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Increase in ITR Filings: Insights on Trends, Collection & Government Initiatives
Introduction: Unstarred Question No. 2352, raised by Shri Sanjay Seth and Shri T.R. Baalu, addresses the noteworthy increase in Income Tax Return (ITR) filings over the last five years. The query cove...
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Tax Exemption Status of BCCI: Recent Developments & Future Prospects
In a recent Lok Sabha session, Unstarred Question No. 2302 was raised concerning the tax exemption status enjoyed by the Board of Control for Cricket in India (BCCI). The question, directed at the Min...
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Direct Tax Collections Soar 20.66% in FY 2023-24
Ministry of Finance’s Report on Direct Tax Collections for FY 2023-24 In a resounding testament to India’s economic prowess, the Ministry of Finance has recently released provisional figures that illu...
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Income Tax Milestones: Growth, Refunds, ITRs and Taxpayer Initiatives
Introduction: In the ever-evolving landscape of fiscal governance, the Income Tax Department has emerged as a vanguard of efficiency and innovation, showcasing a series of remarkable milestones in rec...
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India Launches TIWB Program for Saint Lucia’s Tax Administration
Introduction: In a significant development, the Tax Inspectors Without Borders (TIWB) program, a collaborative initiative of the United Nations Development Programme (UNDP) and the Organisation for Ec...
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Bharatiya Nagarik Suraksha (Second) Sanhita, 2023 introduced in Lok Sabha
Bharatiya Nagarik Suraksha (Second) Sanhita, 2023 (Bill No. 174 of 2023) is introduced in Lok Sabha on 12th December 2023. The bill seek to replace The Code of Criminal Procedure, 1973. Earlier bill p...
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PAN-Aadhaar Linking Update: Stats, Consequences and Collection
Introduction: The Government of India, through the Ministry of Finance’s Department of Revenue, has provided essential updates on PAN-Aadhaar linking. Addressing specific queries from Rajya Sabha memb...
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India-Cyprus Double Tax Treaty: Benefits, Tax Recovery & Golden Passport
Introduction: Lok Sabha Unstarred Question No. 1330 seeks information about India’s Trade and Double Tax Treaty with Cyprus. This article provides comprehensive insights into the treaty, including its...
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Notification 102/2023: Godavari River Management Board Tax Exemption
Ministry of Finance, through Notification No. 102/2023- Income-Tax Dated: 5th December, 2023, has granted significant tax exemptions to the Godavari River Management Board, Hyderabad under section 10(...
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Income Tax Insights 2022-23: Returns, Collections and Expenditure
Introduction: Lok Sabha Unstarred Question No. 87, presented by Shrimati Mala Roy, probes into crucial aspects of India’s Income Tax scenario for the Financial Year 2022-23. The question seeks informa...
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Section 10(46): Maharashtra Council of Homoeopathy Recognized
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No.101/2023 dated 24th November, 2023, under the Income-tax Act, 1961. This notification bring...
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Section 10(46): Chhattisgarh Rajya Beej Pramanikaran Sanstha Recognition notified
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No.100/2023 dated 24th November, 2023, under the Income-tax Act, 1961. This notification exten...
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Functionality for Valid Returns (up to AY 2017-18) with Delayed Income Tax Refund Claims
Introduction: The Directorate of Income Tax (Systems) has issued an important directive, ITBA Processing Instruction No. 15, providing insights into the Central Board of Direct Taxes’ (CBDT) relaxatio...
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Income Tax Alert: High-Risk Non-filer Cases AY 2020-21 Insights
Introduction: The Directorate of Income Tax (Systems) has issued a crucial alert to all key stakeholders, including Chief Commissioners, Directors General, and Commissioners of Income Tax, regarding t...
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High-Risk Non-filer Cases for AY 2017-18: Insights from DIT (Systems)
Introduction: The Directorate of Income Tax (Systems) issues a crucial communication regarding High Risk Non-filer cases for the Assessment Year 2017-18. This article delves into the details of the co...
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Section 138 Notification: UIDAI Appointed for Information Disclosure
Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, through a recent notification No. 99/2023-Income Tax dated 20th November 2023 (S.O. 4996(E)), has made a si...
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Revised SFT Submission Process for Mutual Fund Transactions
Central Board of Direct Taxes has issued a corrigendum to Notification No. 4 of 2021, dated November 15, 2023. This amendment outlines crucial changes in the format, procedure, and guidelines for the...
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Revised Procedure for submission of SFT for Depository Transactions
Central Board of Direct Taxes have issued a significant corrigendum (Notification No. 3 of 2021) on November 15, 2023, amending the Format, Procedure, and Guidelines for the submission of the Statemen...
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Revised Guidelines for Withholding Refunds under Section 245(2) – Income-tax Act 1961
Introduction: The Ministry of Finance, through Instruction No. 02/2023, has introduced significant revisions to the timelines, monetary limits, and workflow pertaining to the recording of reasons befo...
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Income Tax Exemption for Press Council of India – Notification No. 98/2023
Introduction: The Ministry of Finance, under the Department of Revenue, has issued a significant notification – Notification No. 98/2023 – related to income tax exemptions. This notification, dated 6t...