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Updated SOP for Income Recomputation of Sugar Co-ops in India
CBDT has issued a Standard Operating Procedure (SOP) regarding the recomputation of total income of co-operative societies engaged in the business of sugar manufacturing vide Circular No. 14 of 2023 D...
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Request for Permanent Extension of ITR Filing Due-Date to August 31st
All India Cost & Management Accountants Association (AICMAA) has submitted a formal request to the Hon’ble Finance Minister, Smt. Nirmala Sitaraman, urging her to extend the due-date for filing income...
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CBDT Clarification on Rule 114F(5) of Income Tax Rules
The Ministry of Finance, Department of Revenue, Foreign Tax & Tax Research Division has issued a crucial clarification in respect of Rule 114F(5) of the Income Tax Rules, 1962. This clarification addr...
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Income Tax Circular: Condonation of Delay for Deduction u/s 80P
The Indian Ministry of Finance, under the Central Board of Direct Taxes, has issued Circular No. 13/2023-Income Tax on 26th July 2023. The circular addresses the condonation of delay under clause (b)...
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Correction in Income Tax Notification: Insertion of Annexure-II to Form No. 34E
Central Board of Direct Taxes have released a corrigendum notification, No. 53/2023-Income Tax, on 26th July 2023. This notification aims to correct an oversight in Notification No. 37/2023-Income Tax...
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Representation on Glitches in Income Tax Portal: Non-display of notices
This document is a representation by the Karnataka State Chartered Accountants Association (KSCAA) to the Chairman of the Central Board of Direct Taxes. The representation focuses on technical issues...
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Income Tax department warns against false refund claims & wrongful deductions
The South Central Railway’s Vijayawada Division has received a significant communication from the Chief Commissioner of Income Tax, Vijayawada. The letter highlights a concerning issue regarding false...
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Draft Revised ‘Guidance Note on Tax Audit under section 44AB
Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961 (AY 2023-24) for Public Comments (Effective for the AY 2023-24 and subject to amendments made by la...
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Income Tax Exemption for IFSC Aircraft Leasing under section 10(34B)
The Ministry of Finance has issued Notification No. 52/2023-Income Tax, Dated : 20th July, 2023 under section 10(34B) of the Income Tax Act, 1961. The notification provides an income tax exemption for...
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Amendment to Income-tax rule 11UAC – Relocation of Fund & Movable Property
Ministry of Finance amends rule 11UAC of Income-tax Rules 1962, specifically addressing the relocation of funds and movable property vide Notification No. 51/2023-Income Tax | Dated: 18th July, 2023....
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Income Tax Rules 1962 Amendment: IFSC Proposals in Finance Act 2023
Amendment of the Income Tax Rules 1962 in view of IFSC related proposals in Finance Act 2023 The Ministry of Finance, under the Central Board of Direct Taxes, has issued Notification No. 50/2023-Incom...
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Definition of Investment Fund amended: Income Tax Notification No. 49/2023
Recent amendment, as per Notification No. 49/2023-Income Tax, pertains to the definition of an investment fund under the Income Tax Act. The amendment provides clarification on the criteria for funds...
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Updated List of Banks For Income Tax Payments on e-Filing Portal
Introduction: Are you looking for convenient banking options to make your tax payments? Look no further! The e-Filing Portal’s e-Pay Tax service offers a wide range of 26 banks to choose from. Whether...
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Taxability of Income from Off-Shore Investments: Income Tax Circular
F.No.225/79/2019-ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, New Delhi Circular No. 12/2023-Income Tax | Dated: 12th July.2023 Subje...
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Notification u/s 10(46) in case of Yamuna Expressway Industrial Development Authority
Notification No. 48/2023-Income Tax under section 10(46)of Income Tax Act, 1961 in case of Yamuna Expressway Industrial Development Authority MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD...
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Provisional Figures of Direct Tax Collections for FY 2023-24 Show Steady Growth
Introduction: The Ministry of Finance has released provisional figures of Direct Tax collections for the fiscal year 2023-24. The data reveals a consistent and significant growth trend in the collecti...
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Income tax Circular No. 11 of 2023- Corrigenda Circular No. 10 of 2023
The Government of India Ministry of Finance has issued Circular No. 11 of 2023, dated July 6, 2023, to provide corrigenda to Circular No. 10 of 2023. The corrigenda rectify references in Circular No....
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Notification No. 47/2023- Income Tax | Dated: 6th July, 2023
The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes has issued Notification No. 47/2023, bringing further amendments to the Income Tax Act 1961. These amendments have been ma...
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FAQs on TCS on LRS and purchase of overseas tour program package
CBDT issues Circular No. 10/2023 dated 30/06/2023 containing Frequently Asked Questions (FAQs) for removal of difficulty on issues pertaining to TCS on LRS and purchase of overseas tour program packag...
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Order under section 119 of the Income-tax Act, 1961 for extension of time limits for submission of certain TDS/TCS Statements
Circular No. 9/2023-Income Tax | 28th June, 2023 F.No.370149/109/2023-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Tax North Block, New Delhi Sub: Order un...