Purchasing and maintaining a car in India involves several layers of direct and indirect taxes, significantly increasing the overall cost of ownership. In this post, we’ll break down the taxes borne by a car owner for both traditional and electric vehicles (EVs), assuming the cost of a traditional car is ₹700,000 and an electric vehicle […]
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Are you up to date with your income tax filings? The Central Board of Direct Taxes (CBDT) is taking bold strides to simplify tax compliance and address mismatches in income reporting. With the launch of its Electronic Campaign, the government aims to guide taxpayers in reconciling their Annual Information Statements (AIS) with filed Income Tax […]
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Introduction The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has launched the PAN 2.0 Project, a groundbreaking initiative aimed at streamlining and modernizing the process of issuing and managing Permanent Account Numbers (PAN) and Tax Deduction and Collection Account Numbers (TAN). Approved by the Cabinet Committee on Economic Affairs (CCEA) on […]
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The Indian government has introduced the Direct Tax Vivad Se Vishwas (DTVSV) Scheme 2024, a new program designed to resolve disputes related to income tax. The goal of this scheme is to reduce the number of pending tax litigations, generate revenue more quickly, and provide relief to taxpayers by simplifying the process of settling disputes. […]
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On October 17, 2024, the Central Board of Direct Taxes (CBDT) introduced revised guidelines for the compounding of offences under the Income-tax Act, 1961. These changes align with the Finance Minister’s announcement on simplifying and rationalizing the compounding process, with the intent to reduce complexities and promote ease of compliance for taxpayers. Key Highlights of […]
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