Corporate Law : Explore the new manufacturing norms (NMN) in India aimed at boosting SME growth. Learn about eligibility criteria, investment thre...
Income Tax : Explore the amended Rule 11UA/11UAA, detailing valuation methods for unquoted equity shares issued to NR investors, including Comp...
Income Tax : Deciphering the amendments to Section 56(2)(viib) & Rule 11UA(2) of the Income Tax Act post-Finance Bill 2023, impacting FDI and s...
Income Tax : CBDT recently proposed significant changes to Rule 11UA regarding valuation of shares and applicability of section 56(2)(viib), co...
Income Tax : 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 f...
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 : 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 Delhi Bench of Income Tax Appellate Tribunal ("the Tribunal") in its recent ruling in the case of ACIT v. Vedaris Technologies...
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...
Income Tax : Rule 114AAA of the Income-tax Rules, 1962 related to Manner of making permanent account number (PAN) inoperative is applicable fro...
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 : Consequences of PAN becoming inoperative: (i) refund of any amount of tax or part thereof, due under the provisions of the Act sha...
EXTENSION OF DUE DATES Central Board of Direct Taxes (CBDT), through its Circular No. 17/2021, dated September 9, 2021, has extended the due date for filing Income Tax Returns (ITRs) for Assessment Year 2021-2022 (Financial Year 2020-2021). The said extension of time lines for income tax returns and audit reports (wherever applicable) have been summarized […]
Requirement of using DSC removed for efiling of submissions in e-proceedings CBDT amends Income-tax Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings CBDT notifies Income Tax 14C related to Prescribed manner of authentication of an electronic record under electronic verification code under sub-clause (b) of clause (i) of sub-section (7) […]
CBDT notifies Two new Income Tax Rules vide Notification No. 93/2021- Income Tax dated 18th August, 2021 i.e. Rule 12AA. Prescribed person for the purposes of clause (c) and clause (cd) of section 140 and Rule 51B. Appearance by Authorised Representative in certain cases. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) […]
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 circumstances where […]
CBDT has vide Notification No. 83/2021-Income Tax | Dated: 29th July, 2021 inserted rule 130 and Omitted various Income Tax rules and Forms. It further inserted Rule 131 which related to Electronic furnishing of Income tax Forms, Returns, Statements, Reports, orders MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi. Notification […]
Taxguru Team compiled Rule 12 of Income Tax Rules considering amendment vide Notification No. 21-2021/Income Tax Dated 31st March, 2021 and Notification No. 82/2021-Income Tax | Dated: 27th July, 2021 for ready reference of our readers. Changes are Marked in Red Coloure. Revised Rule 12 of Income Tax Rules are applicable from 01.04.2021 i.e. for […]
CBDT has last amended Rule 12 of Income Tax Rules related to ITR Filing vide Notification No. 21-2021/Income Tax Dated 31st March, 2021 and now it has once again amended rule 12 vide Notification No. 82/2021-Income Tax | Dated: 27th July, 2021 to amend Sub-Rule (1) and (5). Also Read: Rule 12 of Income Tax […]
Hello friends, here we discussed Section 9B, Section 45(4), & Section 48 of the Income Tax Act SECTION 9B OF INCOME TAX ACT Finance Act 2021, introduced a new section, section 9B under income tax act which specifies the provision related to transfer of Capital Assets or stock in trade on Reconstitution or Dissolution of […]
Income Tax Rule 115 deals with situation where a person has earned income in foreign currency. This income can accrue and can be received in India or out side India, but if that income is taxable in the hands of recipient then this provision has to be applied. Now a days when we are in […]
What is Slump Sale: ♦ A slump sale for income tax purposes would be one where an undertaking is sold without considering the individual values of the assets or liabilities contained within the undertaking. ♦ It may be important to note here that finding out individual values may be of relevance only for the purpose […]
