Income Tax

The Central Board of Direct Taxes (CBDT), as a part of the Ministry of Finance, Government of India, is set to embark on Special Campaign 3.0 for Swachhata (cleanliness) and the resolution of pending...

Introduction: The Chamber of Tax Consultants, a venerable non-profit organization, has approached the Hon’ble Finance Minister of India and the Chairman of the Central Board of Direct Taxes with a cru...

Introduction: The Bombay Chartered Accountants Society, representing the interests of charitable trusts in India, has urgently sought a one-year deferment for the applicability of Form 10B/10BB, the A...

The Ministry of Finance has released new data, indicating significant progress in the filing and processing of Income Tax Returns (ITRs) for the Assessment Year (AY) 2023-24. As of September 5th, 2023...

ICAI Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 (Revised 2023) subject to amendments made by law, judiciary or administration, for the subsequent assessment years) Intro...

The Karnataka State Chartered Accountants Association (KSCAA) has submitted a formal representation to the Commissioner of Income Tax in Bengaluru, challenging the Central Processing Centre’s (CPC) ta...

As of September 1, 2023, Return Preparation Utility (RPU) version 4.7 has been released, bringing several updates for the preparation of regular and correction quarterly e-TDS/TCS statements, effectiv...

The tax landscape is ever-changing, and with the commencement of FY 2023-24, two new versions of the File Validation Utility (FVU) have been released: FVU version 2.178 for quarterly e-TDS/TCS stateme...

under section 10 sub section 46 of Income tax Act 1961 in case of Chhattisgarh, Uttarakhand, Madhya Pradesh, Punjab Real Estate Regulatory Authority. MINISTRY OF FINANCE (Department of Revenue) (CENTR...

Notification No. 75/2023-Income Tax Dated: 1st September, 2023 under section 10 sub section 46 of Income tax Act 1961 in case of E-Governance Society, Department of Food, Civil Supplies and Consumer A...

Notification No. 74/2023-Income Tax Dated: 1st September, 2023 under section 10 sub section 46 of Income Tax Act 1961 in case of Rajasthan State Dental Council. Ministry of Finance (Department of Reve...

Introduction: The Chartered Accountants Association, Surat, recently sent a pointed letter to the Finance Minister addressing concerns over errors in the Income Tax portal. These errors led to thousan...

KARNATAKA STATE CHARTERED ACCOUNTANTS ASSOCIATION (R) Date: 01st September 2023 To, Commissioner of Income Tax, CPC, Bengaluru Honourable Sir, SUBJECT: REPRESENTATION REGARDING INCORRECT PROCESSING OF...

Introduction: The Central Board of Direct Taxes (CBDT) has issued a new rule, Rule 134, along with Form No. 71, related to the application under sub-section (20) of section 155 for the credit of tax d...

Corrigendum for the Notification bearing G.S.R. No. 615 (E) dated 18.08.2023 i.e. Income Tax Notification No. 65/2023 dated 18th August, 2023 related to Amended Income Tax Rules for Valuation of Accom...

The Advance Pricing Agreement (APA) programme has been a key component in shaping India’s tax regime over the past decade. Designed to promote an investor-friendly tax environment, the Central Board o...

On August 28, 2023, the Income Tax Department unveiled the most recent set of Frequently Asked Questions (FAQs) pertaining to Form 27C. As taxpayers grapple with their income tax obligations, these FA...

Introduction: A recent representation to the Hon’ble Finance Minister, Smt. Nirmala Sitharaman, has highlighted significant delays and challenges in the faceless appeal scheme. Drafted jointly by the...

CBDT vide Notification No. 70/2023-Income tax Dated: 28th August, 2023 inserted new Income Tax Rule 13. Procedure to requisition services under sub-section (2) and to make a reference under sub-sectio...

Income Tax Bar Association’s Stance on Technological Shift in Tax Proceedings The Income Tax Bar Association (ITBA) of Varanasi, well-known for its continuous engagement in suggesting improvements for...