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...
CBDT amends Income Tax Rule 67 related to Investment of fund moneys by Recognised Provident Funds and allowed investment of Funds in Securities having Single Rate ‘A’ or above. Earlier Investment were allowed in Securities having sible Rate of ‘AA’ and above. Notification No. 84/2020-Income Tax Dated: 22nd October, 2020. MINISTRY OF FINANCE (Department of […]
Taxpayers can take advantage of the decision of the Mumbai Bench of the Income-Tax Appellate Tribunal. The tribunal, in a recent order, held that a taxpayers need not pay interest, if the assessment order does not clearly mention the quantum of interest.
Annual Information Return (AIR) – meaning, provisions, Applicability & FAQs Annual Information Return (AIR) of ‘high value financial transactions’ is required to be furnished under section 285BA of the Income-tax Act, 1961 by ‘specified persons’ in respect of ‘specified transactions’ registered or recorded by them during the financial year. The due date of filing of […]
Class or classes of person to whom provisions of section 139A shall not apply. 114AAB. (1) The provisions of section 139A shall not apply to a non-resident, not being a company, or a foreign company, (hereinafter referred to as the non-resident) who has, during a previous year, made investment in a specified fund if the following conditions are fulfilled, namely:
Understand Rule 12 of Income Tax Rules wef 29.05.2020 and its impact on ITR and AY 2020-21. Stay updated with the recent amendments.
Investment made by a person, authorised under section 4 of the Payment and Settlement Systems Act, 2007, in the equity share capital or bonds or debentures of a company- (A) which is engaged in operations of retail payments system or digital payments settlement or similar activities in India and abroad and is approved by the Reserve Bank of India for this purpose; and (B) in which at least fifty-one per cent of equity shares are held by National Payments Corporation of India.”
Learn about the new rules and application process for the registration of charitable or religious trusts. Stay updated with the latest amendments.
Amendment of rule 10DA and rule 10DB regarding furnishing of information and maintenance of documents by Constituent Entity of an international group – Notification No. 03/2020-Income Tax Dated: 6th January, 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 03/2020-Income Tax New Delhi, the 6th January, 2020 G.S.R. 14(E).—In exercise […]
Rule 119AA. Modes of payment for the purpose of section 269SU.- Every person, carrying on business, if his total sales, turnover or gross receipts, as the case may be, in business exceeds fifty crore rupees during the immediately preceding previous year shall provide facility for accepting payment through following electronic modes
CBDT has notified revised FORM NO. 10DA (Report under section 80JJAA of the Income-tax Act, 1961) under rule 19AB of Income Tax Rules vide Notification No. 104/2019 dated 18th December, 2019.
