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Search and seizure action by Income Tax Department in Karnataka
Income Tax Department commenced a Search & Seizure operation in the case of some Cooperative Banks, in the State of Karnataka, on 31.03.2023. These cooperative Banks have been found to be engaged in r...
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CBDT notifies Cost Inflation Index for Financial Year 2023-24
at 348 vide Notification No. 21/2023-Income Tax Dated: 10th April, 2023. Cost inflation Index for Financial Year 2022-23 was 331 so Increase in Cost Inflation Index for FY 2023-24 is mere 5.14%. MINIS...
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Four Years’ Rigorous Imprisonment to Two then Income Tax Officials in A Bribery Case
The Special Judge for CBI Cases, Dharwad (Karnataka) has sentenced Shri Abhishek Tripathi and Shri Alok Tiwari, both then Income Tax officials to undergo four years rigorous imprisonment with fine of...
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TDS deduction on Salary – Old Regime- New Regime- CBDT clarified
CBDT vide Circular No. 04/2023-Income Tax clarified that Each year, employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New under section 115BAC) and...
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Finance Act, 2023: Amendment to definition of ‘Sikkimese’ only for Income Tax
Ministry of Finance Amendment to section 10(26AAA) of the Income-tax Act, 1961 by the Finance Act, 2023 Following the Hon’ble Supreme Court’s decision in Writ Petition (C) No. 59/2013 with 1283/2021,...
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Taxes on Cooperative Societies
As per Budget announcement 2023-24, following income tax related benefits are being proposed for the Cooperative Societies: i. The new co-operative society formed on or after 01.04.2023, which commenc...
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Direct Tax collections for FY 2022-23 exceed Budget Estimates by 16.97%
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 3rd April, 2023 PRESS RELEASE Direct Tax collections (provisional) for the Financial Year (FY) 20...
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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 and OLTAS e-Payment of Taxes at Protean (previously NSDL): HDFC Bank, Punjab & Sind Bank and State Bank of Indi...
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Rules for Manner of making PAN inoperative applicable from 01.07.2023
Rule 114AAA of the Income-tax Rules, 1962 related to Manner of making permanent account number (PAN) inoperative is applicable from 1st day of July, 2023. Government of India Ministry of Finance Depar...
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Consequences of PAN becoming inoperative – Rule 114AAA
Circular No. 03 of 2023-Income Tax Dated 28th March, 2023 F. No. 370142/14/2022-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi ***** Sub.: Co...
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Procedure for filling of application in Form No. 15C or Form No. 15D
Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax(Systems) Notification No. 01/2023-Income Tax Dated: 29th March, 2023 Subject:- Procedure, format and sta...
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CBDT notifies Bhadohi Industrial Development Authority under section 10(46)
Notification No. 16/2023- Income Tax Dated: 01st April, 2023 – CBDT notifies Tax Exemption to Bhadohi Industrial Development Authority, a body constituted by the state government of Uttar Pradesh, in...
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Finance Act, 2023
MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 31st March, 2023 / Chaitra 10, 1945 (Saka) The following Act of Parliament received the assent of the President on the 31st March, 2...
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CBDT Signs 95 Advance Pricing Agreements in FY 2022-23
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 31st March, 2023 PRESS RELEASE CBDT Signs 95 Advance Pricing Agreements in FY 2022-23 The Central...
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Manual submission of Form 10F allowed till 30th September 2023
Government of India Ministry of Finance Central Board of Direct Tax Directorate of Income Tax (Systems), New Delhi F.No. DGIT(S)-ADG(S)-3/e-Filing Notification/Forms/2023/13420 Dated 28th Mar 2023 Par...
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Govt collects TDS of Rs. 157.9 crore on transfer of Virtual digital Assets
Direct tax deducted at source from transfer of Virtual digital Assets aggregates to Rs. 157.9 crore upto 20th March 2023 for FY 2022-23 The Direct tax collected by way of tax deducted at source under...
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8.15 % rate of interest to EPF subscribers for FY 2022-23
The Central Board Trustees (CBT) EPF recommends 8.15 % rate of interest to EPF subscribers for FY 2022-23 The 233rd meeting of Central Board of Trustees, EPF was held today in Delhi under the Chairman...
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15% increase in GST Collection Year-on-Year (Y-o-Y)
There has been an increase of 15% in GST Collection in the month of December (FY 2022-23) as compared to the month of December (FY 2021-22). This was stated by the Union Minister of State for Finance...
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Last date for linking of PAN-Aadhaar extended
Central Board of Direct Taxes (CBDT) has extended the last date to link Permanent Account Number (PAN) with Aadhaar to June 30, 2023 vide Income Tax Notification No. 15/2023 Date: 28th March, 2023 by...
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List of Banks For Income Tax Payments on NSDL & e-Filing Portal
Updated List of banks for tax payments available at e-Pay Tax service at e-Filing Portal and OLTAS e-Payment of Taxes at Protean (previously NSDL): List of banks for tax payments available at e-Pay Ta...