and multilateral agreements, suggesting that they may hold foreign accounts or assets, or have received income from foreign jurisdictions. The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitted ITR for AY 2024-25, especially in cases involving high-value foreign assets.
This initiative aligns with the vision of Viksit Bharat and highlights the Income Tax Department’s commitment to using technology to simplify taxpayer compliance and reduce human interaction. By leveraging data obtained through the Automatic Exchange of Information (AEOI), the department is working to create a more efficient, taxpayer-friendly system.
The CBDT expects all eligible taxpayers to take advantage of this opportunity to fulfil their tax responsibilities and contribute to the nation’s economic development. This effort not only is in line with the government’s vision for a developed India but also fosters a culture of transparency, accountability, and voluntary compliance.
For a detailed, step-by-step guide on completing Schedule Foreign Assets, taxpayers are encouraged to visit the official Income Tax Department website www.incometax.gov.in where resources and support are readily available to assist them.
(V. Rajitha)
Commissioner of Income Tax
(Media & Technical Policy) &
Official Spokesperson, CBDT
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 26 th October, 2024
Press Release
CBDT extends due date for furnishing Return of Income for the Assessment Year 2024-25 under the Income-tax Act, 1961 (the Act) The Central Board of Direct Taxes (CBDT) has extended the due date of furnishing of Return of Income under sub-Section (1) of Section 139 of the Act for the Assessment Year 2024-25, which is 31 st October 2024 in the case of assessees
referred in clause (a) of Explanation 2 to sub-Section (1) of Section 139 of the Act, to 15 th November 2024.
CBDT Circular No.13/2024 in F.No.225/205/2024/ITA-II dated 26.10.2024 is issued. The said Circular is available on www.incometaxindia.gov.in.
(V. Rajitha)
Commissioner of Income Tax
(Media & Technical Policy) &
Official Spokesperson, CBDT
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
******
New Delhi, 16th October, 2024
Press Release
CBDT Notifies Amendments in Income-tax Rules for Ease in Claiming Credit for TCS Collected/TDS Deducted for Salaried Employees and Enabling claiming TCS Credit of Minors in the Hands of Parents
Sub-section (2B) of Section 192 of the Income-tax Act, 1961 (‘the Act’) was amended vide the Finance (No. 2) Act, 2024 (FA (No. 2)) to include any tax deducted or collected at source under the provisions of Chapter XVII-B or Chapter XVII-BB, as applicable, for the purpose of making tax deductions in the case of salaried employees.
Vide CBDT Notification No. 112/2024 dated 15.10.2024, the Income-tax Rules, 1962 (‘the Rules’) have been amended, introducing Form No. 12BAA as the prescribed statement of particulars required under sub-section (2B) of Section 192 of the Act. Employees must provide these particulars to their employers, who are responsible for making payments under sub-section (1) of Section 192. The employer, in turn, shall deduct TDS on salary after taking into account the furnished particulars.
Further, sub-section (4) of Section 206C of the Act was amended vide FA (No. 2) to allow the credit of TCS to a person other than the collectee—such as a parent in the case of a minor collectee—when the minor’s income is clubbed with that of the parent. Accordingly Vide CBDT Notification No. 114/2024 dated 16.10.2024 Rule 37-I of the Rules has been amended to allow credit of tax collected at Source to a person other than the collectee, in whose hands the income of the collectee is assessable.
The said notifications are available at www.incometaxindia.gov.in
(V. Rajitha)
Commissioner of Income Tax
(Media & Technical Policy) &
Official Spokesperson, CBDT
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
******
New Delhi, 07th October, 2024
Press Release
Suggestions for comprehensive review of Income-tax Act
In the Budget 2024-2025 speech, the Hon’ble Finance Minister announced a comprehensive review of the Income-tax Act, 1961. The goal is to make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers. An internal committee of the Income Tax Department has been formed to oversee this review.
The committee invites public inputs and suggestions in four categories: Simplification of Language, Litigation Reduction, Compliance Reduction, and Redundant/Obsolete Provisions. To facilitate this, a webpage has been launched on the e-filing portal with the following link: https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review
The public can access the page by entering their mobile number and validating it via OTP. Suggestions should specify the relevant provision of the Income-tax Act, 1961 or Income-tax Rules, 1962 (mentioning the specific section, sub-section, clause, rule, sub-rule, or form number), as the case may be, to which the suggestion relates under the aforementioned four categories. The web page is live and accessible to the public in the E-filing portal from 06.10.2024.
(V. Rajitha)
Commissioner of Income Tax
(Media & Technical Policy) &
Official Spokesperson, CBDT
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
******
New Delhi, 21st September, 2024
Press Release
CBDT notifies Rules & Forms for Direct Tax Vivad Se Vishwas Scheme, 2024.
Hon’ble Finance Minister, in her budget speech, announced the Direct Tax Vivad Se Vishwas Scheme, 2024 (referred as DTVSV, 2024) to resolve pending appeals in the case of income tax disputes. The DTVSV Scheme, 2024 was enacted vide Finance (No. 2) Act, 2024. The said Scheme shall come into force with effect from 1.10.2024. Further, the Rules and Forms for enabling the Scheme have also been notified vide Notification No. 104/2024 in G.S.R 584(E) dated 20.09.2024.
The Scheme provides for lesser settlement amounts for a ‘new appellant’ in comparison to an ‘old appellant’. The Scheme also provides for lesser settlement amounts for taxpayers who file declaration on or before 31.12.2024 in comparison to those who file thereafter.
Four separate Forms have been notified for the purposes of the Scheme. These are as under:
Form-1: Form for filing declaration and Undertaking by the declarant
Form-2: Form for Certificate to be issued by Designated Authority
Form-3: Form for Intimation of payment by the declarant
Form-4: Order for Full and Final Settlement of tax arrears by Designated Authority
The Scheme also provides that Form-1 shall be filed separately for each dispute provided that where appellant and the income-tax authority, both have filed an appeal in respect of the same order, single Form-1 shall be filed in such a case.
The intimation of payment is to be made in Form-3 and is to be furnished to the Designated Authority alongwith proof of withdrawal of appeal, objection, application, writ petition, special leave petition, or claim.
Forms 1 and 3 shall be furnished electronically by the declarant. These Forms will be made available on the e-filing portal of Income Tax Department i.e. www.incometax.gov.in.
For detailed provisions of the DTVSV Scheme, 2024, section 88 to section 99 of the Finance (No. 2) Act, 2024 may be referred to alongwith Direct Tax Vivad Se Vishwas Rules, 2024.
This is another initiative by the Government towards litigation management.
(Surabhi Ahluwalia)
Pr. Commissioner of Income Tax
(Media & Technical Policy) &
Official Spokesperson, CBDT