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CBDT Releases Direct Tax Statistics
Release of Direct Tax Statistics The Central Board of Direct Taxes (CBDT) has been releasing key statistics relating to Direct Tax collections and administration in public domain from time to time. In...
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CBDT notifies ‘Central Board of Secondary Education’ Under section 10(46)
Notification No. 20/2023 Dated: 10th April, 2023 under clause (46) of section 10 of the Income tax Act, 1961 in case of Central Board of Secondary Education, Delhi MINISTRY OF FINANCE (Department of R...
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CBDT notifies ‘Central Board of Secondary Education’ Under section 10(46) for AY 2013-14
Notification No. 19/2023 Dated: 10th April, 2023 under clause (46) of section 10 of the Income tax Act, 1961 in case of Central Board of Secondary Education, Delhi for AY 2013-14 MINISTRY OF FINANCE (...
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CBDT notifies ‘Central Board of Secondary Education’ Under section 10(46) for AY 2013-14
Notification No. 19/2023 Dated: 10th April, 2023 under clause (46) of section 10 of the Income tax Act, 1961 in case of Central Board of Secondary Education, Delhi for AY 2013-14 MINISTRY OF FINANCE (...
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Search and seizure action by Income Tax Department in Karnataka
Income Tax Department commenced a Search & Seizure operation in the case of some Cooperative Banks, in the State of Karnataka, on 31.03.2023. These cooperative Banks have been found to be engaged in r...
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FAQs: Professional ethics of members pertaining to Bank Assignments
FAQs relating to professional ethics of members pertaining to Bank Assignments Q.1 Whether a Firm of Chartered Accountants can accept Audit of a branch of a bank, while one of the partners of the said...
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CBDT notifies Cost Inflation Index for Financial Year 2023-24
at 348 vide Notification No. 21/2023-Income Tax Dated: 10th April, 2023. Cost inflation Index for Financial Year 2022-23 was 331 so Increase in Cost Inflation Index for FY 2023-24 is mere 5.14%. MINIS...
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ICAI clarifies on LFAR & Certification by Concurrent/Internal Auditor
Ethical Standards Board The Institute of Chartered Accountants of India 9th April, 2023 Announcement Re.: Acceptance of certain assignments by the Concurrent Auditor of Bank Branches The members have...
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CBDT notifies revised jurisdictions under rule 114F of Income Tax Rules 1962
Notification No. 17/2023-Inome Tax Dated: 6th April, 2023- CBDT notifies revised jurisdictions under sub clause (ii) of clause (D) of the Explanation to clause (6) of rule 114F of the Income Tax Rules...
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Income tax Amendments applicable from 1st April 2023
Top 15 Income tax Amendments applicable from 1st April 2023 1. Change in new Tax Regime Section 115BAC applicable Now applicable also on association of persons [other than a co- operative society], or...
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‘Rummy Khelo Paisa Jeeto’ is Now Taxable under Section 115BBJ
Earlier there were no specific provision for taxation for winning from online games. Generally, no one pays on such winning and those who pays, that taxed under Income from other sources at slab rates...
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Four Years’ Rigorous Imprisonment to Two then Income Tax Officials in A Bribery Case
The Special Judge for CBI Cases, Dharwad (Karnataka) has sentenced Shri Abhishek Tripathi and Shri Alok Tiwari, both then Income Tax officials to undergo four years rigorous imprisonment with fine of...
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ICAI amends CPE Hours Requirements from 01st January 2023
The Institute of Chartered Accountants of India CPE HOURS REQUIREMENTS FOR EACH CALENDAR YEAR APPICABLE FROM 1-1-2023 ONWARDS 1. All the members (aged less than 60 years) who are holding Certificate o...
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TDS deduction on Salary – Old Regime- New Regime- CBDT clarified
CBDT vide Circular No. 04/2023-Income Tax clarified that Each year, employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New under section 115BAC) and...
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National Startup Awards 2023 – Guidelines & FAQs
The National Startup Awards 2023 aim to recognize and reward outstanding startups that have demonstrated exceptional capabilities and have built innovative, scalable and impactful business solutions....
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Coaching sector misappropriates Rs. 14 crores GST collected from students
GST collected from students misappropriated IIT coaching industry fraud worth more than Rs. 14 crores unearthed GST collected from students misappropriated Acting upon specific intelligence, the offic...
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Finance Act, 2023: Amendment to definition of ‘Sikkimese’ only for Income Tax
Ministry of Finance Amendment to section 10(26AAA) of the Income-tax Act, 1961 by the Finance Act, 2023 Following the Hon’ble Supreme Court’s decision in Writ Petition (C) No. 59/2013 with 1283/2021,...
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Taxes on Cooperative Societies
As per Budget announcement 2023-24, following income tax related benefits are being proposed for the Cooperative Societies: i. The new co-operative society formed on or after 01.04.2023, which commenc...
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Income Tax Amendments applicable from FY 2023-24
What You Need to Know About Income Tax Amendments applicable from FY 2023-24 Every citizen in this country celebrates the new year at a different time based on their religion, caste, and so on. Howeve...
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Procedural Lapses under GST & Suggestion on Amnesty Scheme 2023
BJP Professional Cell Mumbai has made two representation to Finance Minister one on Procedural Lapses under GST with Suggestions and second on GST Amnesty Scheme 2023. List of Procedural Lapses under...