Category : Income Tax
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...
Extension of timeline for filing of various reports of Audit for the A.Y. 2022-23
The Central Board of Direct Taxes (CBDT), vide Circular No. 19/2022 dated 30-09-2022 has extended the due date of furnishing various audit reports whose due...
Time period for E verification of Income tax returns have been reduced
The Central Board of Direct Taxes has published the Notification on 29th July 2022 in which the time limit for E verification of Income tax...
Updated Return for AY 2020-21 and AY 2021-22 notified on Income tax portal
on 27th June 2022, the e filing of updated return for AY 2020-21 and AY 2021-22 has been enabled on the Income tax portal. The...
Clarification for TDS under section 194S for transactions other than those taking place on or through an exchange
The Central Board of Direct Taxes has notified the circular No. 14/2022 in which the guidelines regarding the nature of transactions pertaining to section 194S...
Income Tax Department conducts searches in Rajasthan and Mumbai
Income Tax Department carried out search and seizure operations on 16.06.2022 on a business group involved in retail and export sale of handicrafts, cash financing,...
Guidelines for removal of difficulties under sub-section (6) of section 194S of the Income tax Act 1961
Central Board of Direct Taxes (CBDT) has issued the Circular No. 13/2022 in which certain questions have been answered with respect to the taxability of...
Notification of Form 26QE and Form 16E for TDS deduction under section 194S of the Income tax act
On 22nd June 2022, the Central Board of Direct Taxes (CBDT) has notified the Income Tax (19th Amendment) Rules 2022 in which the procedures related...
Safe harbour rules for AY 2022-23 for the purpose of Income tax act 1961
The Central Board of Direct Taxes (CBDT) has notified the safe harbour rules for A Y 2022-23 by amending the Rule 10TD(3B) of the Income...
CBDT notifies no deduction of TDS on account of lease of aircraft on payments to units located in IFSC
The Central Board of Direct Taxes (CBDT) has notified the Notification No. 65/2022 in which it has been specified that the payment in the nature...