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Revamped CBDT Income Tax Website: Features & Insights
Embracing modern technology and design principles, the Central Board of Direct Taxes (CBDT) has launched a transformed version of its National website, www.incometaxindia.gov.in. Introduced by Shri Ni...
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Income Tax, Tax Audit and Trust Glossary
Income Tax Glossary Advance Ruling : The Advance Ruling is a mechanism that helps in bringing certainty in the determination of tax liability on a particular transaction. Advance tax : The scheme of a...
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Consultation on NRI & OCI Participation in SEBI-Registered FPIs at IFSCs
Securities and Exchange Board of India Consultation Paper on permitting increased participation of Non – Resident Indians (NRIs) and Overseas Citizens of India (OCIs) into SEBI registered Foreign Port...
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New Paper Exemption Rules for CA Exams from May 2024
The Institute of Chartered Accountants of India (ICAI) has brought forward significant announcements on the 24th of August, 2023. These focus on the exemption(s) from appearing in specific papers or e...
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GSTN Issued Advisory for Mera Bill Mera Adhikaar Scheme
The Goods and Services Tax (GST) framework has seen continuous refinements since its inception, aimed at simplifying processes for taxpayers and ensuring a transparent system. The latest addition is t...
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Government Launches ‘Mera Bill Mera Adhikaar’ Invoice Incentive Scheme
Introduction: The Government of India, in collaboration with State Governments, is introducing the ‘Mera Bill Mera Adhikaar’ Invoice Incentive Scheme from September 1st, 2023. This initiative aims to...
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Instructions on Implementing Abhisar Buildwell SC Judgment by CBDT
Introduction: In a significant development, the Central Board of Direct Taxes (CBDT) has issued detailed guidelines for Assessing Officers (AOs) pertaining to the execution of the Supreme Court’s judg...
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Notification No. 69/2023: Income Tax exemption to Swasthya Sathi Samiti’s Income
Introduction: The Ministry of Finance, under its Department of Revenue and the Central Board of Direct Taxes, has announced Notification No. 69/2023, dated 23rd August 2023. This sheds light on the sp...
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Income Tax Notification 68/2023: Exemption to UIDAI’s Specified Income
Introduction: The Ministry of Finance, under the Department of Revenue and the Central Board of Direct Taxes, has released Notification No. 68/2023 pertaining to the Income-tax Act of 1961. This notif...
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Punjab Building & Construction Welfare Board: Income Tax Exemption Notification
Introduction: Notification No. 67/2023, dated 23rd August, 2023, issued by the Central Board of Direct Taxes, addresses the classification of Punjab Building and Other Construction Welfare Board under...
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District Mineral Foundation Trust: Income Tax Exemption Notification 2023
Introduction: The Central Board of Direct Taxes has issued Notification No. 66/2023, dated 23rd August, 2023, under section 10(46) of the Income-tax Act, 1961. This notification pertains to the classi...
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National Judicial Data Grid: Empowering Access to Legal Information
Introduction: In the digital age, access to legal information and proceedings is paramount for a transparent and efficient judicial system. The National Judicial Data Grid (NJDG), an integral part of...
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Amnesty Schemes 2023: Revive Your Registration and Clear Late Fees
Introduction: The year 2023 brings a ray of hope for taxpayers with the extension of multiple tax amnesty schemes. These schemes offer a chance to rectify past non-compliance and clear late fees. Let’...
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Monitoring IGST ITC Reversal: GSTR 3B SOP Guide
Introduction to the Standard Operating Procedure (SOP) on Monitoring Ineligible IGST Input Tax Credit Reversal by Taxpayers in Return Form GSTR 3B In the intricate landscape of taxation, it’s imperati...
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CBI Nabs CGST Superintendent in Bribery Case
The Central Bureau of Investigation (CBI) has detained a Superintendent from the CGST, Bhiwandi Commissionerate, Mumbai on charges of bribery. The arrest was made following the officer’s alleged accep...
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Supreme Court Guidelines for Written Submissions and Oral Arguments
Introduction: The Supreme Court of India has issued a circular, F. No. 57/Judl./2022, dated 22nd August 2023, providing comprehensive guidelines for filing written submissions and compilations before...
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Anomalies in Income Tax Law and Practice – CASS Representation
Introduction: The Chartered Accountants Association of Surat has taken a bold step, voicing concerns over significant anomalies in the country’s Income Tax law and practice. Addressing the Finance Min...
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SEBI Consultation: Recognising Corporate Bodies for Research Analyst Supervision
Introduction: The Securities and Exchange Board of India (SEBI) has ushered in a new wave of regulatory reform. The most recent consultation paper dives into the arena of Research Analysts, intending...
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Amendment to Clarification Regarding Authority Attached to Documents Issued by ICAI
The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India (ICAI) has introduced an important amendment to the “Clarification Regarding Authority Attached to Documen...
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Handbook on Advance Rulings under Income Tax Act, 1961
GOVERNMENT OF INDIA MINISTRY OF FINANCE CENTRAL BOARD OF DIRECT TAX BOARD FOR ADVANCE RULINGS A HANDBOOK ON ADVANCE RULINGS DISCLAIMER This handbook should not be construed as an exhaustive statement...