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Relief to Taxpayers from Tax Demand raised due to Inoperative PAN, Date Extended till 31.05.2024
Introduction: As per the CBDT Circular No. 6/2024 dated 23.04.2024, several grievances have been received from taxpayers who are TDS/TCS deductors or collectors. They have received notices for short d...
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CBDT Circular No. 6/2024: Relief for TDS Deductors on PAN-Aadhar Linkage
The CBDT, aiming to address grievances of deductors/collectors who collected TDS/TCS at the normal rate but were required to deduct/collect at double the rate due to the deductee’s PAN being inoperati...
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Notification under Section 80G(2)(b) for Shree Ramanuj Kot Trust Indore
Introduction: The recent notification under section 80G(2)(b) of the Income Tax Act 1961 has significant implications for Shree Ramanuj Kot Trust in Indore. Issued by the Ministry of Finance, this not...
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Notification No. 39/2024-Income Tax, Dated: 22.04.2024
Notification No. 39/2024-Income Tax, issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, introduces pivotal changes to the Income-tax Act, 1961. Dated 22nd April,...
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Section 12AB - Procedure for Registration of Trusts on or after 01-04-2021.
Section 12AB - Procedure for Registration of Trusts on or after 01-04-2021The introduction of Section 12AB in the Income-tax Act, 1961 has brought about significant changes to the registration process...
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CPC Bangalore Income tax department to observe grievance redressal month
Introduction: CPC Bangalore Income Tax Department observes a grievance redressal month, facilitating public submissions via various channels. Learn about the process, officer details, and the efficien...
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Tax Implications of Agricultural Land Sale in India
OverviewIn India, agricultural land serves not only as a critical component of the agricultural sector but also represents a considerable asset class for tax purposes. The Income Tax Act, 1961 differe...
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SCN Reply - : Reply to Show Cause Notice u/s 272A(1)(d) of the Income Tax Act, 1961
Subject: Reply to Show Cause Notice u/s 272A(1)(d) of the Income Tax Act, 1961Respected Sir/Madam,This is in response to the Show Cause Notice issued under Section 272A(1)(d) of the Income Tax Act, 19...
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New FVUs and Return Preparation Utility for e-TDS/TCS Statements
Release of File Validation Utilities (FVUs) and Return Preparation Utility for e-TDS/TCS Statements File Validation Utility (FVU) e-TDS / e-TCS returns prepared for FY 2005-06 and onwards (i.e. Forms...
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CBDT signs record 125 Advance Pricing Agreements (APAs) in FY 2023-24
In a significant development for India’s tax landscape, the Central Board of Direct Taxes (CBDT) has achieved a remarkable milestone by signing 125 Advance Pricing Agreements (APAs) during the fiscal...
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Central Govt Approves Amul R&D Association for Tax Benefits
Ministry of Finance, Department of Revenue, specifically the Central Board of Direct Taxes (CBDT), issued Notification No. 38/2024-Income Tax on April 9, 2024. This notification pertains to the approv...
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Income Tax Return Filing Initiation from 1st April: Enhancing Taxpayer Services
The move by the Income Tax Department of India to allow tax payers file their Income Tax Returns (ITRs) for Assessment year 2024-25 from April 1, 2024 which is the first day of the new financial year...
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CBDT mandates electronic filing of 8 income tax forms starting April 1, 2024
Government of India, under the Ministry of Finance, has issued Notification No. 01/2024 dated 26th February 2024, specifying forms, returns, statements, reports, and orders to be electronically furnis...
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Submissions in respect of Notice under Section 250 of the Income-tax Act.
Addition in respect of capitalization of one-time settlement of society maintenance charges Subject: Submissions in respect of Notice under Section 250 of the Income-tax Act, 1961 for A.Y. <XXXX-XX>Re...
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Interim Action Plan FY 2024-25 of Income Tax Department
The Central Board of Direct Taxes, under the Ministry of Finance, Government of India, has issued an Interim Action Plan for the financial year 2024-25. This comprehensive plan outlines key result are...
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CBDT Clarifies on Misleading Reports on HRA Claims
The Ministry of Finance recently issued a clarification regarding media reports suggesting a special drive by the Central Board of Direct Taxes (CBDT) to reopen cases linked to House Rent Allowance (H...
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Income Tax Returns Invalid if Unverified Within Time Limit: CBDT
The Government of India, through its Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, often issues crucial notifications impacting taxation procedures. A recent corrigendum t...
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Time limit for verification of return of income after uploading
Introduction: Notification No. 2 of 2024, issued by the Central Board of Direct Taxes (CBDT), addresses the time limit for verification of Income Tax Returns (ITRs) after uploading. This notification...
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Functionalities to file commonly used ITRs enabled by CBDT on 1st April, 2024
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onw...
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Capital Asset under Capital Gains Tax: An Overview.
Capital Asset under Capital Gains Tax: An Overview A capital asset encompasses a wide range of properties held by an assessee, including both movable and immovable assets. However, certain personal as...