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...
Category : Income Tax
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...
ITR 7 for AY 2023-24 notified
The Income Tax Department has notified the ITR 7 on 14th February 2023 vide Notification No. 5/2023. To view and download the Notification, click here...
Income tax return forms for AY 2023-24 notified
The Income Tax Department has notified the ITR forms for AY 2023-24 vide Notification No. 4/2023 published on 10th February 2023. In the Notification, the...
Section 115BAE – New concessional tax rate for New manufacturing Co-operative societies
In the Finance Bill 2023, a new section 115BAE has been proposed to be inserted providing the concessional tax regime to new manufacturing co-operative societies....
Union Budget 2023 – Amendment in Section 35D regarding claiming deduction on amortization of preliminary expenditure
In the existing provisions of Section 35D, the assessee, whether an Indian Company or a person other than company who is resident in India, can...
Mahila Samman Savings Scheme – New small saving scheme for Women
In the Union Budget 2023, a new small saving scheme for women has been launched by Union Minister of Finance, Smt. Nirmala Sitharaman ji. In...
Union Budget 2023 – Increasing threshold limit for co-operatives to withdraw cash without TDS u/s. 194N
Section 194N which specifies the rate of TDS to be deducted in case of cash withdrawal from a banking company, a co-operative society or a...
Union Budget 2023 – Increasing threshold limits for presumptive taxation schemes
With the introduction of section 44AD and section 44ADA, the Government has always emphasized on the ease of compliance to the Traders and Professionals who...
Union Budget 2023 – Inclusion of timely payments to Micro and Small Enterprises in Section 43B
In the Union Budget 2023, a new provision has been proposed which seems to promote the payments to the Micro and Small enterprises. In the...
Union Budget 2023 – Rebate u/s. 87A enhanced for New Income tax regime
In the Union Budget 2023 introduced by Union Finance Minister Smt. Nirmala Sitharaman on 1st February 2023, the focus has been shifted on promoting the...
Union Budget 2023 – Rationalization in Surcharge Rate for Individuals / HUF / AOP / BOI
In the Finance Bill 2023, the Surcharge for the Individuals or Hindu Undivided Family (HUF) or Association of Persons or Body of Individuals or an...
Union Budget 2023 – Increase in Income tax slab under section 115BAC
Till AY 2022-23, there has been 2 Income tax slabs. One is the old one in which all the deductions can be availed and the...
Finance Bill 2023 and memorandum explaining Finance Bill 2023
Today, on 1st February 2023, the Finance Bill has been presented by Union Finance Minister, Smt. Nirmala Sitharaman ji. To view and download the Finance...