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FAQs on TCS on LRS and purchase of overseas tour program package
CBDT issues Circular No. 10/2023 dated 30/06/2023 containing Frequently Asked Questions (FAQs) for removal of difficulty on issues pertaining to TCS on LRS and purchase of overseas tour program packag...
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Order under section 119 of the Income-tax Act, 1961 for extension of time limits for submission of certain TDS/TCS Statements
Circular No. 9/2023-Income Tax | 28th June, 2023 F.No.370149/109/2023-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Tax North Block, New Delhi Sub: Order un...
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Income Tax Department issues clarification on PAN-Aadhaar linking
The Income Tax Department recently issued a significant clarification on the PAN-Aadhaar linking process through its official Twitter handle, @IncomeTaxIndia. This announcement was made just hours bef...
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Investigation of Reporting Entities by Income-Tax Department
Introduction: Emphasizing Voluntary Compliance The Income-Tax Department has been actively encouraging voluntary compliance by receiving and utilizing information about taxpayers’ financial transactio...
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Sale of Electoral Bonds at Authorised Branches of SBI
Sale of Electoral Bonds at Authorised Branches of State Bank of India (SBI) Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 2nd January 2018 (as...
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Mahila Samman Savings Certificate, 2023: Available in Public & Private Banks
Empowering Women Through Mahila Samman Savings Certificate, 2023: Available in Public and Selected Private Sector Banks Introduction: The Indian government, in a bid to fortify its commitment to the f...
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Form DRC-01B – Managing Liability Differences in GST Returns
In this article, we delve into the intricate details of Form DRC-01B in terms of return compliance. We address frequently asked questions (FAQs) about Form DRC-01B, its applicability, filing, and the...
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CGST Delhi West Commissionerate busts nexus of more than 30 fake firms and arrests a person in special drive against fake registrations
Ministry of Finance The CGST Delhi West Commissionerate under CGST Delhi Zone, upon analysis of an entity under investigation as part of Special Drive against fake registrations, found multiple entiti...
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Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS)
Ministry of Finance Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS) No change in rate of TCS for all purposes under LRS and for overseas travel tour packa...
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CGST Delhi West Commissionerate Exposes Network of Fraudulent Firms and Arrests Key Suspect
CGST Delhi West Commissionerate busts nexus of more than 30 fake firms and arrests a person in special drive against fake registrations In a critical crackdown on financial malpractices, the CGST Delh...
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Major Fraud Syndicate Involving Fake Firms Busted by DGGI in Jaipur
Introduction In an ongoing battle against fraudulent practices, the Directorate General of GST Intelligence (DGGI), Jaipur Zonal Unit, has made a significant breakthrough. The unit successfully expose...
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Deemed Arm’s Length Price for Assessment Year 2023-2024
Notification No. 46/2023-Income-Tax notifies the deemed arm’s length price for assessment year 2023-2024. The notification introduces a tolerance range for wholesale trading and other cases in interna...
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Increased TCS rates on Foreign Remittance to apply from 1st October 2023
Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS) No change in rate of TCS for all purposes under LRS and for overseas travel tour packages, regardless of m...
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Mandatory e-Filing of Appeals before ITAT: Important Update
Supreme Court of India has recently issued an order requiring all revenue appeals before the Income Tax Appellate Tribunal (ITAT) to be filed exclusively through the e-filing mode. This directive aims...
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Right to adequate housing and climate change: One Nation One Housing Policy
One Nation One Housing Policy (India Centric Vision 2030 – Dravidian Model of Eradicating Universal Shelterlessness) And in Line with United Nation Special Rapporteur Report of March 2023 Document No....
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ECGC Ltd. Advances Digital Transformation, Enhances Export Credit Insurance Coverage
The Union Minister of Commerce and Industry, Shri Piyush Goyal, recently announced several promising developments for the Export Credit Guarantee Corporation of India Limited (ECGC Ltd.) in a media br...
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DGFT Simplifies Policy for Export of Drones/UAVs from India for Civilian Use
DGFT has announced a simplified and liberalized policy for the export of drones and UAVs from India for civilian purposes. This move is in line with India’s Foreign Trade Policy 2023, which focuses on...
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Amnesty Scheme Under GST – Avail benefits before 30th June 2023
Hurry up Taxpayers! 30th June, 2023 is the last day to avail the benefits of the Amnesty Scheme Under GST. Amnesty scheme under the Goods and Services Tax (GST) scheme offers benefits to non-filers of...
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CBDT approves University of Patanjali’ for Social Science Research under Section 35 of Income Tax Act
The Ministry of Finance, Department of Revenue, has recently issued Notification No. 44/2023 on June 23, 2023. This notification grants approval to ‘M/s Patanjali Yog Peeth Nyas, Delhi’ for its univer...
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CBDT amends rules pertaining to registration, approval & activities of Institutions, trusts & funds
The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompass multiple provisions and rules within the Income-tax Act, 1961. The notific...