Income Tax

Ministry of Finance has issued Notification No. 36/2023-Income Tax, dated June 7, 2023, specifying the pension fund, namely, 2743298 Ontario Limited as the specified person for certain income tax exem...

CBDT revises monetary limits for condonation applications for claiming refund or carry forward of losses and set-off for application filed on or after June 01, 2023 vide Circular No. 07/2023 on 31st M...

CBDT issued Notification No. 35/2023-Income Tax on 31st May, 2023 and introduces Income-tax (Eighth Amendment) Rules, 2023 to further amend rule 11UAC of Income-tax Rules, 1962. Amendment s substitute...

KARNATAKA STATE CHARTERED ACCOUNTANTS ASSOCIATION (R.) Date: Thursday, June 1, 2023 To, The Chairman Central Board of Direct Taxes Respected Sir, SUBJECT: Suggestions on the proposed changes to Rule 1...

CBDT issued Notification No. 34/2023-Income Tax, dated May 30, 2023 & introduces amendments to rule 11AA of Income-tax Rules, 1962. New sub-rule (7) to rule 11AA states that for applications made unde...

The Income Tax Department has issued a notice informing all Statement of Financial Transaction (SFT) filers about the challenges faced during the filing process due to heavy traffic on the reporting p...

CBDT issued Notification No. 32/2023- Income Tax on May 29, 2023. This notification introduces the Income-tax (Sixth Amendment) Rules, 2023, which further amend the Income-tax Rules, 1962. The key cha...

CBDT issued Notification No. 33/2023-Income Tax on May 29, 2023. This notification introduces the e-Appeals Scheme, 2023 under the provisions of the Income-tax Act, 1961. The key points of the scheme...

F. No. 370142/9/2023-TPL(Part-I) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi dated the 26th of May 2023 Subject: Inviting comments on the draf...

CBDT has issued Notification No. 31/2023-Income-Tax and Increased limit for tax exemption on leave encashment for non-government salaried employees The Income-tax Act, 1961, previously allowed a tax e...

Notification under clause (ii) of the first proviso to clause (viib) of sub section (2) of section 56 of the Income tax Act CBDT issued Notification No. 30/2023 under the Income Tax Act. The notificat...

CBDT issued Notification No. 29/2023- Income-Tax specifying certain classes of persons for the purpose of sub-clause (ii) of the first proviso to clause (viib) of sub-section (2) of Section 56 of the...

Central Board of Direct Taxes, e-Filing Project ITR 4 – Validation Rules for AY 2023-24 – Version 1.0 – 23rd May 2023 Directorate of Income Tax (Systems) E-2, A.R.A. Centre, Ground Floor, Jhandewalan...

Income Tax Department Central Board of Direct Taxes, e-Filing Project ITR 2 – Validation Rules for AY 2023-24 – Version 1.0 – 23rd May 2023 Directorate of Income Tax (Systems) E-2, A.R.A. Centre, Grou...

Central Board of Direct Taxes, e-Filing Project ITR 1 – Validation Rules for AY 2023-24 Version 1.0 – 23rd May 2023 Directorate of Income Tax (Systems) E-2, A.R.A. Centre, Ground Floor, Jhandewalan Ex...

Central Board of Direct Taxes (CBDT) released guidelines outlining the parameters and procedures for the compulsory selection of income tax returns for complete scrutiny during the financial year 2023...

Circular No. 6 of 2023, issued by the Central Board of Direct Taxes, Ministry of Finance, Government of India, provides clarifications regarding provisions related to charitable and religious trusts....

Amendment in Income tax Rules, 1962, insertion of new rule 133 for prescribing calculation of net winnings for online games, notification of revised Form No. 16, Form 24Q, Form 26Q, Form 27Q, and Form...

Central Board of Direct Taxes (CBDT) has recently released a user-friendly Income tax calculator for the financial year 2023-24. The tax calculator aims to assist individuals and businesses in estimat...

Circular No. 5 of 2023, issued by the Central Board of Direct Taxes (CBDT), provides guidelines for the implementation of section 194BA of the Income-tax Act, 1961. This section pertains to the deduct...