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CBDT amends rule 128 & relaxes conditions for filing of form no. 67
CBDT amends rule 128 and relaxes conditions for filing of form no. 67 for claiming Foreign Tax Credit vide Notification No. 100/2022-Income Tax. CBDT amends Rule 128 of the Income-tax Rules, 1962, pro...
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Guidance Note on Tax Audit under Section 44AB
of the Income-tax Act, 1961 AY 2022-23 (Effective for the AY 2022-23 and subject to amendments made by law, judiciary or administration, for the subsequent assessment years) Tax Audit is applicable si...
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CS Professional / Executive Programme Exam result on 25.08.2022
Declaration of Result of CS Professional Programme and Executive Programme Examinations – June, 2022 SessionRESULT ANNOUNCEMENTResult of CS Professional Programme and Executive Programme Examinations,...
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5 new Functionality for Tax Payers in GST Portal wef 16.08.2022
GSTNB enables Functionality for Tax Payers in GST Portal wef 16.08.2022 related to CORE Amendment Link For Taxpayers who fail To Update Bank account, Changes in HSN length validation in Form GSTR-1, H...
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Non residents having no PE in India exempted from section 206C(1G) TCS
CBDT notifies that provisions of Section 206C (1G) of Income Tax Act shall not apply to a person (being a buyer) who is a non-resident in terms of section 6 and who does not have a permanent establish...
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CBDT notifies Income Tax Rule 40G Refund claim under section 239A
and Form No. 29D – Application by a person under section 239A of the Income-tax Act, 1961 for refund of tax deducted vide Notification No. 98/2022-Income Tax | Dated: 17th August, 2022.MINISTRY OF FIN...
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CBDT notifies CPPIB India Private Holdings Inc. as pension fund – section 10(23FE)
CBDT notifies CPPIB India Private Holdings Inc. as pension fund under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 vide Notification No...
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Representation to scrap Clause No. 44 of Tax Audit Report (Form 3CD)
Representation requesting to scrap Clause No. 44 of Tax Audit Report (Form 3CD) under the Income Tax Act, 1961Smt. Nirmala SitharamanHon’ble Finance Minister,Ministry of Finance, Government of IndiaNe...
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Instructions for AO after Adverse observations of Allahabad HC
Income Tax Department Issues Instructions for Assessing Officers after Adverse Observations of Hon. Allahabad High Court in in Civil Misc. Writ Petition (Tax) No. 723 of 2022 in the case of S.R. Cold...
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CBDT amends Income Tax Rule 17 and FORM No.10
CBDT vide Notification No. 96/2022-Income Tax | Dated: 17th August, 2022 amends Income Tax Rule 17. Exercise of option etc. under Explanation 3 to the third proviso to clause (23C) of section 10 or se...
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Section 10(23FE) – CBDT notifies ‘INQ Holding LLC’ as sovereign wealth fund
vide Notification No. 95/2022-Income Tax | Dated: 16th August, 2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 95/2022-Income Tax | Dated: 1...
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Analysis of Companies (Accounts) Fourth Amendment Rules, 2022
Corporate Laws & Corporate Governance Committee The Institute of Chartered Accountants of India 16th August, 2022 ANNOUNCEMENT Sub: Amendment in the Companies (Accounts) Rules, 2014 relating to availa...
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MCA advisory on Business User Registration on MCA21 V3 system
You may be aware that the Ministry of Corporate Affairs is going live with MCA21 V3 system with 09 Company e-forms* on 31 August 2022 at 12:00 AM. In view of the same, filings for the said 09 e-forms...
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Govt clarifies on corporate tax collections after criticism
After criticism on Tax Rate Reduction for Corporates Income Tax India has given following clarification on Twitter. It is to be noted that Tax Rate for Corporates been reduced to 22% while other categ...
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India likely to be second most important driver of global growth: RBI Governor
(Speech delivered by Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India in an event to celebrate Azadi Ka Amrit Mohotsav organised by Reserve Bank of India, – August 13, 2022, Bhubane...
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CBI Arrests an Official of Revenue Department for Accepting Bribe
OF Rs. 25,000/- The Central Bureau of Investigation has arrested a Girdawar (Revenue Department Official equivalent to Kanungo), Miran Sahib, District Jammu for demanding & accepting bribe of Rs. 25,0...
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CMA: Payment of Membership Fee & updation of Professional address
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA Members are kindly aware that the fee for the year 2022-2023 has become due and payable on 1st April, 2022. The amount of Annual Membership fee is payable (a...
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Income Tax Dept searches steel TMT Bars manufacturing group
Income Tax Department conducts searches in Maharashtra The Income Tax Department carried out a search operation on 03.08.2022 on two major groups engaged in the manufacturing of steel TMT Bars. The se...
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Claim of 18% GST on house rent for tenants is Misleading: Govt
Govt clarified on 18% GST on house rent for tenants as follows:- – Renting of residential unit taxable only when it is rented to business entity – No GST when it is rented to private person for person...
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CGST Mumbai (South) Commissionerate busts Rs. 455 Crore fake GST invoice racket
In a press statement issued by the office the Principal Commissioner of CGST and CX, Mumbai (South) has informed that – Officers of CGST Mumbai South Commissionerate have busted a fake GST invoice rac...