Income Tax : Explains the requirement for daily backups of electronic accounting records on India-based servers from 2026. Highlights complianc...
Income Tax : The reform consolidates TDS provisions into a structured system and introduces digital compliance mechanisms. It enhances clarity,...
Income Tax : The new tax framework significantly reduces the number of rules and forms, aiming to simplify compliance. It replaces complex prov...
Income Tax : Form 45 allows resident taxpayers to report settlement of foreign tax disputes and claim foreign tax credit not earlier claimed in...
Income Tax : This analysis explains how employer-leased cars reduce taxable salary since only a prescribed perquisite value under Rule 3 is tax...
Income Tax : Amendment to section 56(2)(viib) of Act extending the applicability of section to issue of shares to non-residents has been made a...
Income Tax : Central Board of Direct Taxes (CBDT) has extended the last date to link Permanent Account Number (PAN) with Aadhaar to June 30, 20...
Income Tax : CBDT notified Income-tax Return Forms (ITR Forms) for Assessment Year 2023-24 vide Notifications No. 04 & 05 of 2023 dated 10.02.2...
Income Tax : Taxguru Team compiled Rule 12 of Income Tax Rules considering amendment vide Notification No. 21-2021/Income Tax Dated 31st March,...
Income Tax : CBDT has decided to discontinue Excel & Java version of ITR utilities from AY 2021-22 and it has released JSON Utility for...
Income Tax : Assessee filed his original income tax return on 31-08-2019 and revised the return on 19-06-2020. He submitted Form 67 to claim th...
Income Tax : ITO Vs Tilak Proficient Nidhi Limited (ITAT Allahabad) The ld. CIT(A) simply accepted all the contentions /additional evidences fi...
Income Tax : The AO has relied on sub-rule (1) of section 37BA for denying the benefit of TDS during the year under consideration. This part of...
Income Tax : As per Section 199(3) of Income Tax Act, 1961 read with Rule 37BA(3)(i) and (ii) of Income Tax Rules, 1962 TDS can be granted only...
Income Tax : TDS credit is allowed on deduction of Income under u/s 80IA, 8oIB, 80IC of the act, etc and also TDS credit is allowed on bad debt...
Income Tax : The latest amendment excludes income arising from transfer of pre-2017 investments from GAAR scrutiny. It reinforces the protectio...
Income Tax : CBDT introduced Income-tax Rules, 2026 to operationalize the Income-tax Act, 2025. The rules standardize procedures on valuation, ...
Income Tax : Learn about the latest changes in Income Tax Rules, 2025. Key amendments include updates to ITR forms and provisions for capital g...
Income Tax : Ministry of Finance amends rule 11UAC of Income-tax Rules 1962, specifically addressing the relocation of funds and movable proper...
Income Tax : The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompas...
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 for […]
Consequences of PAN becoming inoperative: (i) refund of any amount of tax or part thereof, due under the provisions of the Act shall not be made to him; (ii) interest shall not be payable to him on such refund for the period, beginning with the date specified under sub-rule (4) of rule 114AAA and ending with the date on which it becomes operative;
CBDT notifies ITR forms for AY 2023-24/ FY 2022-23 Except ITR-7 vide Notification No. 04/2023-Income Tax Dated: 10.02.2023 and notified ITR-7 vide Notification No. 05/2023-Income Tax Dated: 14/02/2023. CBDT amended notified ITR first vide Notification No. 8/2023-Income Tax dated 28/02/2023 and now its amended the same for the second time vide corrigendum Notification No. 11/2023-Income-Tax […]
Vide Notification No. 8/2023-Income Tax| Dated: 28th February, 2023 CBDT notifies amendment in ITR forms for AY 2023-24 / FY 2022-23. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Corrigendum Notification No. 8/2023-Income Tax| Dated: 28th February, 2023 G.S.R. 156(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue […]
As the return filing season for FY 2022-23 (AY 2023-24) would start soon it’s important to understand which forms to be used for filing of the return, as selecting the wrong form may jeopardize the whole exercise of return filing and may have multiple adverse consequences.
CBDT notified Income-tax Return Forms (ITR Forms) for Assessment Year 2023-24 vide Notifications No. 04 & 05 of 2023 dated 10.02.2023 and 14.02.2023.
Understand Rule 12 of Income Tax Rules & get to know what amendments were made wef 01.04.2023 for AY 2023-24. Learn more
CBDT notifies Format & Particulars of Income Tax Return Forms ( ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V) and Income Tax Return Acknowledgement (ITR-V) for Assessment Year 2023-24/Financial Year 2022-23 vide Notification No. 04/2023 Dated 10th February 2023. Last Year CBDT notifies ITR for AY 2022-23 on 30th March 2023 vide Notification No. 21/2022-Income […]
a. Rule no.132 shall come into force from the 1st day of October, 2022. b. An application requesting for re-computation of total income of the previous year without allowing the claim for deduction of surcharge or cess, which was claimed and allowed as deduction u/s 40 of the Act in the said previous year as stood before such retrospective amendment, shall be made in Form No.69.
CBDT notifies new Income Tax Application for recomputation of income under sub-section (18) of section 155, Form No. 69 –Application for recomputation of income under sub-section (18) of section 155 and Form No. 70 – Intimation to the Assessing Officer of the payment of tax on income recomputed under sub-section (18) of section 155 vide Notification No. 111/2022 – Income […]
