In a significant development, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has ordered a re-adjudication of a case due to a critical error in the communication process. The notices to fix the date of the hearing were …
The Delhi bench of the ITAT (Income Tax Appellate Tribunal) Delhi recently made a significant ruling regarding voluntary tax deposits and their implications on penalties. In a case involving Pradip Burman, the ITAT emphasized that making a voluntary tax deposit …
Introduction The Central Board of Direct Taxes (CBDT) vide its Notification No.88/2023 Dated.10th October 2023 has notified some amendments in Rules 114B, 114BA and 114BB of the Income Tax Rules 1962. These Rules may be called the Income Tax (Twenty …
Introduction-ITAT Delhi Removes Penalty under section 271AAA In a recent development, the Income Tax Appellate Tribunal (ITAT) Delhi bench delivered a significant ruling by waiving the penalty under section 271AAA of the Income Tax Act, 1961. The decision was motivated …
CBDT Circular No. 17/2023 In a recent development, the Central Board of Direct Taxes (CBDT) released Circular No.17/2023 on 9th October 2023, bringing important clarifications on compliance obligations for charitable and religious entities in respect of filing their audit report …
Introduction: Appeal to Income Tax Appellate Tribunal The Income Tax Appellate Tribunal (ITAT) serves as a crucial platform for hearing appeals related to income tax orders issued by tax authorities. It operates under the oversight of the relevant High Court …
Introduction: New Rule of Nil or Low TDS certificate for NRIs Effective from October 1, a new set of regulations regarding Nil or Low Tax Deducted at Source (TDS) certificates for Non-Resident Indians (NRIs) has been introduced by the Central …
E-filing of form-10F by NRIs Possible without PAN In a significant development, non-resident individuals or entities without a Permanent Account Number (PAN) can now conveniently e-file Form 10F, which is required with a “tax residency certificate” to avail of tax …
LIC has received Income Tax notices for three different assessment years viz., 2012-13, 2018-19 and 2019-20 with the total penalty amounting to over Rs 84.02 crore. Life Insurance Corporation (LIC) on Tuesday said that the Income Tax Department has demanded …
Union Minister, Dr. Jitendra Singh launched Special Campaign 3.0 for institutionalizing Swachhata and Reducing Pendency in Government with a focus on all attached/ subordinate/ field offices/ Missions/ Defence establishments and establishments/ offices in all parts of the country. Special Campaign …
Above 30 Lakh Audit Report Filed till 30th September Above 30.75 lakh audit report including about 29.5 lakh Tax Audit Reports have been filed for AY 2023-24 on the e-filing portal till the end of the due date, i.e., 30 …
The Central Board of Direct Taxes (CBDT) vide its Notification No 83/2023 Dated 29th September 2023 notified about insertion of a new Rule 21AHA in the Income Tax Rules 1962. This new Rule 21AHA pertains to various provisions about “Exercise …
Introduction: CBDT Notifies I-T (22nd Amendment) Rules 2023 The Central Board of Direct Taxes (CBDT) recently introduced significant amendments through its Notification No-82/2023 dated September 27, 2023, titled the Income Tax (Twenty Second Amendment) Rules 2023. These amendments brought by …
The Central Board of Direct Taxes (CBDT) has introduced new rules regarding the process of obtaining Low Tax Deduction at Source (TDS) or No TDS certificates from the Income Tax (I-T) department, as per Notification No-2/2023 dated September 27, 2023. …
Capital Gain on Compulsory Acquisition of Immovable Property: Section 45(5) In the realm of income taxation in India, when a government agency necessitates any compulsory acquisition of land, it is considered a transfer according to the provisions outlined in Section …
The Income Tax Department has introduced new rules for valuing investments in startups, addressing concerns related to ‘Angel Tax.’ Effective from September 25, these changes to Rule 11UA of the Income Tax Act offer more flexibility to taxpayers by allowing …
Extract of the Notification-79/2023 NBFC Classification for the Purpose of Section 43D: The Central Board of Direct Taxes (CBDT) has recently issued a crucial notification, Number 79/2023 dated September 22, 2023. This notification pertains to the classification of Non-Banking Financial …
Extract of the CBDT Notification-80/2023 The Central Board of Direct Taxes (CBDT) recently issued an important notification, Number 80/2023 dated September 22, 2023, pertaining to the classification of Non-Banking Financial Companies (NBFCs) for the purpose of clause (da) of section …
Clearing old dues to expedite refund process: The Income Tax Department has urged taxpayers to promptly respond to notifications regarding outstanding tax demands from previous years. This proactive step is aimed at expediting the clearance of refund for the fiscal …
Introduction Tax Audit u/s. 44AB of Income Tax Act: An ‘audit’ is essentially a thorough examination, review, or inspection of various records, transactions, or accounts to ensure accuracy, compliance, and reliability. In the realm of taxation, a ‘tax audit’ holds …