Income Tax : Learn if cash payments over ₹10,000 for electricity bills are allowed under Section 40A(3) of Income Tax Act. Understand exempti...
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 : 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 : 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...
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 […]
In the COVID-19 pandemic where everyone is suffering physically and financially, many employers have come forward to reimburse the expense of medical treatment of COVID-19 of their employees. The Income Tax Department has neither release any clarification about its taxation nor provided any exemption as on date. In this article we are hereby discussing the […]
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 […]
11UD. Thresholds for the purposes of significant economic presence. — (1) For the purposes of clause (a) of Explanation 2A to clause (i) of sub-section (1) of section 9, the amount of aggregate of payments arising from transaction or transactions in respect of any goods, services or property carried out by a nonresident with any person in India, including provision of download of data or software in India during the previous year, shall be two crore rupees;
CBDT amends Income Tax rule 2DB which relates to conditions to be satisfied by the pension fund for exemption under section 10(23FE) and substitutes/amends Form No. 10BBA – Application for notification under sub-clause (iv) of clause (c) of Explanation 1 to the clause (23FE) of section 10 of the Income-tax Act, 1961 (Pension Fund) MINISTRY […]
The Provisions relating to the form of appeal to Commissioner (Appeals) are contained under Rule 45 of the Income Tax Rules. As per the said rule 45, an appeal to the Commissioner of Income Tax (Appeals) needs to be made in Form No. 35.
CBDT has decided to discontinue Excel & Java version of ITR utilities from AY 2021-22 and it has released JSON Utility for ITR1 & ITR 4 for Assessment Year 2021-22. The utility for other ITRs will be enabled shortly, the ITR 1 to 4 can be filled using single JSON Utility. Import of Prefill file […]
CBDT issued notification No. 18/2021-Income Tax, Dated: March 16, 2021 & inserted a New Rule Rule 29BA. The Rule would be effective from 1 April 2021.
In the Income-tax Rules, 1962, in rule 10V, in sub-rule (12), after the second proviso and before the Explanation, the following provisos shall be inserted, namely:‑ Provided also that the provisions of sub-rules (3) to (12) of rule 10VA shall, mutatis mutandis, apply to the application made under the second proviso as they apply to application made under sub-rule (2) of the said rule:
