The circular emphasizes the decision of Departmental appeals to be based on Merits of the case, aiming to reduce unnecessary litigation. In its latest Circular No. 5/2024 dated March 15, 2024, the Central Board of Direct Taxes (CBDT) has introduced …
The ITAT noted that the non-compliance under Section 12A of the Act is a procedural lapse, and when the Audit Report was eventually filed, it should have been considered for Section 11 Exemption. ITAT Ahmedabad Ruling on Section 11 Exemption: …
Tax Benefits of national Pension Scheme (NPS) Tier-1 & Tier-2 under Income Tax Act The National Pension Scheme (NPS) is a pivotal social security initiative introduced by the Central Government, catering to employees across various sectors, excluding the armed forces. …
This move by the RBI aims to stabilize liquidity levels amidst the anticipated drain due to tax payments, ensuring banks have enough funds to smoothly navigate the financial landscape. The Reserve Bank of India (RBI) injected a hefty sum of …
As per the amendments under budget 2020 from FY 2020-21 onwards, when an employee receives ESOPs from an eligible startup, they need not pay tax in the year of exercising the option. Employee Stock Option Plans (ESOPs) are a fantastic …
The landscape of tax compliance received a significant update with the unveiling of the Updated Return provision in the Income Tax Act of 1961, through the Budget 2022. This transformative change, brought to life with the insertion of a new …
Looking to maximize your tax deductions beyond the Rs 1.5 lakh limit under Section 80C of the Income Tax Act? Section 80D is your solution! This section of the Income-tax Act, 1961, provides tax benefits for various healthcare expenses, under …
SFT Reporting Error Detected; Taxpayers recently receiving advance tax payment notices from the income tax (I-T) department can now breathe a sigh of relief, at least for the moment. In a recent post on X (formerly Twitter) on March 11, …
Tax Benefits on Child Education Expenses u/s. 10(14) & 80C of Income Tax Act Tax Benefit on Child Education Expenses: Parents are deeply concerned about the well-being and education of their children, especially considering the rising costs of schooling and …
While the 2021 guidelines had listed five situations, the new guidelines have retained four of those, with the addition of replacing the condition related to refunds of ₹1 lakh. The Income Tax Department has introduced fresh guidelines aimed at priority …
Advance Tax E-Campaign: An initiative for Encouraging Taxpayers to accurately calculate their advance tax liability and submit the due advance tax on or before 15th March 2024 Advance Tax E-campaign for FY 2023-24: The Income Tax Department, in a press …
Senior Advocate Vivek Tamkha, representing Congress party, requested a 10-day abeyance of the order so that the Indian National Congress (INC) could appeal to the High Court. However, the bench declined, citing the absence of such provisions or prayers before …
CBDT Notification 28/2024 Dated 8 March 2024: No TDS to be deducted from Specified payments made by any person to a Unit of International Financial Services Centre (IFSC) In a recent development on March 8, 2024, the Central Board of …
CBDT has decided to retrospectively extend the due date for filing Form No. 26QE to 30 May 2023 for cases where tax was deducted under section 194S between 1st July 2022 and 28th February 2023. The fees and interest levied …
CBDT Notification 27/2024 dated 5 March 2024: Income Tax (Fourth Amendment) Rules 2024 LISTEN THE NOTIFICATION HERE: The Central Board of Direct Taxes, exercising its powers under sections 295, 44AB, and 92E of the Income-tax Act, 1961, has introduced the …
CBDT Circular No. 3/2024 Dated 6th March 2024: Eligible donations made by a trust or institution will now be considered as an application for charitable or religious purposes only to the extent of 85% of such donations. LISTEN THE CIRCULAR …
The Investigation Directorate of Income Tax Department, North East Region has initiated strict measures to monitor the movement of unaccounted cash and its potential role in influencing the 2024 Lok Sabha election process in Assam. In a proactive move, the …
CBDT Circular No. 2/2024 dated 5 March 2024: Time Extension for Trusts or Institutions to rectify Audit reports of AY 2023-24 on or before 31 March 2024 by using correct form 10B/10BB as prescribed. Listen the Circular: For funds, institutions, …
E-Verification Scheme 2021: Press Release of MoF Dt 4 March 2024 Listen the Scheme: E-Verification Scheme 2021: The Income Tax Department has taken a significant step towards enhancing transparency and fostering voluntary tax compliance with its latest initiative – the …
Understanding the Taxability of Gifts under Income Tax Act 1961: Exemptions and Taxable Gifts Explained The concept of gifts in India has undergone several changes over the years, particularly in terms of taxation. Initially introduced in April 1958 under the …