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Extension of Due Date for Filing Form No. 26QE for F.Y. 2022-23 retrospectively
Introduction: Circular No. 04/2024, issued by the Central Board of Direct Taxes (CBTD) on March 7, 2024, brings important relief for specified persons under section 194S of the Income-tax Act. The cir...
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No TDS on Payments to Units of IFSC – CBDT Notifies
The Government of India has issued a notification exempting specific payments made to IFSC Units from Tax Deducted at Source (TDS) under the Income Tax Act, 1961. This exemption applies for ten consec...
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CBDT Clarifies Provisions for Charitable Donations & Application of Income
The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has issued a comprehensive clarification regarding provisions under the Finance Act 2023 concerning donations made by trusts or...
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CBDT revises Form 3CD Tax Audit Report Format, Form 3CEB & Form No. 65
The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has introduced significant amendments to the Income-tax Rules, 1962, specifically targeting Form No. 3CD. This revision, deta...
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Key Highlights of Delhi Budget Speech 2024-25
Delhi Budget 2024-25, unveiled with pride in the Legislative Assembly, reflects a decade of transformative policies under the leadership of Chief Minister Arvind Kejriwal. This article delves into the...
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Instructions to AO’s for initiating Section 147 proceedings in e-Verification cases
The Directorate of Income Tax (Systems) issues e-Verification Instruction No. 2 of 2024, providing guidelines to Assessing Officers (AOs) on initiating proceedings under Section 147 of the Income Tax...
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CBDT allows Submission of Form 10B/10BB Audit Reports by March 31, 2024
Central Board of Direct Taxes (CBDT) has issued Circular No. 2/2024, granting an extension for the submission of Form 10B/10BB audit reports by trusts/institutions. Failure to comply may result in exe...
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Last date to file ITR-U for A.Y. 2021-22 (F.Y. 2020-21) is 31.03.2024
Introduction to the e-Verification Scheme 2021 In an era where transparency and accountability in financial transactions are paramount, the Income Tax Department of India has taken a significant step...
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CBDT notifies ITR-7 under section 139 of Income tax Act 1961 for AY 2024-25
CBDT notifies ITR-7 [For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only] under section 139 of Income tax Act 1961 for AY 2024-25 vi...
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Notification under IT Act, 1961: Karnataka Urban Water Supply & Drainage Board
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued a notification under section 10(46) of the Income-tax Act, 1961, pertaining to the Karnataka Urban Water Su...
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Notification under IT Act, 1961: UP Real Estate Regulatory Authority
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued a significant notification under section 10(46) of the Income-tax Act, 1961, concerning the Uttar Pradesh R...
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CBDT approves Panjab University’s Scientific Research Deduction U/s. 35(1)(ii)
Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, has issued Notification No. 23/2024 – Income Tax on 26th February, 2024. This notification exercises powers...
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Guide to Responding to Income Tax Notices: e-Verification Scheme 2021
Responding to Notices and Letters under the e-Verification Scheme (February 2024) The Income Tax Department uses the e-Verification Scheme to inform taxpayers about discrepancies in their Income Tax R...
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Over 360K Income Tax Appeals Pending: CIT(A) Stats Revealed in RTI Reply
Introduction: The Income Tax landscape in India is grappling with a substantial challenge as revealed in a recent RTI reply. The Principal Chief Commissioner of Income Tax (NFAC) discloses a staggerin...
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Advisory: Mismatch of transaction amount shown in Income Tax Return
In recent communications, the Income Tax Department (ITD) of India has addressed growing concerns among taxpayers regarding mismatches between transaction amounts reported in Income Tax Returns (ITRs)...
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Delhi High Court Upholds Charity Tax Exemption, Even with TDS on Grants
HighlightsThe Delhi High Court ruled that Tax Deducted at Source (TDS) on grants doesn't disqualify NGOs from claiming tax exemption under Section 11 of the Income Tax Act.The mere presence of TDS und...
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Remission of Petty Direct Tax Demands: Analyzing the CBDT Order for Taxpayer Relief
Editorial NoteThis article examines the Central Board of Direct Taxes (CBDT) order dated February 13, 2024, which aims to clear outstanding direct tax demands up to a certain threshold for assessment...
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Queries and Replies: How to Mitigate Capital Gains Tax on Share Exchanges.
Can an individual who trades shares transfer their personally held shares to a private company they own shares in, in exchange for share capital in the company? If so, would this transaction attract c...
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Queries and Replies: Navigating the Tax Complexities of Agricultural Cash Transactions
Navigating the Tax Complexities of Agricultural Cash TransactionsQuery:Dear Sir,I have a client who is a farmer facing two income tax concerns. I'd appreciate your guidance on legal responses and supp...
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Income-tax (Amendment) Rules 2024 – Changes in ITR-2, ITR-3 & ITR-5 Schedule CG
Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, has issued a significant corrigendum through Notification No. 22/2024 on 21st February 2024, amending the I...