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CBDT

Detailed analysis of GST Notifications issued on 29th August 2021

Income Tax - Detailed Analysis of GST Notifications issued on 29th August, 2021 for Amnesty Scheme & Extension of time-limit to apply for revocation in certain cases 1.0 Late Fees Amnesty Scheme in respect of GSTR 3B for the period July, 2017 to April, 2021 increased from 31st August, 2021 to 30th November, 2021 [NN 33/2021 – CT […]...

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Omission of Rules by CBDT – Notification no. 83/2021 dated 29 July 2021

Income Tax - CBDT vide notification dated 29 July 2021 [Notification No. 83/2021/F. No. 370142/30/2021-TPL] has omitted certain Rules due to provisions becoming redundant owing to omission or applicability of such provisions not relevant now as the same has expired long time ago. Further, the same is to ease the burden of the taxpayer in certain circu...

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CBDT Guideline on Section 194Q – 12 key takeaways

Income Tax - CBDT issues clarification on section 194Q and interplay of Section 194Q, 206C(1H) AND 194O vide Circular No. 13 of 2021-Income Tax | Dated: 30/06/2021 Thought the clarifications are welcome but are issued at 11th hour. Just to recall, when the TCS provisions u/s 206C(1H) were made applicable from 01st October 2020, similar clarifications ...

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CBDT Issued Guidelines for Compulsory Selection of Returns for Complete Scrutiny for F.Y. 2021-22

Income Tax - On 10th June, 2021, CBDT issued Guidelines prescribing framework for Compulsory Selection of returns for Complete Scrutiny during the Financial Year 2021- 22 to all PCC/CC/Pr.DG/DG of Income Tax. Study of these guidelines may help taxpayer analyze, as to under which category it falls. Framework is categorized as under: 1. Cases  related ...

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Why should I pay tax?

Income Tax - Some people raise the question 'Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle not only cost of vehicle but also vehicle tax and what not. Even on many roads, one has to pay toll tax! They also say that if we compare with countries like USA and UK,...

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No cases of Non-Compliance of CBDT orders on Not Filing Appeal

Income Tax - The number of cases of non-compliance of orders of the Central Board of Direct Taxes (CBDT) like not filing appeal in the High Court despite the direction of Directorate General of Income Tax (DGIT) (Investigation) and allowing appeal without collecting the requisite demand by the Commissioner of Income Tax (CIT) (Central) Mumbai-II and P...

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Bhutan’s Tax Inspectors Without Borders programme launched

Income Tax - Tax Inspectors Without Borders (TIWB), a joint initiative of the United Nations Development Programme (UNDP) and the Organisation for Economic Cooperation and Development (OECD), launched its programme in Bhutan today. India was chosen as the Partner Jurisdiction and has provided the Tax Expert for this programme....

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CBDT allows time till 31st December, 2020 to update UDIN

Income Tax - A One time relaxation to update UDIN has been enabled. Kindly update the UDIN before 31st December, 2020 of audit report/certificates to avoid invalidation. Source- Message on https://www.incometaxindiaefiling.gov.in/ Also Read- CBDT issues FAQs on UDIN...

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CBDT issues FAQs on UDIN

Income Tax - Q.1 What is Unique Document Identification Number (UDIN)? The Institute of Chartered Accountants of India, on noticing about the fake certifications by Non-CAs misrepresenting themselves as Chartered Accountants which misled the authorities and stakeholders, pioneered in conceptualizing a unique concept which is called “Unique Docum...

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Income Tax Department conducts searches in Odisha

Income Tax - The Income Tax Department has carried out search and seizure operations on 03/12/2020 in the case of a Group involved in the manufacturing and trading of steel products having premises in and around Rourkela, Odisha. The Group entities were booking bogus purchases of around Rs. 170 crore for two financial years in the name of 17 bogus ent...

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CBDT cannot extend time to claim deduction under section 54F

Shivinder Singh Brar, Karta (HUF) Vs. CBDT (Punjab and Haryana High Court) - Where assessee was precluded from construction of new house due to prohibition of construction in his area then assessee could seek relaxation in terms of section 119(2)(c) at time of claiming deduction under section 54F and such claim could be made only within time period, as prescribed under Act f...

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CBDT to provide details of No. of Tax Audit & Auditors to RTI Applicant

CBDT has provided Tax Audit Data to ICAI based on the returns e-filed during the financial year 2010-11. This has been published in one of the leading Private Website for CAs on 16th day of November 2011. ...

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TDS on Hotel Room Rent & Other Facilities?

The East India Hotels Ltd Vs Central Board of Direct Taxes (Bombay High Court) - TDS on the charges you pay to a Barber? The word ‘carrying out any work’ in section 194C is limited to any work which on being carried out culminates into a product or result. The word ‘work’ in s.194C is limited to doing something with a view to achieving the task undertaken or carry out an...

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Appellate authority cannot refuse to grant opportunity of hearing to petitioning assessee to defend order passed by original authority at instance of assessee

S. Venkataramani Vs. CBDT (Madras High Court) - In all fairness, while hearing an appeal from the original authority, the CIT, the CBDT who is the appellate authority cannot deny the reasonable opportunity of hearing to the petitioning assessee at whose instance the impugned order came to be passed and which has become the subject-matter of appea...

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Income earned by CA from audits will not be entitled to relief U/s. 80RR

Dilip K. Sheth Vs ITO (ITAT Mumbai 'A' Bench) - While the statute is to be interpreted on the basis of the; plain language or terms of the sections need for interpretation when the words of the statute are ambivalent and do not manifest the intention of the Legislature. As explained above the interpretation canvassed by the assessee will lead to ...

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Section 10(46) exemption to International Financial Services Centres Authority

Notification No. 3/2022-Income Tax (S.O. 145(E)) - (11/01/2022) - Vide Notification No. 3/2022-Income Tax | Dated: 11th January, 2022 CBDT notifies Tax Exemption to ‘International Financial Services Centres Authority’, Gandhinagar, Gujarat, an authority constituted under sub-sections (1) and (3) of section 4 of the International Financial Services Centres Auth...

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Govt promotes 143 IRS officers to the grade of JCIT

Office Order No. 352 of 2021 - (30/12/2021) - President is pleased to appoint 143 officers of Indian Revenue Service to the grade of Joint Commissioner of Income Tax (JCIT) purely on ad-hoc basis in Level-12 in the pay matrix Rs.78 ,800-2,09,200/-, w.e.f. 01.01.2022...

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Rule 2DD Computation of exempt income of specified fund | Section 10(23FF)

Notification No. 138/2021-Income Tax [G.S.R. 883(E)] - (27/12/2021) - CBDT notifies Income-tax (34th Amendment) Rules, 2021 vide Notification No. 138/2021-Income Tax Dated: 27th December, 2021. Vide this CBDT inserts Income Tax Rule 2DD. Computation of exempt income of specified fund for the purposes of clause (23FF) of section 10, Notifies New  Forms i.e. Form No....

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CBDT appoints 133 ACIT (Junior Scale) as DCIT (Senior Time Scale)

Notification No. 10 of 2021 - (27/12/2021) - Notification No. 10 of 2021 - The following Assistant Commissioners of Income Tax (Junior Scale) are, hereby, appointed as Deputy Commissioner of Income Tax (Senior Time Scale) in Level 11 in the Pay Matrix Rs.67,700-2,08,700/-, w.e.f. 01.01.2022 or the date of assumption of charge, whichever is lat...

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AO to identify information for section 148 notice

F.N0. 225/135/2021/ITA-II - (10/12/2021) - CBDT directs that the Assessing Officers shall identify the following categories of information pertaining to Assessment Year 2015-16 and Assessment Year 2018-19, which may require action under section 148 of the Act, for uploading on the Verification Report Upload (VRU) functionality on Insight por...

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Recent Posts in "CBDT"

Section 10(46) exemption to International Financial Services Centres Authority

Notification No. 3/2022-Income Tax (S.O. 145(E)) 11/01/2022

Vide Notification No. 3/2022-Income Tax | Dated: 11th January, 2022 CBDT notifies Tax Exemption to ‘International Financial Services Centres Authority’, Gandhinagar, Gujarat, an authority constituted under sub-sections (1) and (3) of section 4 of the International Financial Services Centres Authority, Act, 2019 (50 of 2019), in respec...

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Govt promotes 143 IRS officers to the grade of JCIT

Office Order No. 352 of 2021 30/12/2021

President is pleased to appoint 143 officers of Indian Revenue Service to the grade of Joint Commissioner of Income Tax (JCIT) purely on ad-hoc basis in Level-12 in the pay matrix Rs.78 ,800-2,09,200/-, w.e.f. 01.01.2022...

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Rule 2DD Computation of exempt income of specified fund | Section 10(23FF)

Notification No. 138/2021-Income Tax [G.S.R. 883(E)] 27/12/2021

CBDT notifies Income-tax (34th Amendment) Rules, 2021 vide Notification No. 138/2021-Income Tax Dated: 27th December, 2021. Vide this CBDT inserts Income Tax Rule 2DD. Computation of exempt income of specified fund for the purposes of clause (23FF) of section 10, Notifies New  Forms i.e. Form No. 10-II – Statement of exempt incom...

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CBDT appoints 133 ACIT (Junior Scale) as DCIT (Senior Time Scale)

Notification No. 10 of 2021 27/12/2021

Notification No. 10 of 2021 - The following Assistant Commissioners of Income Tax (Junior Scale) are, hereby, appointed as Deputy Commissioner of Income Tax (Senior Time Scale) in Level 11 in the Pay Matrix Rs.67,700-2,08,700/-, w.e.f. 01.01.2022 or the date of assumption of charge, whichever is later...

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AO to identify information for section 148 notice

F.N0. 225/135/2021/ITA-II 10/12/2021

CBDT directs that the Assessing Officers shall identify the following categories of information pertaining to Assessment Year 2015-16 and Assessment Year 2018-19, which may require action under section 148 of the Act, for uploading on the Verification Report Upload (VRU) functionality on Insight portal...

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Section 35(1)(ii): CBDT approves ‘Pimpri Chinchwad Education Trust’

Notification No. 128/2021-Income Tax [S.O. 4530(E)] 31/10/2021

CBDT approves ‘Pimpri Chinchwad Education Trust’, Pune under the category ‘University, College or Other Institution’ for Scientific Research for section 35(1)(ii) of Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962. vide Notification No. 128/2021-Income Tax | Dated: 31st October, 2021. M...

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Guidelines on Exemption to Sovereign Wealth & Pension Funds

Circular No. 19/2021-Income Tax 26/10/2021

CBDT clarifies that eligibility of exemption under clause (23FE) of section 10 of the Act shall be as follows: - (a) if the loans and borrowings have been taken by the specified fund or any of its group concern, specifically for the purposes of making investment by the specified fund in India, such fund shall not be eligible for exemption...

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CBDT designates Special Courts in Manipur

Notification No. 124/2021-Income Tax [S.O. 4445(E)] 25/10/2021

Central Government, in consultation with the Chief Justice of the High Court of Manipur designates Special Court in the Manipur under Section 280A(1) of Income Tax Act 1961 vide Notification No. 124/2021 – Income Tax Dated: 25th October, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) (Investigation...

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CBDT designates Special Courts in GOA

Notification No. 123/2021-Income tax [S.O. 4444(E)] 25/10/2021

Central Government, in consultation with the Chief Justice of the High Court of Bombay designates Special Court in the Goa under Section 280A(1) of Income Tax Act 1961 vide Notification No. 123/2021 – Income Tax Dated: 25th October, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) (Investigation Divi...

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CBDT designates Special Courts in Karnataka

Notification No. 122/2021-Income Tax [S.O. 4443(E).] 25/10/2021

Central Government, in consultation with the Chief Justice of the High Court of Karnataka designates Special Court in the Karnataka under Section 280A(1) of Income Tax Act 1961 vide Notification No. 122/2021 – Income Tax Dated: 25th October, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) (Investiga...

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