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Income Tax Exemption Notification: Punjab Infrastructure Regulatory Authority
Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, issued Notification No. 97/2023 on November 6, 2023, under clause (46) of section 10 of the Income-tax Act,...
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Income Tax Agreement Between India & Saint Vincent for information Exchange
Introduction: The Ministry of Finance, Department of Revenue, New Delhi, issued Notification No. 96/2023-Income Tax on November 1, 2023. This notification relates to an important agreement signed betw...
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Income Tax Notification: BPC Penco XVII Corporation Exemption
Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (CBDT), New Delhi, has issued Notification No. 95/2023-Income Tax on November 1, 2023. This notification spe...
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Income Tax Amendment: Latest Changes in ITR-7 Forms
CBDT issued Notification No. 94/2023-Income Tax, dated October 31, 2023, introducing significant amendments to the Income-tax Rules, 1962. This article delves into the changes made, focusing particula...
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Income Tax Department Records 7.85 Crore ITRs Filed by 31st Oct 2023
Introduction: The Ministry of Finance, in collaboration with the Income Tax Department, has witnessed an unprecedented surge in Income Tax Returns (ITRs) filing by taxpayers. A remarkable 7.85 crore I...
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Section 10(46) Exemption to Telangana Building Welfare Board
Introduction: The Ministry of Finance, under the purview of the Central Board of Direct Taxes, has issued an important notification, Notification No. 93/2023-Income Tax, dated 26th October, 2023. This...
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Section 10(46) Exemption to ‘West Bengal Pollution Control Board
The Ministry of Finance, under the aegis of the Central Board of Direct Taxes, has issued a significant notification, Notification No. 92/2023-Income Tax, dated 26th October 2023. This notification ho...
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Request for Form 10B and Form 10BB Relaxation & due date Extension
Introduction: On the 25th of October, 2023, the Chamber of Tax Consultants sent a formal representation to Smt. Nirmala Sitharaman, the Hon’ble Finance Minister of India, and Shri Nitin Gupta, Chairma...
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CBDT Order: Role of Pr.CCsIT and Pr. CCIT (NaFAC)
The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, Government of India, has issued an order dated October 25, 2023, under section 119 of the Income-tax Act, 1961. This order assi...
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Surge in Taxpayer Compliance: India’s Direct Taxes Data Revealed
Introduction: India’s economic landscape is witnessing a significant transformation, and one area where this change is evident is in the realm of direct taxes. The Income Tax Department of India has b...
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CBDT Grants Condonation for AY 2021-22 Form 10-IC Filing Until 31.01.2024
Circular No. 19/2023 : Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for Assessment Year 2021-22 In a recent development, the Central Board of Di...
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CBDT condones delay in filing Form 10-IC for A.Y. 2021-22
Introduction: Form 10-IC plays a crucial role for domestic companies opting for taxation under Section 115BAA, which offers a concessional tax rate of 22% under specific conditions. However, filing ta...
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CBDT extends due date of Filing Audit report- Section 10AA(8)
Central Board of Direct Taxes, issued Circular No. 18 of 2023 on Income Tax. This circular, dated 20th October, 2023, discusses the extension of the filing deadline for Income Tax reports. The order w...
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CBDT Extends Deadline for Income Tax Refund Claims
Introduction: The Central Board of Direct Taxes (CBDT), a department under the Ministry of Finance, Government of India, has extended the deadline for processing refund claims under section 143(1) of...
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New CBDT Rule 16D & Form No. 56F for Section 10AA Deduction
CBDT inserts Rule 16D & Form No. 56F -Report for claiming section 10AA deduction vide Notification No. 91/2023 – Income Tax dated: 19th October, 2023. On October 19, 2023, the Ministry of Finance, Dep...
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Punjab Dental Council: Tax Exemption on Specified Incomes
On the 19th of October, 2023, the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes issued Notification No. 90/2023-Income Tax, providing crucial information about tax exemptio...
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Income Tax Raids on Educational Groups in Tamil Nadu
Introduction: On October 5, 2023, the Income Tax Department carried out a search and seizure operation in the states of Tamil Nadu and Puducherry, targeting two distinct groups. These groups are prima...
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CBDT Introduces Form 15CD for IFSC Unit Remittances
Introduction: The Central Board of Direct Taxes (CBDT) has introduced significant changes in the realm of tax regulations, amending rule 37BB and introducing a new Form No. 15CD. These changes primari...
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Notification No. 89/2023-Income Tax, Dated: 13/10/2023
The Indian Ministry of Finance has issued Notification No. 89/2023-Income Tax on October 13, 2023. This notification designates Stichting Pensioenfonds ABP as the specified person for eligible investm...
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CBDT amends rule 114B, rule 114BA, rule 114BB & Form No. 60
Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (CBDT) has issued Notification No. 88/2023-Income Tax dated 10th October, 2023, bringing substantial amendments to the Income-...