The Income-Tax Department announced an extension for the deadline for filing belated or revised income tax returns for the fiscal year 2023-24 to 15th January 2025. Previously, the last date for resident individuals to make these submissions for assessment year (AY) 2024-25 was set at 31st December 2024.The department made this announcement in a post…
The Central Board of Direct Taxes (CBDT) has initiated a thorough examination and verification process for outward foreign remittances exceeding Rs 6 lakh to identify any discrepancies in the data and potential tax evasion. This action was taken after the discovery of cases where foreign remittances and expenditures were inconsistent with the income declared by…
Income Tax notice coming your way? The income tax department is set to send notices to individuals who have not filed tax returns, despite having tax deducted at source on their incomes, according to Central Board of Direct Taxes (CBDT) chairman Nitin Gupta. In an interview with ET, Gupta stated that there are approximately 15…
