The CBDT has ordered the Income Tax Department to upload foreign financial information received under the Automatic Exchange of Information (AEOI) framework into taxpayers' Annual Information Statements (AIS). This aims to enhance transparency and help taxpayers reconcile their filings.
The Central Board of Direct Taxes (CBDT) has granted income-tax exemption to the Core Settlement Guarantee Fund (CSGF) of National Commodity Clearing Ltd (NCCL) for assessment years 2019-20 to 2026-27, ensuring continued tax benefits under the new Income-Tax Act.
The Central Board of Direct Taxes (CBDT) issued an office memorandum clarifying the transition from the Income Tax Act, 1961, to the Income Tax Act, 2025. It ensures existing benefits, approvals, and pending applications filed before March 31, 2026, will continue or be processed under the new law, providing certainty to taxpayers.
CBDT instructs zonal income tax heads to closely monitor sectors with Q1 tax payment declines, identify incorrect exemptions, and engage with top taxpayers to bolster revenue, despite a 14.64% year-on-year increase in direct tax collection.
