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Notification under 10(46A) in case of Mathura Vrindavan Development Authority
The recent Notification No. 47/2024-Income Tax issued by the Ministry of Finance grants significant tax exemption to the Mathura Vrindavan Development Authority under section 10(46A) of the Income Tax...
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CBDT exempts RBI from Section 206CCA provisions (TCS Collection at higher rate)
In a significant development, the Central Board of Direct Taxes (CBDT) has issued Notification No. 46/2024-Income Tax Dated: 27th May, 2024 exempting the Reserve Bank of India (RBI) from the provision...
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CBDT exempts RBI from Section 206CCA provisions (TCS Collection at higher rate)
In a significant development, the Central Board of Direct Taxes (CBDT) has issued Notification No. 46/2024-Income Tax Dated: 27th May, 2024 exempting the Reserve Bank of India (RBI) from the provision...
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SEBI Consultation Paper on Valuation Framework for AIFs
Introduction: The Securities and Exchange Board of India (SEBI) has released a consultation paper to gather feedback on proposed revisions to the valuation framework for Alternative Investment Funds (...
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CBDT notifies Cost Inflation Index for Financial Year 2024-25
The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2024, detailing the Cost Inflation Index (CII) for the financial year 2...
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Section 10(46) Income Tax Exemption for Tamil Nadu Water Supply and Drainage Board
In a significant development, the Central Board of Direct Taxes (CBDT) has issued Notification No. 43/2024, dated May 22, 2024, under Section 10(46) of the Income-tax Act, 1961. This notification gran...
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SCN Reply - Draft Reply to Notice Received Under Section 272A(1)(d) of the Income Tax Act.
Draft Reply to Notice Received Under Section 272A(1)(d) of the Income Tax ActTo,The Assessing Authority[Address]Subject: Response to Show Cause Notice u/s 272A(1)(d)Respected Sir/Madam,It is humbly su...
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SCN Reply - Response to Notice under Section 271B of the Income Tax Act, 1961.
Response to Notice under Section 271B of the Income Tax Act, 1961 Subject: Response to Notice under Section 271B of the Income Tax Act, 1961Dear [Income Tax Officer's Name],I am writing in response to...
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SCN Reply - Response to Notice under Section 271A of the Income Tax Act, 1961.
Response to Notice under Section 271A of the Income Tax Act, 1961 Subject: Response to Notice under Section 271A of the Income Tax Act, 1961Dear Sir/Madam,This is in response to the notice dated [DD/M...
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Real-Time Feedback Monitoring in Annual Information Statement introduced
The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has introduced a new feature in the Annual Information Statement (AIS) accessible via the compliance portal on the Income Tax...
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ICMAI Advisory: Unit of Measure & Cost Audit Report Submission
The Institute of Cost Accountants of India (ICMAI), a statutory body established under an Act of Parliament, plays a crucial role in regulating cost accountancy practices. Recently, ICMAI issued an ad...
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Guidance Note on Inventory Valuation under Income Tax Act 1961
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA I am happy to present the first edition of Guidance Note on Inventory Valuation under the Income Tax Act, 1961 to the members on behalf of the Cost Accountin...
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Notification: Income Tax Exemption for Tamil Nadu Electricity Regulatory Commission
The Ministry of Finance, through Notification No. 42/2024, has enacted provisions under section 10(46) of the Income Tax Act, 1961, pertaining to the Tamil Nadu Electricity Regulatory Commission. This...
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Navigating Loss Adjustments in Income Tax: A Comprehensive Guide
1. Intra-Head Adjustment of Losses [Section 70]Within the same category of income, the Income Tax Act permits the adjustment of losses from one source against profits from another, provided they fall...
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Faceless Proceedings under the Income-tax Act: A New Era of Tax Administration
Introduction The Finance Act, 2018 and the Finance Act, 2020 have introduced enabling provisions in the Income-tax Act, empowering the Central Government to notify schemes for conducting income tax as...
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Taxation Aspects of Employer-Provided Insurance for Employees.
Taxation Aspects of Employer-Provided Insurance for EmployeesThe taxation of employer-provided insurance for employees is a complex topic that requires careful consideration by both employers and empl...
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Draft Guidance Note on Income-tax Audit Reports under Section 12A/10(23C)
On 29th April 2024, the Direct Taxes Committee of The Institute of Chartered Accountants of India announced the release of an Exposure Draft titled ‘Guidance Note on Reports on Audit under Section 12A...
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CBDT Circular No. 6/2024: Relief Measure for Inoperative PAN
In Circular No. 6/2024, CBDT provides relief to deductors/collectors grappling with the consequences of Inoperative PANs. If a deductee/collectee’s Inoperative PAN becomes operative (via Aadhar linkag...
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CBDT Extends Due Dates: Form No. 10A/10AB Filing upto 30th June, 2024
Introduction: Circular No. 7/2024 issued by the Central Board of Direct Taxes (CBDT) addresses the extension of due dates for filing Form No. 10A/10AB under the Income-tax Act, 1961. Over the years, v...
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Section 10(46) Notification: Kerala Autorickshaw Workers Welfare Fund Scheme
Introduction: Notification No. 41/2024-Income Tax, dated 24th April 2024, issued by the Ministry of Finance under the Income Tax Act, 1961, holds significance for Kerala Autorickshaw Workers Welfare F...