Income tax update – Amended in Form 27Q
The Central Board of Direct Taxes (CBDT) has amended the Form 27Q by inserting the Note 7A under the head “Verification”. The notification reads as...
Category : Income Tax
Cost Inflation Index for FY 2024-25
The Ministry of Finance has notified the Cost Inflation Index for FY 2024-25, which is 363. Financial Year Cost Inflation Index 2001-02 (Base year) 100...
Understanding the Assessment year and Previous year
In Indian income tax laws, understanding the concepts of the assessment year (AY) and the previous year (PY) is crucial for taxpayers to correctly determine...
All about the New tax regime for AY 2024-25
The Income tax department has released the utilities and forms for the filing of Income tax returns for the AY 2024-25. For the filing of...
Circular 7/2024 – Income Tax || Extension of due date for filing of Form No. 10A/10AB under the Income tax act
The Income Tax Department vide circular dated 25th April 2024 has extended the due date for filing of Form No. 10A/10AB till 30-06-2024. The due...
Circular 6/2024 – Income Tax || Extension of date for PAN become operative in case of non deduction of TDS at higher rates
The Income Tax Department has issued the Circular No. 6/2024 dated 23rd April 2024 in which it has been stated that the Department shall not...
CBDT clarifies on media reports claiming special drive to reopen cases with reference to HRA claims
The Central Board of Direct Taxes (CBDT) has clarified on 8th April 2024 where it has been clarified that no special drive to re-open the...
Press release – Functionalities to file commonly used ITRs enabled by CBDT on 1st April, 2024
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial...
Notification regarding time limit for verification of return of income after uploading
The Central Board of Direct Taxes (CBDT) has issued the notification regarding the time limit for verification of Income tax returns after uploading. It is...
Press release – Clarification regarding applicability of new tax regime and old tax regime
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified...
Changes in ITR form V and Acknowlegement for A.Y 2024-25
The Ministry of Finance has released the changed ITR V and ITR acknowledgement for the AY 2024-25. To view and download the Notification, click here...
Income Tax Department enables Discarded Return option
The Income Tax Department has enabled the feature of “Discarded return” on the Income tax website. The said feature is available for the users from...
Income Tax Update – Changes in the definition of strategic disinvestment
In exercise of the powers conferred by clause (XI) of the proviso to clause (x) of subsection (2) of section 56 read with section 295...
Income Tax Update – Regarding date of approval of Section 80G
The Central Board of Direct Taxes (CBDT) have notified the Notification No. 34/2023 dated 30th May 2023 in which it has been specified that the...
Income Tax update – CBDT introduces E-appeal scheme
The Central Board of Direct Taxes (CBDT) has notified the E-appeal scheme 2023 in which the Joint Commissioner (Appeals) have been made the designated authority....
Income Tax Update – Filing of SFT extended for few days
In the twitter notification by the Income tax department, the department has notified that due to the heavy traffic while filing the SFT, some taxpayers...
Draft rules on Angel tax provisions on consideration received from Non Resident investors by Closely Held Companies
The Central Board of Direct Taxes (CBDT) has published the Draft rules for valuation of unquoted equity shares. The said rules have been taken as...
Income Tax Update – Clarification regarding provisions relating to charitable and religious trust
The Central Board of Direct Taxes (CBDT) has issued the clarification regarding provisions relating to charitable and religious trusts vide Circular No. 6 of 2023...
Income Tax Update – Treatment of TDS on online gaming, amendment in section 194N and amendment in Form 16 for AY 2024-25
The Central Board of Direct Taxes (CBDT) has notified the Notification No. 28/2023 in which there has been an amendment in Section 194N, prescribing the...
Income tax Update – CBDT enlists 3 categories of persons not covered under the Angel tax provisions
The CBDT has notified the 3 categories of persons whose investments in the Closely Held Companies shall not be covered within the ambit of Angel...
Income Tax Update – Amendment in Section 56(2)(viib) for receipt of consideration from any person
In the Notification No. 30/2023, the CBDT has notified that the consideration received by Companies for share capital exceeding the face value received from any...
Income Tax Update : Limit of Leave Encashment extended for Non Government Employees
The Central Board of Direct Taxes (CBDT) has extended the limit of Leave Encashment for the Non Government employees from Rs. 3,00,000/- to Rs. 25,00,000/- ...
CA, CS and CMA brought under the PMLA net
On 3rd May 2023, the Ministry of Finance has issued the notification in which the CA, CS and CMA have been brought under the definition...
The President of India assents Finance Act 2023
On 31st March 2023, the President of India gives the assent to the Finance Act 2023. To download the Finance Act, click here Finance Act...
Amendment in Rule 16CC and Rule 17B regarding Audit report formats for Charitable and Religious trusts and Institutions registered under section 10(23C)
The Income Tax Department on 21st February 2023 has notified the Income tax (amendment rules), 2023 to amend the Rule 16CC and Rule 17B and...
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