The new guidelines by Central Board of Direct Taxes (CBDT) for the compounding of offences under the Income-tax Act, 1961, aim to make the process easier and more accessible for taxpayers, according to a statement by Ministry of Finance.
In conformity with the Finance Minister's budget announcement on simplification and rationalization of compounding procedure, The Central Board of Direct Taxes (CBTD) issued Revised Guidelines for Compounding of offences under the Income-tax Act, 1961 on Thursday.
India's net direct tax collection for the financial year 2024-25 has seen a significant surge, with an increase of 18.35 per cent to almost Rs 11.26 lakh crore year on year, as of 10 October, the data from the Central Board of Direct Taxes (CBDT) shows.
The Central Board of Direct Taxes (CBDT) has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act), as was announced in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman.
The Central Board of Indirect Taxes and Customs (CBIC) lauded the Indian Customs K9 squad for its exceptional detection skills, keeping the country safe from narcotics.
Zee Entertainment Enterprises and Manikarnika Films Production House, informed the Bombay High Court on Friday that it has agreed to the cuts suggested by the Central Board of Film Certification (CBFC).
This scheme, aimed at resolving pending income tax disputes, will come into effect from October 1. It seeks to provide an efficient framework for taxpayers to settle their outstanding appeals, streamlining the resolution process for various tax-related disputes.
Actor Kangana Ranaut's film 'Emergency', which was supposed to be released in theatres on September 6, is still awaiting clearance from the Central Board of Film Certification (CBFC).
India's direct tax net collection for the financial year 2024-25 has seen a significant surge, with an increase of 21.48 per cent as of 17 September this year, the data from the Central Board of Direct Taxes (CBDT) shows.
Uttarakhand Chief Minister Pushkar Singh Dhami on Tuesday met Central Board of Film Certification Chairman Prasoon Joshi and veteran actor Anupam Kher at his residence.