Central Board of Direct Taxes vide press release dated 5th September, 2023 has issued instructions for speedy processing of Income Tax Returns. Average processing time of ITRs (after verific… Read More
Central Board of Direct Taxes vide press release dated 1st September, 2023 has releases the fifth annual Advance Pricing Agreement report. CBDT also signed 32 Bilateral Advance Pricing Agree… Read More
Read about CBDT's upcoming Special Campaign 3.0 for Swachhata (cleanliness) and resolution of pending matters. Learn about success of Special Campaign 2.0 and HARIT Aaykar initiative
The pos… Read More
Read about latest CBTD notification regarding Multi Commodity Exchange Investor Protection Fund Trust under Section 10(23EC) for assessment year 2014-15.
The post CBDT notifies Multi Commodi… Read More
Units of REITs and ETFs issued by companies headquartered in GIFT City or traded on local exchanges are to be exempt from capital gains tax, according to the government. Any unit of an inves… Read More
CBDT extends due date for filing of Form 10B/10BB and Form ITR-7 for t:
The due date of furnishing Audit reports in Form 10B/Form 10BB for the Financial Year 2022-23, which is 30.09… Read More
New Delhi, Sep 18 (IANS) The Central Board of Direct Taxes (CBDT) has extended the due date for furnishing audit reports in Form 10B/Form 10BB for the Financial Year 2022-23 by a month from… Read More
Get latest update on CBDT's extension of filing deadlines for Form 10B, Form 10BB, and ITR-7 for Assessment Year 2023-24. Stay compliant with ease.
The post CBDT Extends Filing Deadlines for… Read More
Indian Revenue Service(IRS) is a civil service in India. To become an IRS officer you need to crack the UPSC exam.
The job profile of the Indian Revenue Service Officer is highly reputed… Read More
Central Board of Direct Taxes (CBDT) has recently issued a crucial notification concerning the payment of interest on loans to Non-Banking Financial Companies (NBFCs) under Section 43B(da) o… Read More
Explore recent notification (No. 79/2023) from Ministry of Finance regarding classification of non-banking financial companies (NBFCs) for income tax purposes.
The post CBDT’s Notifica… Read More
Income Tax Audit Report last date Extended?What Is Audit Report?
Definition: The audit, a cerebral pursuit, entails the meticulous scrutiny and meticulous examination of diverse volumes o… Read More
CBDT notification amending Rule 11UA for Angel Tax. Learn about new valuation methods, safe harbor, and implications for equity shares and CCPS.
The post CBDT’s New Angel Tax Rules: V… Read More
CBDT) amends Income Tax Rule 11UA regarding valuation of unquoted equity shares for tax purposes. Learn about changes in this amendment.
The post Amendment of Income Tax Rule 11UA- Valuation… Read More
For valuing equity and compulsorily convertible preferred shares issued by startups to resident and non-resident investors, the Income Tax department has announced a “Angel Tax”… Read More
The government has no plans to modify its tax regime in order to facilitate the inclusion of government bonds on other global indices, as per an unnamed source cited by news agenc… Read More
Learn about the updated procedure, format, and standards for applying for an income tax certificate under Section 197 of the Income-tax Act in India. Effective from October 1, 2023
The post… Read More
CBDT issued Procedure for Income Tax Deduction Certificate Applications via TRACES: Procedure, format and standards for filling an application for grant of certificate under sub-rule (4) and… Read More
On September 27, 2023, CBDT amended Income Tax Rule 14A & 14B, introducing Form No. 6D for Inventory Valuation. Explore changes & implications
The post CBDT amends Income Tax Rule 14… Read More
The ITR-3 form is one of the income tax return forms that can be used by individuals and Hindu Undivided Families (HUFs) who have income from profits and gains of business or profession… Read More
Changes in the ITR-2 Form
On February 10, 2023, Notification No. 04/2023 was issued by the Central Board of Direct Taxes (CBDT), unveiling revised versions of the Income Tax Return (ITR)… Read More
CBDT's recent notification (No. 85/2023) outlines tax exemption for the 'National Farmers Welfare Program Implementation Society.' Discover the income sources covered and conditions here.
Th… Read More
CBDT's latest notification (No. 84/2023) on 'Punjab Nurses Registration Council' clarifies its tax-exempt status for specific income sources. Details here.
The post CBDT notifies ‘Punj… Read More
CBDT introduces Rule 21AHA & Form 10-IFA for exercising option under Section 115BAE(5) of Income Tax Act, 1961. Learn the rules, process, and significance.
The post CBDT notifies Rule 21… Read More
Central Board of Direct Taxes vide notification dated 27th September, 2023 has clarified the procedure, format and standards for filling an application for grant of certificate for deduction… Read More
The Central Board of Direct Taxes vide notification dated 22 September, 2023 has directed that any sum payable by the assessee as interest on any loan or borrowing from following entities in… Read More
In an order, the Ministry of Personnel, Public Grievances and Pensions Department of Personnel & Training said: “The Appointments Committee of the Cabinet has approved the re- appo… Read More
New Delhi: The Central Board of Direct Taxes (CBDT) on Wednesday issued a set of detailed guidelines on the withdrawal of tax benefits on fat insurance policies which was announced i… Read More
Current Affairs
04 October 2023 Current Affairs: we share daily updated Current Affairs. This topic is an essential part of all government exams. Read this post carefully. All Question Impor… Read More
Difficulties in Filing Income Tax Returns and Tax Audit
Filing returns and tax audits are two important aspects of compliance with India’s Income Tax Act of 1961. Filing returns de… Read More
Latest CBDT Notification: Sec. 10(46) Exemption
The Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) is a statutory body established by the Government of Uttar Pradesh… Read More
CBDT Amends Rule 11UA
The valuation of shares issued by unlisted companies is a crucial aspect of taxation, especially for startups and investors. Section 56(2)(viib) of the Income-tax A… Read More
The Central Board of Direct Taxes (CBDT) has introduced a new electronic form called Form 71 to help people correct errors in tax deduction at source (TDS). This change is part of the Income… Read More
Explore Gerah Enterprises P. Ltd. Vs. PCIT case where order under Section 263 was quashed for violating CBDT Circular No. 19/2019.
The post PCIT’s Order Under Section 263 Quashed for V… Read More
Understand CBDT's recent clarifications on trust audit reports. Learn about substantial contributions, relatives, and concerns in this analysis.
The post Clarification with regard to trust… Read More
In case of Prtatap Singh Yadav Vs DCIT (ITAT Delhi) assessment order was declared invalid due to non-compliance with CBDT Circular No.19/2019.
The post Assessment Order Without DIN Invalid … Read More
Income tax refunds for around 35 lakh taxpayers are currently "held up" due to mismatch and validation issues with their bank accounts, as per Central Board of Direct Taxes (CBDT) Chairperso… Read More
Explore Delhi High Court's judgment in CIT vs. Brandix Mauritius Holdings Ltd. regarding significance of DIN in income tax communication. Understand implications of 2019 CBDT Circular.
The p… Read More
New Delhi, Oct 10 (IANS) India’s direct tax collections rose 21.82 per cent year-on-year (YoY) to Rs 9.57 lakh crore till October 9 in the current fiscal, according to data released by… Read More
India's direct tax collections have soared by 21.82% year-on-year, hitting Rs. 9.57 lakh crore in the current fiscal year (2023-24) up to October 9.
As per the Central Board of Direct Tax… Read More
Central Board of Direct Taxes vide circular dated 09 October, 2023 has clarified that the Audit report in the case of a fund or trust or institution or any university or other educational in… Read More
At present, the Income-Tax Department is grappling with approximately 3.5 million pending refund cases due to issues related to mismatched and unverified bank account details of taxpayers. C… Read More
Get latest updates on Income Tax Rules (24th Amendment) in 2023, including changes related to foreign companies, PAN, and document requirements.
The post CBDT amends rule 114B, rule 114BA, r… Read More
Learn about CBDT's latest amendments exempting non-residents in IFSC-banking units from mandatory PAN quoting, enhancing ease of operation.
The post CBDT Provides Relief to Non-Residents in… Read More
Over the years, a number of incentives and perks have been offered in an effort to support the International Financial Services Centre (IFSC) and draw in international financial institutions… Read More
Income tax department conducted a search & seizure action in the case of some government contractors, real estate developers and their associates on 12.10.2023. About 55 premises were… Read More
The Central Board of Direct Tax (CBDT) has notified new valuation methods by amending provisions of Rule 11UA of Income Tax rules with effect from 23rd September, 2023. This amendment is mad… Read More
The Income Tax Department is aware of some high-value transactions that, if disregarded, could put you in trouble with the law. Tax authorities keep a careful eye on a range of cash-related… Read More
The Central Board of Direct Taxes on 17th October, 2023 has issued updates of the Special Campaign 3.0. The Department has conducted a total of 450 cleanliness campaigns, out of which 331 ca… Read More
CBDT amends rule 37BB and introduces Form 15CD for International Financial Services Centre (IFSC) unit remittances from January 1, 2024
The post CBDT Introduces Form 15CD for IFSC Unit Remit… Read More
CBDT, under the Ministry of Finance, extends the deadline for processing refund claims under section 143(1) to mitigate taxpayer hardships.
The post CBDT Extends Deadline for Income Tax Refu… Read More
India has witnessed significant revenues from its recent taxations on cryptocurrency transactions, with the Central Board of Direct Taxes (CBDT) gathering over $12 million from 1% TDS (Tax D… Read More
CBDT amends Rule 11UA of Income Tax Rules to provide new methods for valuing shares of closely held companies and implications for startups.
The post Amendment in Rule 11UA: Valuation of Sha… Read More
CBDT inserts Rule 16D & Form No. 56F -Report for claiming section 10AA deduction vide Notification No. 91/2023-Income Tax dated: 19th October, 2023.
The post New CBDT Rule 16D &… Read More
Read Circular 18/2023 from the Government of India Ministry of Finance. Learn about the extension of the filing deadline for Income Tax reports and its implications
The post CBDT extends due… Read More
Delhi High Court's judgment regarding the income tax refund for Assessment Years 2020-21 and 2021-22, after an inquiry by CBDT, and the need for timely remittance.
The post Delhi HC Orders I… Read More
CBDT grants a filing extension for Form 10-IC related to AY 2021-22. Learn the conditions for this extension and the new deadline in this update.
The post CBDT Grants Condonation for AY 2021… Read More
CBDT's Circular 19/2023 provides relief for domestic companies opting for taxation under Section 115BAA. Learn the conditions for condonation of Form 10-IC delays for A.Y. 2021-22.
The post… Read More