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Delhi High Court Upholds Charity Tax Exemption, Even with TDS on Grants
HighlightsThe Delhi High Court ruled that Tax Deducted at Source (TDS) on grants doesn't disqualify NGOs from claiming tax exemption under Section 11 of the Income Tax Act.The mere presence of TDS und...
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Remission of Petty Direct Tax Demands: Analyzing the CBDT Order for Taxpayer Relief
Editorial NoteThis article examines the Central Board of Direct Taxes (CBDT) order dated February 13, 2024, which aims to clear outstanding direct tax demands up to a certain threshold for assessment...
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Queries and Replies: How to Mitigate Capital Gains Tax on Share Exchanges.
Can an individual who trades shares transfer their personally held shares to a private company they own shares in, in exchange for share capital in the company? If so, would this transaction attract c...
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Queries and Replies: Navigating the Tax Complexities of Agricultural Cash Transactions
Navigating the Tax Complexities of Agricultural Cash TransactionsQuery:Dear Sir,I have a client who is a farmer facing two income tax concerns. I'd appreciate your guidance on legal responses and supp...
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Income-tax (Amendment) Rules 2024 – Changes in ITR-2, ITR-3 & ITR-5 Schedule CG
Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, has issued a significant corrigendum through Notification No. 22/2024 on 21st February 2024, amending the I...
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Supreme Court Annual Digest : Income Tax
TaxCorp Daily Supreme Court Annual Digest : Income Tax 1. Section 153C RetroactivityThe 2015 amendment to Section 153C expands its reach. Previously, it applied to documents indicating undisclosed ass...
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Inventory Valuation: Cost Accountants Empanelment by Delhi Income Tax Office
The Office of the Principal Chief Commissioner of Income Tax, located at C.R. Building, I.P. Estate, New Delhi, has officially announced a call for applications from qualified Cost Accountant entities...
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Message to Micro and Small Enterprise/Suppliers (Manufacturing) – Section 43B(h)
The Kerala Textiles and Garments Dealers Welfare Association (KTGA) has issued a critical message to micro and small enterprises/suppliers (manufacturing) in light of recent amendments to the IT Act,...
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Direct Tax Collections Surpass 80% of FY 2023-24 Targets
The fiscal year 2023-24 has witnessed a remarkable performance in Direct Tax collections in India, as of February 10, 2024. The provisional figures indicate a robust growth in Gross Direct Tax collect...
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Chhattisgarh Tax Raid Exposes Rs. 13 Crore Scam – Ministry Report
On January 31, 2024, the Income Tax Department, under the aegis of the Ministry of Finance, launched a significant search and seizure operation in Chhattisgarh. Targeting a Politically Exposed Person...
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CBDT notifies Tax Information Exchange Agreement: India-Samoa
The Ministry of Finance, India, recently issued Notification No. 21/2024, highlighting an agreement signed between India and Samoa concerning the exchange of tax information. This article delves into...
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Exemption of Income Tax for Dairy Cooperative Society
Introduction: In a bid to bolster the dairy cooperative sector, the Ministry of Fisheries, Animal Husbandry & Dairying has introduced several measures, including income tax exemptions for cooperative...
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Notification No. 20/2024-Income Tax Dated: 6th February, 2024
Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No. 20/2024-Income Tax, dated 6th February 2024, to amend certain provisions under Section 118 of the Income Tax...
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Faceless Tax Assessment: Impact, Benefits & Redressal Measures: Govt. Response
Introduction: The introduction of faceless tax assessment under section 144B of the Income-tax Act, 1961, marks a significant milestone in India’s tax administration. This innovative scheme, implement...
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CBDT Release ITR 2,3 & 5 for AY 2024-25 & amends Income Tax Rule 12
Central Board of Direct Taxes (CBDT) has notified vide Notification No. 19/2024-Income Tax | Dated : 31st January, 2024 the income tax return (ITR) forms, ITR-2, ITR-3 and ITR-5. ITR2 and 3 forms are...
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RBI Guidelines: Import of Gold under India-UAE CEPA TRQ
Introduction: The Reserve Bank of India (RBI) has recently issued Circular No.14, A.P. (DIR Series), dated January 31, 2024, addressing All Category-I Authorised Dealer Banks. This circular provides c...
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CBDT Approves M/s Prayoga, Bengaluru for Scientific Research Funding U/s. 35
Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, through Notification No. 18/2024 dated 30th January 2024, exercises its powers under the Income-tax Act, 19...
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CBDT notifies Income Tax Return (ITR) Form ITR-6 for AY 2024-25
The Central Board of Direct Taxes (CBDT) has recently issued Notification No. 16/2024, dated January 24, 2024. This notification pertains to the Income Tax Return (ITR) Form ITR-6 for the Assessment Y...
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All about Income-Tax Act Amendments Carried Out Through Finance Act, 2023
The unveiling of Circular No. 1/2024 by the Central Board of Direct Taxes marks a pivotal moment in understanding the nuanced amendments introduced through the Finance Act, 2023, in the Indian Income-...
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Notification No. 15/2024-Income Tax Dated: 23.01.2024
Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, New Delhi, has issued Notification No. 15/2024-Income Tax on 23rd January, 2024. The notification exercises the powers confer...