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Revamped CBDT Income Tax Website: Features & Insights
Embracing modern technology and design principles, the Central Board of Direct Taxes (CBDT) has launched a transformed version of its National website, www.incometaxindia.gov.in. Introduced by Shri Ni...
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Income Tax, Tax Audit and Trust Glossary
Income Tax Glossary Advance Ruling : The Advance Ruling is a mechanism that helps in bringing certainty in the determination of tax liability on a particular transaction. Advance tax : The scheme of a...
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Instructions on Implementing Abhisar Buildwell SC Judgment by CBDT
Introduction: In a significant development, the Central Board of Direct Taxes (CBDT) has issued detailed guidelines for Assessing Officers (AOs) pertaining to the execution of the Supreme Court’s judg...
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Notification No. 69/2023: Income Tax exemption to Swasthya Sathi Samiti’s Income
Introduction: The Ministry of Finance, under its Department of Revenue and the Central Board of Direct Taxes, has announced Notification No. 69/2023, dated 23rd August 2023. This sheds light on the sp...
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Income Tax Notification 68/2023: Exemption to UIDAI’s Specified Income
Introduction: The Ministry of Finance, under the Department of Revenue and the Central Board of Direct Taxes, has released Notification No. 68/2023 pertaining to the Income-tax Act of 1961. This notif...
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Punjab Building & Construction Welfare Board: Income Tax Exemption Notification
Introduction: Notification No. 67/2023, dated 23rd August, 2023, issued by the Central Board of Direct Taxes, addresses the classification of Punjab Building and Other Construction Welfare Board under...
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District Mineral Foundation Trust: Income Tax Exemption Notification 2023
Introduction: The Central Board of Direct Taxes has issued Notification No. 66/2023, dated 23rd August, 2023, under section 10(46) of the Income-tax Act, 1961. This notification pertains to the classi...
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Supreme Court Guidelines for Written Submissions and Oral Arguments
Introduction: The Supreme Court of India has issued a circular, F. No. 57/Judl./2022, dated 22nd August 2023, providing comprehensive guidelines for filing written submissions and compilations before...
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Anomalies in Income Tax Law and Practice – CASS Representation
Introduction: The Chartered Accountants Association of Surat has taken a bold step, voicing concerns over significant anomalies in the country’s Income Tax law and practice. Addressing the Finance Min...
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Handbook on Advance Rulings under Income Tax Act, 1961
GOVERNMENT OF INDIA MINISTRY OF FINANCE CENTRAL BOARD OF DIRECT TAX BOARD FOR ADVANCE RULINGS A HANDBOOK ON ADVANCE RULINGS DISCLAIMER This handbook should not be construed as an exhaustive statement...
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CBDT Amends Income Tax Rules for Valuation of Accommodation Perquisite
The Central Board of Direct Taxes (CBDT) has introduced an amendment to the Income Tax Rules, 1962, relating to the valuation of perquisites for residential accommodation provided by employers. The am...
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New Rule for TDS on Foreign Currency Income: Exchange Rates
Introduction: The Ministry of Finance has issued a significant notification, No. 64/2023-Income Tax, on August 17, 2023, amending the Income-tax Rules, 1962. The notification introduces a new rule, im...
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Operationalisation of the Board for Advance Rulings
Introduction: The Ministry of Finance has taken a significant step towards enhancing tax clarity and efficiency with the operationalisation of the Board for Advance Rulings. This move aims to streamli...
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CBDT Order on Dispute Resolution Committee Formation
Introduction: The Central Board of Direct Taxes (CBDT), an integral part of the Ministry of Finance in India, has recently issued a significant office order, dated 14th August 2023. This order pertain...
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Guidelines on Taxation of sum received under a life insurance policy
Introduction: Circular No. 15 of 2023, issued by the Central Board of Direct Taxes, offers comprehensive insights into the intricate details of the guidelines under Clause (10D) of Section 10 within t...
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New Functionality for ‘Challan Correction’ on Income Tax e-Filing Portal
The Income Tax department has introduced a groundbreaking feature for taxpayers – the ‘Challan Correction’ functionality on its e-filing portal. This transformative addition offers taxpayers a conveni...
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Inventory Valuation by Cost Accountants (CMAs) Draft Format released for comments
Inviting comments on the draft Form No. 6C for implementing the amendment made by the Finance Act, 2023 wrt Sub-section (2A) of the Section 142 of the Income Tax Act, 1961 regarding inventory valuatio...
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Haryana Water Resources Authority Tax Exemption – Notification No. 63/2023
The Ministry of Finance, under Notification No. 63/2023, has granted specific tax exemptions to the ‘Haryana Water Resources (Conservation, Regulation and Management) Authority,’ an entity established...
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Urban Improvement Trust Udaipur Tax Exemption – Notification No. 62/2023
The Ministry of Finance has issued Notification No. 62/2023, dated 16th August 2023, detailing specific tax exemptions for the ‘Urban Improvement Trust Udaipur.’ The notification comes after an Order...
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New Income Tax Rules on Taxation of Life Insurance Policy Receipts
The Ministry of Finance has issued Notification No. 61/2023, dated 16th August 2023, pertaining to a new amendment in the Income Tax Rules of 1962. This Sixteenth Amendment focuses on the computation...