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Posted Date : 25-Apr-2024 , 12:40:03 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT), has issued Circular No. ­­­07/2024 dated 25.04.2024 further extending the due date for filing Form 10A/ Form 10AB under the Income-tax Act, 1961 (the ‘Act’) upto 30th June, 2024. CBDT had earlier extended the due date for fi...
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Posted Date : 10-Apr-2024 , 08:02:32 am | Posted By CASANSAAR
Certain instances of mismatch of information as filed by the taxpayer and as available with the Income Tax Department have come to the notice of the Department as part of its routine exercise of verification of data. In such cases, the Department has alerted the taxpayers to enable them to take corr...
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Posted Date : 23-Mar-2024 , 09:02:23 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has said the Income Tax department can file appeals irrespective of monetary threshold in cases relating to TDS/TCS, undisclosed foreign income, or information received from investigating agencies like ED and GST Intelligence. As per the present rules, tax...
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Posted Date : 05-Mar-2024 , 09:01:50 pm | Posted By CASANSAAR
Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in specified sub-clauses of section 10 (23C) of the Income-tax Act, 1961 (the ‘Act’) or any trust or institution registered und...
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Posted Date : 20-Feb-2024 , 07:49:08 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) on Monday ordered withdrawal of small tax demands that finance minister Nirmala Sitharaman had announced in her FY25 budget speech to improve ease of living. CBDT said that tax demand up to ?25,000 for assessment year up to 2010-11 and demands up to ?10,000 fr...
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Posted Date : 23-Jan-2024 , 09:31:32 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has been releasing key statistics relating to Direct Tax collections and administration in public domain from time to time. In continuation of its efforts to place more and more information in public domain, the CBDT has further released Consolidated Time-Ser...
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Posted Date : 29-Dec-2023 , 09:14:26 am | Posted By CASANSAAR
The income tax department on Thursday clarified the applicability of TDS liability of e-retailers trading through the government's ONDC initiative. As per the FAQ issued by the Central Board of Direct Taxes (CBDT), a 1 per cent TDS will have to be deducted from the gross sale amou...
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Posted Date : 23-Dec-2023 , 10:13:10 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified ITR forms 1 (SAHAJ) and 4 (SUGAM), which are filed by individuals and entities with annual total income of up to Rs 50 lakh, for assessment year (AY) 2024-25. ITR forms for a particular financial year are usually notified b...
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Posted Date : 21-Dec-2023 , 08:33:03 am | Posted By CASANSAAR
In line with new business practices, the Union finance ministry has amended the definition of intra-group loans and has removed the condition of sourcing the loan in Indian rupees. It has also amended the circumstances when they can be treated as safe harbour. The Central Board of Direct Ta...
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Posted Date : 27-Sep-2023 , 07:50:32 am | Posted By CASANSAAR
The Finance Act, 2023, brought in an amendment to bring the consideration received from non-residents for issue of shares by an unlisted company within the ambit of section 56(2)(viib) of the Income-tax Act, 1961(the Act), which provides that if such consideration for issue of shares exceeds the Fai...
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Posted Date : 19-Sep-2023 , 08:44:35 am | Posted By CASANSAAR
The due date of furnishing Audit reports in Form 10B/Form 10BB for the Financial Year 2022-23, which is 30.09.2023 has now been extended by the Central Board of Direct Taxes (CBDT) to 31.10.2023. The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 20...
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Posted Date : 20-Aug-2023 , 06:28:43 am | Posted By CASANSAAR
Employees drawing substantial salaries and having rent-free accommodation provided by their employers will now be able to save more and get a higher take-home salary as the income tax department has revised norms for valuing such perquisites. The Central Board of Direct Taxes (CBDT) on August 18 ...
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Posted Date : 17-Aug-2023 , 10:10:32 am | Posted By CASANSAAR
CBDT invites comments on draft Form No. 6C formulated for implementing the amendment to sub-section (2A) of Section 142 of the Income-tax Act, 1961, introduced vide Finance Act, 2023, pertaining to inventory valuation by Cost Accountant. Suggestions/Comments on the draft Form No. 6C have be...
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Posted Date : 08-Jul-2023 , 04:06:22 am | Posted By CASANSAAR
Four IRS officers of the Income Tax Department have been appointed as Members in the Central Board of Direct Taxes (CBDT) under the Union Finance Ministry, according to a Government order. The CBDT is the administrative body for the department and it is tasked to collect revenue under various dir...
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Posted Date : 31-May-2023 , 07:34:08 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) notified E-Appeals Scheme, 2023 which will speed up hearing of appeals in I-T matters. The Finance Bill in February had proposed a new authority for hearing appeals: Joint Commissioner of Income-Tax (Appeals) or JCIT (A). As the explanatory memorandu...
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Posted Date : 19-May-2023 , 09:52:20 pm | Posted By CASANSAAR
In the Finance Act, 2023, an amendment has been introduced to bring the consideration received from non-residents for issue of shares within the ambit of section 56(2)(viib) of the Income-tax Act, 1961(the Act), which provides that if such consideration for issue of shares exceeds the Fa...
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Posted Date : 24-Feb-2023 , 07:43:38 am | Posted By CASANSAAR
Income tax authorities have tightened reporting norms for charitable trusts, with more information required in the audit reports and more responsibility on the auditor. The Central Board of Direct Taxes (CBDT) has notified changes in audit reports for charitable trusts. The audit report will be in F...
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Posted Date : 15-Feb-2023 , 07:53:41 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2023-24 vide Notifications No. 04 & 05 of 2023 dated 10.02.2023 and 14.02.2023. These ITR forms will come into effect from 1st April, 2023 and have been notified well in advance...
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Posted Date : 28-Jun-2022 , 07:56:42 am | Posted By CASANSAAR
The government has appointed Nitin Gupta as Chairman of the Central Board of Direct Taxes (CBDT). A Committee of Secretaries held a meeting on June 25 and selected Gupta, a 1986 batch IRS officer, as the Chairman of the apex body of Income Tax. According...
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Posted Date : 07-Apr-2022 , 08:39:21 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on Wednesday notified the e-Dispute Resolution Scheme, 2022, to settle tax disputes involving small taxpayers. Taxpayers having total returned income up to ₹50 lakh having income tax disputes not exceeding ₹10 lakh will be able to avail the s...
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Posted Date : 01-Apr-2022 , 08:24:35 am | Posted By CASANSAAR
On consideration of difficulties in electronic filing of Form No.10AB as stipulated in Rule 2C or 11AA or 17A of the Income-tax Rules, 1962, the Central Board of Direct Taxes (CBDT), extends the last date for electronic filing of Form No.10AB. The application for registration or approval unde...
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Posted Date : 22-Jan-2022 , 09:53:57 am | Posted By CASANSAAR
The Gujarat high court on Friday disposed of petitions seeking extension of deadline in filing of Tax Audit Report (TAR) and Income Tax Returns (ITR), complaining about technical glitches on I-T portal, after top officials of Central Board of Direct Taxes (CBDT) gave an assurance that the problems f...
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Posted Date : 29-Oct-2021 , 07:55:04 am | Posted By CASANSAAR
The income tax department has expanded the list of high-value financial transactions which would be available to taxpayers in their form 26AS by including details of mutual fund (MF) purchases, foreign remittances, as well as information in ITRs of other taxpayers. Form 26AS is an annual consolidate...
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Posted Date : 11-Sep-2021 , 09:41:32 am | Posted By CASANSAAR
Finance Act, 2021 has amended section 72A of the Income-tax Act, 1961 (the Act) to inter alia provide that in case of an amalgamation of a public sector company (PSU) which ceases to be a PSU (erstwhile public sector company), as part of strategic disinvestment, with one or more company or...
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Posted Date : 10-Sep-2021 , 10:36:32 am | Posted By CASANSAAR
On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the “Act”), Central Board of Direct Taxes (CBDT) has decided to further ...
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Posted Date : 08-Sep-2021 , 08:30:38 am | Posted By CASANSAAR
The Finance Act, 2021 has amended the provisions of the Income-tax Act, 1961 (“the Act”) to inter alia provide that the Income-tax Settlement Commission (“ITSC”) shall cease to operate with effect from 01.02.2021. Further, it has also been provided that no...
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Posted Date : 08-Sep-2021 , 08:15:10 am | Posted By CASANSAAR
Ministry of Finance has said that electronic records submitted through registered account of taxpayers in the income tax portal shall be deemed to have been authenticated by the taxpayer by electronic verification code (EVC). The Central Board of Direct Taxes (CBDT) has amended ...
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Posted Date : 02-Sep-2021 , 10:32:39 am | Posted By CASANSAAR
The government announced on Wednesday the Appointments Committee of the Cabinet has confirmed the appointment of IRS officer Jagannath Bidyadhar Mohapatra as the Chairman of the Central Board of Direct Taxes (CBDT) The Ministry of Personnel, Public Grievances and Pensions, in a notification said:...
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Posted Date : 04-Aug-2021 , 07:05:41 am | Posted By CASANSAAR
On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electr...
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Posted Date : 21-Jul-2021 , 09:12:07 am | Posted By CASANSAAR
As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer ...
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- GST Important Update - Enhancement in the GST Portal
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- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
