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CBDT Clarifies on Misleading Reports on HRA Claims
The Ministry of Finance recently issued a clarification regarding media reports suggesting a special drive by the Central Board of Direct Taxes (CBDT) to reopen cases linked to House Rent Allowance (H...
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Income Tax Returns Invalid if Unverified Within Time Limit: CBDT
The Government of India, through its Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, often issues crucial notifications impacting taxation procedures. A recent corrigendum t...
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Time limit for verification of return of income after uploading
Introduction: Notification No. 2 of 2024, issued by the Central Board of Direct Taxes (CBDT), addresses the time limit for verification of Income Tax Returns (ITRs) after uploading. This notification...
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Functionalities to file commonly used ITRs enabled by CBDT on 1st April, 2024
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onw...
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Capital Asset under Capital Gains Tax: An Overview.
Capital Asset under Capital Gains Tax: An Overview A capital asset encompasses a wide range of properties held by an assessee, including both movable and immovable assets. However, certain personal as...
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Tax Planning- Deductions Available to Salaried Persons
Tax planning plays a crucial role in effective financial management, enabling individuals to minimize their tax liabilities and maximize their savings. While navigating the complex landscape of tax pr...
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Clarification regarding applicability of new tax regime and old tax regime
Amidst circulating misinformation on social media, it’s crucial to understand the nuances of the new tax regime introduced under section 115BAC(1A) in the Finance Act 2023. This Press Release from Gov...
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Changes in ITR form V and Acknowledgement for A.Y 2024 25
as per the amendments in the provisions of the Income tax Act, 1961 and In the Income tax Rules, 1962 in consequence of the Finance Act, 2023 Introduction: The Ministry of Finance, through Notificatio...
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Notification No. 36/2024: Income Tax Exemption- National Mission for Clean Ganga
The Ministry of Finance, under the Department of Revenue, Central Board of Direct Taxes, issued Notification No. 36/2024 on March 26th, 2024. This notification pertains to the tax treatment of the Nat...
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CBDT notifies ‘Principal Secretary, Planning Department, UP U/s. 138(1)(a)(iii)
Notification No. 35/2024, issued by the Ministry of Finance, specifies the Principal Secretary, Planning Department, Government of Uttar Pradesh, under sub-section (1) of section 138 of the Income Tax...
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GST Registration, Input Tax Credit, and Place of Supply Provisions for Work Contractors (Doing Work in a State Other Than the State of Registration)
1. IntroductionThe Goods and Services Tax (GST) has been in place for more than 6.5 years in India, but there are still many unanswered questions about its provisions. One such area is the legal conto...
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Capital Gain Account Scheme: A Comprehensive Guide.
Capital Gain Account Scheme: A Comprehensive Guide 1. IntroductionThe Indian Income Tax Act of 1961 introduced a unique provision called the Capital Gain Account Scheme (CGAS) in 1988. This scheme aim...
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All About Society Registration in India.
All About Society Registration in India 1. Introduction: A society, in simple terms, is a group of people who engage in continuous social interactions and share a common social or spatial territory. S...
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Corrigendum to Income Tax Notification No. 27 of 2024
Ministry of Finance recently issued a corrigendum, marked as Notification No. 34/2024, which amends certain aspects of Income Tax Notification No. 27 of 2024. MINISTRY OF FINANCE (Department of Revenu...
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CBDT Amends India-Spain Double Taxation Avoidance Agreement (DTAA)
The Central Board of Direct Taxes (CBDT) has issued a significant amendment to paragraph 2 of Article 13 of the India-Spain DTAA, affecting the taxation of royalties and fees for technical services. L...
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24X7 Control Room to monitor cash movements for General Elections 2024
In preparation for the General Elections to Lok Sabha 2024, the Ministry of Finance, through the Directorate of Income Tax (Investigation), Delhi, has taken significant steps to ensure the integrity o...
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Circular No. 5/2024: New Guidelines for Income Tax Appeals & Litigation Reduction
Circular No. 5/2024 issued by the Government of India’s Ministry of Finance provides crucial guidelines under section 268A of the Income-tax Act, 1961. This circular aims to streamline the process of...
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CBDT Expands Scope of Filing Appeals and SLPs by the Income-tax Department.
CBDT Expands Scope of Filing Appeals and SLPs by the Income-tax Department 1. Introduction: The Central Board of Direct Taxes (CBDT) has recently issued Circular No. 5/2024, dated 15-03-2024, which ex...
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Income Tax Act: Press Trust of India Limited Notification (Section 10(22B)
The Ministry of Finance, Department of Revenue, under the Central Board of Direct Taxes, has issued Notification No. 32/2024 dated 15th March 2024, regarding tax exemption under section 10(22B) of the...
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CBDT approves ‘National Forensic Sciences University, Gandhinagar’ under section 35
Introduction: The Ministry of Finance, through the Department of Revenue and the Central Board of Direct Taxes, issued Notification No. 31/2024 dated 13th March, 2024, pertaining to the Income-tax Act...