CBDT

January 22, 2025 1:34 PM

Centre notifies new income-tax rules for non-resident cruise ship operators

The Central Board of Direct Taxes (CBDT) has notified amendments to the Income-Tax Rules, outlining the conditions for the applicability of the presumptive taxation regime for non-resident cruise ship operators, according to an official statement issued on Wednesday. As a measure to promote investment and employment, the Finance Act, 2024, introduced a presumptive taxation regime for non-residents engaged in the business of operating cruise ships. Additionally, an exemption has been provided f...

Income tax department clarifies misinformation regarding HRA claims

Income Tax Department has addressed concerns raised by taxpayers regarding certain discrepancies in the information provided to the department. These discrepancies were identified during routine verification exercises conducted by the department. The department has clarified that there is no basis for apprehensions regarding retrospective taxation or the reopening of cases related to incorrect claims of House Rent Allowance (HRA) and rent paid by employees. Central Board of Direct Taxes (CBDT)...