Income Tax

Introduction: The Ministry of Finance, under the purview of the Central Board of Direct Taxes, has issued an important notification, Notification No. 93/2023-Income Tax, dated 26th October, 2023. This...

The Ministry of Finance, under the aegis of the Central Board of Direct Taxes, has issued a significant notification, Notification No. 92/2023-Income Tax, dated 26th October 2023. This notification ho...

Introduction: On the 25th of October, 2023, the Chamber of Tax Consultants sent a formal representation to Smt. Nirmala Sitharaman, the Hon’ble Finance Minister of India, and Shri Nitin Gupta, Chairma...

The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, Government of India, has issued an order dated October 25, 2023, under section 119 of the Income-tax Act, 1961. This order assi...

Introduction: India’s economic landscape is witnessing a significant transformation, and one area where this change is evident is in the realm of direct taxes. The Income Tax Department of India has b...

Circular No. 19/2023 : Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for Assessment Year 2021-22 In a recent development, the Central Board of Di...

Introduction: Form 10-IC plays a crucial role for domestic companies opting for taxation under Section 115BAA, which offers a concessional tax rate of 22% under specific conditions. However, filing ta...

Central Board of Direct Taxes, issued Circular No. 18 of 2023 on Income Tax. This circular, dated 20th October, 2023, discusses the extension of the filing deadline for Income Tax reports. The order w...

Introduction: The Central Board of Direct Taxes (CBDT), a department under the Ministry of Finance, Government of India, has extended the deadline for processing refund claims under section 143(1) of...

CBDT inserts Rule 16D & Form No. 56F -Report for claiming section 10AA deduction vide Notification No. 91/2023 – Income Tax dated: 19th October, 2023. On October 19, 2023, the Ministry of Finance, Dep...

On the 19th of October, 2023, the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes issued Notification No. 90/2023-Income Tax, providing crucial information about tax exemptio...

Introduction: On October 5, 2023, the Income Tax Department carried out a search and seizure operation in the states of Tamil Nadu and Puducherry, targeting two distinct groups. These groups are prima...

Introduction: The Central Board of Direct Taxes (CBDT) has introduced significant changes in the realm of tax regulations, amending rule 37BB and introducing a new Form No. 15CD. These changes primari...

The Indian Ministry of Finance has issued Notification No. 89/2023-Income Tax on October 13, 2023. This notification designates Stichting Pensioenfonds ABP as the specified person for eligible investm...

Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (CBDT) has issued Notification No. 88/2023-Income Tax dated 10th October, 2023, bringing substantial amendments to the Income-...

The Central Board of Direct Taxes (CBDT), under the Ministry of Finance in India, plays a pivotal role in interpreting and implementing the Income-tax Act. In a recent development, CBDT has issued Cir...

Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, issued Notification No. 87/2023-Income Tax on 6th October 2023. This notification grants an exemption to the Dental Council o...

Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, New Delhi, has issued Notification No. 86/2023-Income Tax dated 4th October 2023, under Section 10(46) of the Income Tax Act,...

The Income Tax Appellate Tribunal (ITAT), Indore Bench, has issued guidelines for hybrid hearings starting from October 9, 2023. These guidelines outline the procedures and options available to taxpay...

The Ministry of Finance recently reported a significant achievement in the realm of tax compliance. More than 30.75 lakh audit reports, encompassing approximately 29.5 lakh Tax Audit Reports (TARs), h...