Income Tax

Introduction In a significant development, the Income Tax (I-T) department has wrapped up its extensive investigation into insurance companies, exposing a staggering tax evasion totaling over Rs 15,00...

Introduction: Delve into the specifics of Notification No. 60/2023 issued by the Ministry of Finance, highlighting the tax exemption for the State Pollution Control Board Odisha. Dated 10th August 202...

Notification under section 10(46) in case of Chandigarh Building and Other Construction Workers Welfare Board, Chandigarh Introduction: Discover the details of Notification No. 59/2023 issued by the M...

The Jan Vishwas (Amendment of Provisions) Act, 2023 is a significant legislative reform that targets the decriminalization and rationalization of 183 provisions in 42 Central Acts administered by 19 M...

In an effort to enhance tax compliance and streamline reporting processes, the Income Tax Department recently sent out an SMS to individuals, addressing concerns related to certain transactions report...

Introduction: As the fiscal year 2023-24 progresses, India’s direct tax collections have displayed a remarkable pattern of steady growth. The provisional figures up to August 10, 2023, reveal a signif...

From the time where tax payer will forget how much refund is yet to receive and when they will receive to now, there is a remarkable change, the Indian tax scenario has undergone a significant transfo...

Introduction: This article provides insights into the tax payment history and financial data of the Board of Control for Cricket in India (BCCI) over the past five years. It covers BCCI’s income, expe...

Introduction: This article provides insights into the adjustment of Tax Collection at Source (TCS) rates for overseas tour packages and funds remitted outside India. It outlines the recent changes in...

Introduction: This article presents the Indian Government’s data regarding corporate tax collection over the past five years and the revenue impact caused by the reduction of corporate tax rates. Addi...

Introduction: Discover the history and impact of Income Disclosure Schemes (IDS) implemented by the Government of India. This article explores the Income Declaration Scheme, 2016 (IDS, 2016), the Taxa...

Central Board of Direct Taxes (CBDT) has introduced a significant amendment through Notification No. 58/2023, impacting the Income-tax Rules. This move extends the applicability of Safe Harbour rules...

Central Board of Direct Taxes has issued guidelines for the compulsory selection of returns for Complete Scrutiny during the Financial Year 2023-24. These guidelines aim to clarify the procedure for c...

The Income Tax Department, under the Government of India’s Ministry of Finance, introduces the Young Professional Scheme. The scheme aims to enhance departmental representation in the Income Tax Appel...

Ministry of Finance, Department of Revenue, and Central Board of Direct Taxes have issued Notification No. 57/2023 on 1st August, 2023. This notification offers a tax deduction relaxation for lease re...

CBDT inserted New Rule 6ABBB. Form of statement to be furnished regarding preliminary expenses incurred under section 35D vide Notification No. 54/2023-Income Tax Dated: 1st August, 2023. The amendmen...

Vide Notification No. 56/2023-Income Tax Dated: 1st August, 2023 The Ministry of Finance has issued Notification No. 56/2023 under the Income Tax Act, 1961, specifying the details of a zero coupon bon...

The Ministry of Finance, Department of Revenue, and Central Board of Direct Taxes have issued a crucial notification (No. 55/2023-Income Tax) dated 1st August, 2023. This notification concerns Section...

The Ministry of Finance, Department of Revenue, through its Competent Authority Cell, issued Notification No. 04/2023 on 31st July 2023. This notification pertains to the Prohibition of Benami Propert...

The Ministry of Finance has announced a significant achievement in the filing of Income Tax Returns (ITRs) for the Assessment Year 2023-24. The record-breaking number of ITRs filed till July 31, 2023,...