Income Tax

Taxation Aspects of Employer-Provided Insurance for EmployeesThe taxation of employer-provided insurance for employees is a complex topic that requires careful consideration by both employers and empl...

On 29th April 2024, the Direct Taxes Committee of The Institute of Chartered Accountants of India announced the release of an Exposure Draft titled ‘Guidance Note on Reports on Audit under Section 12A...

In Circular No. 6/2024, CBDT provides relief to deductors/collectors grappling with the consequences of Inoperative PANs. If a deductee/collectee’s Inoperative PAN becomes operative (via Aadhar linkag...

Introduction: Circular No. 7/2024 issued by the Central Board of Direct Taxes (CBDT) addresses the extension of due dates for filing Form No. 10A/10AB under the Income-tax Act, 1961. Over the years, v...

Introduction: Notification No. 41/2024-Income Tax, dated 24th April 2024, issued by the Ministry of Finance under the Income Tax Act, 1961, holds significance for Kerala Autorickshaw Workers Welfare F...

Introduction: As per the CBDT Circular No. 6/2024 dated 23.04.2024, several grievances have been received from taxpayers who are TDS/TCS deductors or collectors. They have received notices for short d...

The CBDT, aiming to address grievances of deductors/collectors who collected TDS/TCS at the normal rate but were required to deduct/collect at double the rate due to the deductee’s PAN being inoperati...

Introduction: The recent notification under section 80G(2)(b) of the Income Tax Act 1961 has significant implications for Shree Ramanuj Kot Trust in Indore. Issued by the Ministry of Finance, this not...

Notification No. 39/2024-Income Tax, issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, introduces pivotal changes to the Income-tax Act, 1961. Dated 22nd April,...

Section 12AB - Procedure for Registration of Trusts on or after 01-04-2021The introduction of Section 12AB in the Income-tax Act, 1961 has brought about significant changes to the registration process...

Introduction: CPC Bangalore Income Tax Department observes a grievance redressal month, facilitating public submissions via various channels. Learn about the process, officer details, and the efficien...

OverviewIn India, agricultural land serves not only as a critical component of the agricultural sector but also represents a considerable asset class for tax purposes. The Income Tax Act, 1961 differe...

Subject: Reply to Show Cause Notice u/s 272A(1)(d) of the Income Tax Act, 1961Respected Sir/Madam,This is in response to the Show Cause Notice issued under Section 272A(1)(d) of the Income Tax Act, 19...

Release of File Validation Utilities (FVUs) and Return Preparation Utility for e-TDS/TCS Statements File Validation Utility (FVU) e-TDS / e-TCS returns prepared for FY 2005-06 and onwards (i.e. Forms...

In a significant development for India’s tax landscape, the Central Board of Direct Taxes (CBDT) has achieved a remarkable milestone by signing 125 Advance Pricing Agreements (APAs) during the fiscal...

Ministry of Finance, Department of Revenue, specifically the Central Board of Direct Taxes (CBDT), issued Notification No. 38/2024-Income Tax on April 9, 2024. This notification pertains to the approv...

The move by the Income Tax Department of India to allow tax payers file their Income Tax Returns (ITRs) for Assessment year 2024-25 from April 1, 2024 which is the first day of the new financial year...

Government of India, under the Ministry of Finance, has issued Notification No. 01/2024 dated 26th February 2024, specifying forms, returns, statements, reports, and orders to be electronically furnis...

Addition in respect of capitalization of one-time settlement of society maintenance charges Subject: Submissions in respect of Notice under Section 250 of the Income-tax Act, 1961 for A.Y. <XXXX-XX>Re...

The Central Board of Direct Taxes, under the Ministry of Finance, Government of India, has issued an Interim Action Plan for the financial year 2024-25. This comprehensive plan outlines key result are...