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Insight Portal: High-Risk CRIU/VRU Cases and Non-PAN Cases
Introduction: The Directorate of Income Tax (Systems) has issued a communication regarding the dissemination of high-risk CRIU/VRU PAN cases and non-PAN cases through the ‘Verification’ module of the...
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Insight Portal’s Risk Management Strategy for High-Risk Tax Cases
The Directorate of Income Tax (Systems) has issued Insight Instruction No. 72 on January 18, 2024, addressing Principal Chief Commissioners, Principal Directors General, Principal Commissioners, and P...
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Representation on Updated Return Processing under Income Tax Section 139(8A)
Karnataka State Chartered Accountants Association (R) presents a crucial matter to the Commissioner of Income Tax, highlighting challenges in processing updated returns under Section 139(8A) of the In...
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Electricity (Amendment) Rules, 2024
Introduction: The Ministry of Power, New Delhi, has issued a crucial notification on January 10, 2024 – G.S.R. 36 (E). The Electricity (Amendment) Rules, 2024, are introduced under the authority of Se...
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Draft Trade Marks (1st Amendment) Rules, 2024
The Ministry of Commerce and Industry has proposed significant amendments to the Trade Marks Rules, 2017. The draft rules, titled “Trade Marks (1st Amendment) Rules, 2024,” aim to enhance the adjudica...
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Direct Tax Collections Surpass 80% of Budget Estimates for F.Y. 2023-24
Introduction: The Ministry of Finance has released the provisional figures for Direct Tax collections up to January 10, 2024, showcasing a robust performance and surpassing 80% of the total Budget Est...
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Income Tax Raids: Unearthing a Rs. 1,000 Crore Scam in Mumbai’s Electrical Industry
Introduction: The Ministry of Finance recently announced a significant development in the financial landscape, with the Income Tax Department conducting a thorough search operation in Mumbai. The oper...
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Punjab State Faculty of Ayurvedic & Unani Systems: Income Tax Notification 11/2024
The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No.11/2024 – Income Tax on 8th January, 2024. This notification pertains to the tax treatment of the ‘Punjab...
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Section 10(46) Income Tax Exemption for Chennai Metropolitan Water Supply & Sewerage Board
The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No.10/2024 on 8th January, 2024, under the powers of section 10(46) of the Income-tax Act, 1961. This notifi...
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Section 10(46) Income Tax Exemption for Polavaram Project Authority
Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, has issued Notification No. 9/2024 – Income Tax, dated January 5, 2024. This notification pertains to the P...
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Section 10(46) Income Tax Exemption for Haryana State Board of Technical Education
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No. 8/2024 on Income Tax, dated 5th January, 2024. This notification specifically pertains to...
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Section 10(46) Income Tax Exemption for Karmayogi Bharat
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No. 7/2024 on Income Tax, dated 5th January, 2024. This notification grants tax exemptions to...
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Section 10(46) Income Tax Exemption for District Legal Service Authority UT Chandigarh
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has issued Notification No. 6/2024 -Income Tax on 5th January, 2024. This notification grants income tax exempt...
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Corrigendum to Notification for Stichting Pension funds under section 10(23FE)
The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, has released a significant update through Notification No.5/2024 Corrigendum, dated January 4, 2024. This amendment revis...
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Income Tax Notification on Non-Resident Investment in Financial Products
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued a significant notification under clause (4G) of section 10 of the Income Tax Act, 1961. Dated January 4, 20...
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Exemption from specified income U/s 10(46): Madhya Pradesh Professional Examination Board, Bhopal
Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes has issued Notification No. 3/2024-Income Tax on January 2, 2024. This notification pertains to the exemptio...
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Exemption from specified income U/s 10(46): Karnataka State Rural Livelihood Promotion Society
Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, has issued Notification No. 2/2024- Income Tax on January 2, 2024. This notification pertains to the taxati...
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Exemption from specified income U/s 10(46): ‘Bellary Urban Development Authority’
Introduction: The Ministry of Finance, Department of Revenue, through the Central Board of Direct Taxes, has issued Notification No. 1/2024- Income Tax on 2nd January 2024. This notification pertains...
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MSME Delayed Payments: Call for Rationalized Disallowance in Income Tax Act
On January 3, 2024, the All Gujarat Federation of Tax Consultants (AGFTC) and Income Tax Bar Association (ITBA) jointly addressed a letter to Hon’ble Finance Minister Smt. Nirmala Sitharaman, expressi...
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Record 8.18 crore Income Tax Returns (ITRs) filed for A.Y. 2023-2024
Ministry of Finance Achieves Record Surge in Income Tax Returns Filing for A.Y. 2023-2024 In a remarkable milestone, the Income-tax Department, operating under the Ministry of Finance, has witnessed a...