Income Tax : KSCAA urges CBDT to clarify the disallowance of Section 87A rebate on Short Term Capital Gains, citing taxpayer hardship and incon...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Understand Form 15G & 15H for no TDS on interest. Learn who should file, deadlines, online submission, and penalty details....
Income Tax : Explore the complex interplay of tradition and tax law surrounding Streedhan (women's jewellery) in India, CBDT guidelines, and co...
Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Corporate Law : CBDT signed 174 Advance Pricing Agreements in FY 2024-25, including a record number of bilateral agreements, to improve transfer p...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Delhi held that while computing total income as per Rule 5 r.w. section 44, provisions of section 14A are not applicable. Fur...
Income Tax : ITAT Mumbai held that alternative claim of assessee (lessee) to allow depreciation on Finance Lease Rental Payment is allowable si...
Income Tax : ITAT Chennai held that cash sales of liquor is the source of cash deposit during demonetization and accordingly, since the nature ...
Income Tax : ITAT Pune remands Dnyanagan Education Society's case for fresh consideration after the rejection of its Section 12AB registration ...
Income Tax : Madras High Court directed to expeditiously dispose of the appeal filed before Appellate Authority and also held that stay granted...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Goods and Services Tax : Key updates on Indian Customs, including trade facilitation, GST awareness, sports events, and major enforcement actions on tax ev...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
The Appointments Committee of the Cabinet has approved the appointment of the following officers as Members, Central Board of Direct Taxes (CBDT): (i) Ms. Anu J. Singh, IRS (IT:85034) (ii) Shri J.B. Mohapatra, IRS (IT:85031) (iii) Anuja Sarangi, IRS(IT:85053)
After getting RAP from M.P. High court for extension of due date for complete disregard to Supreme Court order CBDT clarifies that for the purpose of counting the period(s) of limitation for filing of appeals before the CIT(Appeals) under the Act, the taxpayer is entitled to a relaxation which is more beneficial to him and […]
CBDT notifies Rule 11UAE Computation of Fair Market Value of Capital Assets for the purposes of section 50B of Income-tax Act, 1961 vide Notification No.68/2021 Dated 24th May, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 68/2021 – Income Tax Dated: 24th May, 2021 G.S.R. 338(E).— In […]
The Central Board of Direct Taxes after considering the severe continuing COVID-19 pandemic situation in the country, vide Circular No. 9 of 2021, dated 20 May 2021, has extended the deadlines of certain compliances for the Assessment Year 2021-22
CBDT issued Income Tax circular No. 09/2021 dated 20.05.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 w.r.t. Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in Covid-19 cases: Extended Income Tax Due Date Chart after Considering circular […]
CBDT notifies pension fund, namely, ‘OMERS Administration Corporation’ under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 in respect of the eligible investment made by it in India on or after 13th May 2021 but on or before the 31st day of March, […]
CBDT notifies pension fund, namely, ‘Government Employees Superannuation Board’ under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 in respect of the eligible investment made by it in India on or after 13th May 2021 but on or before the 31st day of […]
CBDT notifies pension fund, namely, ‘Public Sector Pension Investment Board’ under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 in respect of the eligible investment made by it in India on or after 13th May 2021 but on or before the 31st day […]
CBDT notifies ‘Ministry of Economy and Finance of Republic of Korea’ as sovereign wealth fund under sub-clause (vi) of clause (b) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 vide Notification No. 63/2021 -Income Tax Dated: 13th May 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF […]
Central Government, in consultation with the Chief Justice of the High Court of Tripura, hereby designates the Court of the Additional Chief Judicial Magistrate, West Tripura as the Special Court for the State of Tripura for the purposes of section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, […]
