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As per Budget announcement 2023-24, following income tax related benefits are being proposed for the Cooperative Societies: i. The new co-operative society formed on or after 01.04.2023, which commences manufacturing or production by 31.03.2024 and do not avail of any specified incentive or deduction, is proposed to be allowed an option t...

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New Delhi, 3rd April, 2023 PRESS RELEASE Direct Tax collections (provisional) for the Financial Year (FY) 2022-23 exceed the Union Budget Estimates by ₹2.41 lakh crore i.e. by 16.97% Direct Tax collections (provisional) for the FY 2022-23 ...

CBDT has entered into a record 95 Advance Pricing Agreements (APAs) in FY 2022-23 with Indian taxpayers. This includes 63 Unilateral APAs (UAPAs) and 32 Bilateral APAs (BAPAs). With this, the total number of APAs since inception of the APA programme has gone up to 516, comprising 420 UAPAs and 96 BAPAs....

Direct tax deducted at source from transfer of Virtual digital Assets aggregates to Rs. 157.9 crore upto 20th March 2023 for FY 2022-23 The Direct tax collected by way of tax deducted at source under section 194S of the Income-tax Act, 1961, on payments made upon transfer of Virtual digital Assets (VDA), aggregates to Rs. […]...

Central Board of Direct Taxes (CBDT) has extended the last date to link Permanent Account Number (PAN) with Aadhaar to June 30, 2023 vide Income Tax Notification No. 15/2023 Date: 28th March, 2023 by amending Rule 114AAA – Manner of making permanent account number inoperative. CBDT has extended the deadline to link PAN with Aadhaar...

The Income Tax Department has launched a Mobile app, namely, ‘AIS for Taxpayer’ to facilitate taxpayers to view their information as available in the Annual Information Statement (AIS) / Taxpayer Information Summary (TIS). ‘AIS for Taxpayer’ is a mobile application provided free of cost by the Income Tax Department, and is availab...

No study on effect of withdrawal of legal tender character of the Specified Bank Notes (SBNs) on Indian economy has been published by the Government. This was stated by the Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today. Certain studies on related matter […]...

72,42,156 is the highest number of ITR filing in a day on 31st July 2022. 42.92% of total returns were processed within a span of 24 hours of furnishing of ITR. 19 banks onboarded on online tax payment system TIN 2.0. The Government has taken a number of measures in recent years to maintain continuity […]...

Income Tax Department is pacing with technology and now it has launched mobile application for AIS view. Now the taxpayer can view AIS within a click. The assessee can also provide feedback on information reflecting in AIS. The application launched is totally free of cost. AIS is Annual Information Statement in which Significant Financial...

We are drawing your kind attention towards Proposed Amendment in Section 43B of The Income Tax Act, 1961, which is detrimental to MSME Sector....