Income Tax

Introduction: Circular No. 20 of 2023, issued by the Central Board of Direct Taxes under the Ministry of Finance, provides crucial guidelines under sub-section (4) of section 194-O of the Income-tax A...

Introduction: Central Board of Direct Taxes, under the Ministry of Finance, has issued Notification No. 106/2023 dated December 27, 2023, amending provisions related to income tax. This notification s...

Chartered Accountants Association Advocates for Timely Resolution of Income Tax Appeals In a formal communication addressed to the Honorable Minister for Finance, Govt. of India, the Chartered Account...

The Insolvency and Bankruptcy Board of India (IBBI) conducts Valuation Examinations as mandated by the Companies (Registered Valuers and Valuation) Rules, 2017. This post delves into frequently asked...

The Income Tax Department’s commitment to taxpayers is encapsulated in the Taxpayers’ Charter 2020. This declaration outlines the department’s vision, mission, and standards of service delivery. In th...

A. Introduction: Individuals prefer to receive, pay and transfer cash when the amounts of transactional value (money) involved are marginal to small. Primarily, this happens because: B. Societal: The...

CBDT notifies ITR 1 and ITR 4 for Assessment Year (AY) 2024-25 / Financial Year (FY) 2023-24 vide Notification No. 105/2023-Income Tax Dated: 22nd December, 2023. Ministry of Finance (Department of Re...

Introduction: Are you looking for convenient banking options to make your tax payments? Look no further! The e-Filing Portal’s e-Pay Tax service offers a wide range of 27 banks to choose from. Whether...

Introduction: The Appointments Committee of the Cabinet, under the Ministry of Personnel, Public Grievances & Pensions, has recently sanctioned the appointment of 18 Judicial Members and 22 Accountant...

Introduction: The Income Tax Department, under the aegis of the Ministry of Finance and the Department of Revenue, conducted a significant Search & Seizure operation on December 6, 2023. The focus of...

Introduction: In response to Unstarred Question No. 1825 in the Rajya Sabha, the Ministry of Finance sheds light on significant strides taken to transform the interaction between taxpayers and the Inc...

Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No. 104/2023 on 19th December, 2023, introducing significant amendments to the Income-tax Rule...

Central Board of Direct Taxes, has issued Notification No. 103/2023 on Income Tax, dated 18th December, 2023. This notification introduces the Income-tax Amendment (Twenty-Eighth Amendment) Rules, 202...

LOK SABHA The following Bill was introduced in Lok Sabha on 18th December, 2023 :— BILL NO. 194 OF 2023 A Bill to amend and consolidate the law relating to development, expansion and operation of tele...

In a recent inquiry posed to the Ministry of Finance by Dr. K. Jayakumar in Lok Sabha Unstarred Question No. 2486, the focus turned to the intriguing realm of Income Tax (IT) operations, specifically...

Introduction: Unstarred Question No. 2352, raised by Shri Sanjay Seth and Shri T.R. Baalu, addresses the noteworthy increase in Income Tax Return (ITR) filings over the last five years. The query cove...

In a recent Lok Sabha session, Unstarred Question No. 2302 was raised concerning the tax exemption status enjoyed by the Board of Control for Cricket in India (BCCI). The question, directed at the Min...

Ministry of Finance’s Report on Direct Tax Collections for FY 2023-24 In a resounding testament to India’s economic prowess, the Ministry of Finance has recently released provisional figures that illu...

Introduction: In the ever-evolving landscape of fiscal governance, the Income Tax Department has emerged as a vanguard of efficiency and innovation, showcasing a series of remarkable milestones in rec...

Introduction: In a significant development, the Tax Inspectors Without Borders (TIWB) program, a collaborative initiative of the United Nations Development Programme (UNDP) and the Organisation for Ec...