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CBDT Order: Role of Pr.CCsIT and Pr. CCIT (NaFAC)
The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, Government of India, has issued an order dated October 25, 2023, under section 119 of the Income-tax Act, 1961. This order assi...
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Surge in Taxpayer Compliance: India’s Direct Taxes Data Revealed
Introduction: India’s economic landscape is witnessing a significant transformation, and one area where this change is evident is in the realm of direct taxes. The Income Tax Department of India has b...
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Rashtriya Gokul Mission Scheme
proposed to be continued under umbrella scheme Development Programme with the aim of development & conservation of indigenous bovine breed, genetic upgradtion of bovine population and enhancement of m...
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CGST Mumbai Busts Rs. 263 Crore Fake GST Invoice Racket
Introduction: The Ministry of Finance, through the CGST Mumbai South Commissionerate, made a significant breakthrough by uncovering a massive fake GST invoice racket involving a staggering invoice val...
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CBDT Grants Condonation for AY 2021-22 Form 10-IC Filing Until 31.01.2024
Circular No. 19/2023 : Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for Assessment Year 2021-22 In a recent development, the Central Board of Di...
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CBDT condones delay in filing Form 10-IC for A.Y. 2021-22
Introduction: Form 10-IC plays a crucial role for domestic companies opting for taxation under Section 115BAA, which offers a concessional tax rate of 22% under specific conditions. However, filing ta...
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IBBI Discussion Paper on ‘Strengthening Liquidation Process’
Insolvency and Bankruptcy Board of India 20th October, 2023 Discussion Paper on ‘Strengthening the Liquidation Process’ The first and foremost objective of the Insolvency and Bankruptcy Code, 2016 (‘C...
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Discussion Paper on Enhancing Effectiveness of Insolvency Professional Entities
The Insolvency and Bankruptcy Board of India (IBBI) has released a critical “Discussion Paper on the Rationalization of the Regulatory Framework for Enhancing the Effectiveness of Insolvency Professio...
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PFRDA (Redressal of Subscriber Grievance) Regulations, 2015 – Proposed Amendments
The Pension Fund Regulatory and Development Authority (PFRDA) is conducting a comprehensive review of the “PFRDA (Redressal of Subscriber Grievance) Regulations, 2015.” This review aims to make crucia...
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PFRDA (Trustee Bank) Regulations, 2015 – Proposed Amendments
The Pension Fund Regulatory and Development Authority (PFRDA) is in the process of reviewing and amending the PFRDA (Trustee Bank) Regulations, 2015. This comprehensive review aims to enhance the regu...
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CBDT extends due date of Filing Audit report- Section 10AA(8)
Central Board of Direct Taxes, issued Circular No. 18 of 2023 on Income Tax. This circular, dated 20th October, 2023, discusses the extension of the filing deadline for Income Tax reports. The order w...
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ICAI representation on Mass GST Notices: Unfair Treatment of Taxpayers
Introduction: The Institute of Chartered Accountants of India (ICAI), established by an Act of Parliament in 1949, plays a pivotal role in regulating and advancing the field of Chartered Accountancy i...
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CBDT Extends Deadline for Income Tax Refund Claims
Introduction: The Central Board of Direct Taxes (CBDT), a department under the Ministry of Finance, Government of India, has extended the deadline for processing refund claims under section 143(1) of...
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New CBDT Rule 16D & Form No. 56F for Section 10AA Deduction
CBDT inserts Rule 16D & Form No. 56F -Report for claiming section 10AA deduction vide Notification No. 91/2023 – Income Tax dated: 19th October, 2023. On October 19, 2023, the Ministry of Finance, Dep...
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Punjab Dental Council: Tax Exemption on Specified Incomes
On the 19th of October, 2023, the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes issued Notification No. 90/2023-Income Tax, providing crucial information about tax exemptio...
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Election Cash Movement Concerns: Traders Seek Election Commission’s Aid
The Confederation of All India Traders (CAIT) has recently raised concerns regarding the movement of cash during the electioneering period in the five Indian states where elections are scheduled to be...
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Draft Competition Commission of India (Lesser Penalty) Regulations, 2023
The Competition Commission of India (CCI) has taken a significant step in bolstering competition compliance through the Draft CCI Lesser Penalty Regulations, 2023. These regulations have introduced th...
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Capital Investment Subsidy Scheme for Cold Storage in Horticulture
The Capital Investment Subsidy Scheme aims to promote the development of cold storage facilities for horticulture produce. This initiative is designed to encourage the construction, expansion, and mod...
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DGGI Uncovers ₹57,000 Cr Fake ITC Cases, 500 Arrests
Introduction: The Ministry of Finance, through its premier investigative agency, the Directorate General of GST Intelligence (DGGI), has been on the front lines in the battle against fake Input Tax Cr...
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Income Tax Raids on Educational Groups in Tamil Nadu
Introduction: On October 5, 2023, the Income Tax Department carried out a search and seizure operation in the states of Tamil Nadu and Puducherry, targeting two distinct groups. These groups are prima...