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Income Tax Department issues clarification on PAN-Aadhaar linking
The Income Tax Department recently issued a significant clarification on the PAN-Aadhaar linking process through its official Twitter handle, @IncomeTaxIndia. This announcement was made just hours bef...
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Investigation of Reporting Entities by Income-Tax Department
Introduction: Emphasizing Voluntary Compliance The Income-Tax Department has been actively encouraging voluntary compliance by receiving and utilizing information about taxpayers’ financial transactio...
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Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS)
Ministry of Finance Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS) No change in rate of TCS for all purposes under LRS and for overseas travel tour packa...
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Deemed Arm’s Length Price for Assessment Year 2023-2024
Notification No. 46/2023-Income-Tax notifies the deemed arm’s length price for assessment year 2023-2024. The notification introduces a tolerance range for wholesale trading and other cases in interna...
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Increased TCS rates on Foreign Remittance to apply from 1st October 2023
Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS) No change in rate of TCS for all purposes under LRS and for overseas travel tour packages, regardless of m...
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Mandatory e-Filing of Appeals before ITAT: Important Update
Supreme Court of India has recently issued an order requiring all revenue appeals before the Income Tax Appellate Tribunal (ITAT) to be filed exclusively through the e-filing mode. This directive aims...
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CBDT approves University of Patanjali’ for Social Science Research under Section 35 of Income Tax Act
The Ministry of Finance, Department of Revenue, has recently issued Notification No. 44/2023 on June 23, 2023. This notification grants approval to ‘M/s Patanjali Yog Peeth Nyas, Delhi’ for its univer...
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CBDT amends rules pertaining to registration, approval & activities of Institutions, trusts & funds
The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompass multiple provisions and rules within the Income-tax Act, 1961. The notific...
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CBDT Notifies New Form 10IEA for Opting & withdrawing from New Tax regime for FY 23-24
CBDT issued Notification No. 43/2023-Income Tax dated 21st June 2023 and notified New Form 10IEA for Opting & withdrawing from New Tax regime for FY 23-24. This notification introduces new rules to am...
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CBDT Order: Scope of e-Appeals Scheme under Income-tax Act Specified
Central Board of Direct Taxes (CBDT) has issued an order specifying the scope of the e-Appeals Scheme under sub-section (6) of section 246 of the Income-tax Act, 1961. The order states that all appeal...
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Strong Growth in Direct Tax Collections for FY 2023-24; Refunds Surge by 30.13%
The Ministry of Finance recently released the figures for direct tax collections in the Financial Year 2023-24, showcasing a substantial growth rate and a notable increase in refunds. This article pro...
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Updated List of Banks For Income Tax Payments on e-Filing Portal
Updated List of banks for tax payments available at e-Pay Tax service at e-Filing Portal- The e-Filing portal’s e-Pay Tax service offers a convenient way to make tax payments online. Recently, there h...
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Govt Designates Special Courts for Economic Offences in Jharkhand
CBDT issued a Notification No. 42/2023-Income Tax Dated 15th June, 2023, designating Special Courts for Economic Offences in the state of Jharkhand. The notification identifies the specific courts and...
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Notification No. 41/2023-Income Tax, Dated: 14th June, 2023
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 41/2023-Income Tax | Dated: 14th June, 2023 S.O. 2625(E).—In exercise of the powers conferred by section 11...
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Notification No. 40/2023- Income Tax Dated: 14th June, 2023
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 40/2023- Income Tax, Dated: 14th June, 2023 S.O. 2624(E).— In exercise of the powers conferred by sub-secti...
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e-advance rulings (Amendment) Scheme, 2023
CBDT notifies e-advance rulings (Amendment) Scheme, 2023 which amend e-advance rulings Scheme, 2022. Amendments are related to Board for Advance Rulings and notified vide Notification No. 38/2023 Inco...
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CBDT amends Income Tax Rule 44E, 44F and FORM No. 34C to 34EA
CBDT amends Income Tax Rule 44E, 44F and FORM No. 34C to FORM No. 34EA vide Notification No. 37/2023 Income-Tax Dated: 12th June, 2023. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DI...
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Representation on delay in issue of refunds under Income-tax Act, 1961
In a recent representation to the Chairman of the Central Board of Direct Taxes, the Karnataka State Chartered Accountants Association (R.) (KSCAA) has raised concerns about the prolonged delays in is...
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e-Appeals Scheme, 2023: CBDT creates position of JCIT (Appeals)/Addl.CIT (Appeals)
On 7th June 2023, the Central Board of Direct Taxes (CBDT), under the Ministry of Finance, Government of India, announced the creation of numerous posts as part of the e-Appeals Scheme, 2023. The orde...
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CBDT Revises Monetary Limit Exceptions for Appeals under Section 158AB
CBDT issued Circular No. 8/2023, dated 31st May 2023, detailing the revision of exceptions to monetary limits for filing appeals deferred under the provisions of Section 158AB. The Circular provides g...