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ITAT Indore Hybrid Hearing Guidelines from October 9, 2023
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...
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Over 30 Lakh Audit Reports Filed: Income Tax Department’s E-filing Success
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...
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CBDT notifies National Farmers Welfare Program Implementation Society: section 10(46)
Central Board of Direct Taxes (CBDT) has issued Notification No. 85/2023-Income Tax, dated September 29, 2023, in accordance with clause (46) of section 10 of the Income-tax Act, 1961. This notificati...
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CBDT notifies ‘Punjab Nurses Registration Council’ under section 10(46)
The Central Board of Direct Taxes (CBDT) has issued Notification No. 84/2023-Income Tax, dated September 29, 2023, in accordance with clause (46) of section 10 of the Income-tax Act, 1961. This notifi...
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CBDT notifies Rule 21AHA & FORM No. 10-IFA for Section 115BAE(5) Option
Central Board of Direct Taxes (CBDT) has recently issued Notification No. 83/2023-Income Tax, dated September 29, 2023. This notification introduces Income Tax Rule 21AHA and Form No. 10-IFA, which ar...
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CBDT amends Income Tax Rule 14 & 14B and Introduces Form No. 6D -Inventory Valuation Report
On September 27, 2023, the Central Board of Direct Taxes (CBDT) issued Notification No. 82/2023, introducing significant amendments to Income Tax Rule 14A and Rule 14B. These amendments pertain to the...
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CBDT issued Procedure for Income Tax Deduction Certificate Applications via TRACES
The Ministry of Finance, under the Central Board of Direct Taxes, has issued a significant notification (No. 02/2023-Income Tax) on September 27, 2023. This notification introduces a revised procedure...
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Amendment of Income Tax Rule 11UA- Valuation of Unquoted Equity Shares
Central Board of Direct Taxes (CBDT) has introduced amendments to Income-tax Rules, 1962 vide Notification No. 81/2023-Income Tax Dated: 25th September, 2023, specifically focusing on the valuation of...
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CBDT notifies Interest on Loan to NBFCs under Section 43B(da) of Income Tax Act
Central Board of Direct Taxes (CBDT) has recently issued a crucial notification concerning the payment of interest on loans to Non-Banking Financial Companies (NBFCs) under Section 43B(da) of the Inco...
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CBDT’s Notification No. 79/2023 on NBFC Classification for Income Tax
The financial landscape in India is subject to constant regulatory changes and notifications from government bodies. One such recent development is Notification No. 79/2023, issued by the Ministry of...
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Income Tax Notification: Uttar Pradesh Expressways Industrial Development Authority
Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, New Delhi, has issued Notification No. 78/2023-Income Tax on 19th September 2023, exercising the powers conferred by clause (...
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Collaborative Excellence: Strengthening Client Relations with CA-TDSMAN
In the ever-evolving landscape of tax compliance, Chartered Accountants (CAs) and Tax Professionals face a dual challenge: Staying ahead of regulatory changes Maintaining strong client relationships C...
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CBDT Extends Filing Deadlines for Form 10B, 10BB, and ITR-7
Introduction: The Central Board of Direct Taxes (CBDT) has issued Circular No. 16/2023, dated 18th September 2023, addressing concerns raised by taxpayers and stakeholders regarding the filing of Form...
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Direct Tax Collections Show Strong Growth in FY 2023-24
The Ministry of Finance, Government of India, has released the provisional figures for Direct Tax collections for the Financial Year 2023-24 as of September 16, 2023. These figures not only reflect a...
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Request for Deferment of Applicability of New Form 10B & Form 10BB by One Year
On September 15, 2023, the Income Tax Bar Association (ITBA) and the All Gujarat Federation of Tax Consultants (AGFTC) jointly addressed a letter to Hon’ble Finance Minister Smt. Nirmala Sitharaman, s...
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Form 10B/10BB Filing Issues 2023 & appeal for deferment or extension
On the 17th of September 2023, the Income Tax Bar Association in Jalandhar, Punjab, addressed a representation to Smt. Nirmala Sitharaman Ji, the Hon’ble Minister of Finance of India. The representati...
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DSC Issues and Solutions for E-Verification on Income Tax e-Filing portal
Digital Signature Certificates (DSC) play a crucial role in the e-filing process for taxpayers. They ensure the security and authenticity of electronic documents submitted to government portals. Howev...
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Request to Postpone Form 10B & 10BB Applicability
The Chartered Accountants Association, Ahmedabad (CAAA), established in 1950, has written a formal letter to the Hon’ble Union Finance Minister, Ms. Nirmala Sitharaman, and the Hon’ble Chairman of the...
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CBDT notifies Multi Commodity Exchange Investor (Client) Protection Fund Trust U/s. 10(23EC)
Central Board of Direct Taxes (CBDT) has issued a significant notification, No. 77/2023, under the Income-tax Act, 1961. This notification pertains to the Multi Commodity Exchange Investor (Client) Pr...
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Notification No. 71/2023- Income-Tax Dated: 12th September, 2023
Ministry of Finance (Department of Revenue) (Central Board of Direct Taxes) Notification No. 71/2023- Income-Tax Dated: 12th September, 2023 S.O. 3981(E).—In exercise of the powers conferred by sub-cl...