Key Income Tax Changes in Budget 2023 that will Impact your Current Year In the recently announced Union Budget 2023-24, the government has introduced a series of fresh Income Tax rules, reshaping the personal taxation landscape. These changes, aimed at …
Monthly Tax Chronicle Containing Income Tax & GST Updates of December 2023 Impacting your Current Tax Year Stay updated on the latest Income Tax and GST developments with our comprehensive monthly Tax Chronicle, offering a concise overview of crucial tax …
Key Income Tax Reforms Initiated by CBDT in the Year 2023 In the dynamic landscape of Income Tax reforms, the Central Board of Direct Taxes (CBDT) has spearheaded citizen-centric initiatives in 2023, focusing on transparency and efficiency. These transformative tax …
CBDT Circular No. 20/2023 Dated. 28 December 2023: Comprehensive Guidelines on Deduction of Tax (TDS) by e-Commerce Operators (ECOs) from Sale of Goods or Services Using their Digital Platform In a recent update, the Central Board of Direct Taxes, through …
The Court refused to accept the department’s undertaking on Seizure to seal Non-incriminating data and decided next Hearing on January 9 In a significant development, the Gujarat High Court has raised objections to the Income Tax department’s seizure of documents …
CBDT Notifies Amendment in Safe Harbour Rules for International Transactions – Notification No. 104/2023 Dated 19th December 2023 The Central Board of Direct Taxes (CBDT) vide its Notification No.104/2023 Dated. 19th December 2023 has notified some amendment in Rule 10TA …
Section 69A cannot be Invoked if Books of Accounts are not Maintained: Delhi High Court In a significant ruling on December 12, 2023, the Delhi High Court delivered a landmark judgement on Section 69A invocation criteria, in the case of …
ITAT emphasized the need for the assessing officer to establish the absence of reasonable cause before imposing penalty under section 271C of I-T Act ITAT Jaipur waives Penalty Imposed for non-deduction of TDS on Foreign Remittances: In a recent judgement …
CBDT Notification F.No.225/132/2023/ITA-II: Time Limit for Processing of Valid ITRs of AY 2018-19, 2019-20 & 2020-21 extended to 31.01.2024 The Central Board of Direct Taxes (CBDT) has issued direction to Income Tax Authorities vide its Notification No. F. No.225/132/2023/ITA-II dated …
More Income Tax Relief Expected for Salaried Class under New Tax Regime in the Upcoming Interim Budget 2024 Salaried class taxpayers in India may expect for a positive development very soon, as the BJP-led Modi government contemplates announcing income tax …
Income Tax Department Ready to Move Supreme Court to Challenge the Ruling of Delhi High Court on Validity of Orders Issued Without Document Identification Number (DIN) The Income Tax Department is ready to challenge a recent Delhi High Court ruling …
Kolkata High Court Ruling: Personal Opinion of Income Tax Officer is not enough for Assessment Reopening In a recent landmark judgment on November 17, 2023, the Kolkata High Court ruled against the reopening of assessments solely based on the personal …
Delhi High Court Ruling: Employee Not Liable for Employer’s Failure in Depositing TDS Employee Not Liable for Employer’s TDS Failure: In a significant ruling on November 29, 2023, the Delhi High Court delivered a judgment in the case of Chintan …
New Functionality ‘Discard ITR’ in the Income Tax Portal – Effective from AY 2023-24 In a significant development, the Income Tax Department has rolled out a pivotal feature ‘Discard ITR’ on its website, empowering taxpayers to discard previously filed but …
Prosecution Provisions under Income Tax for Various Offences of Taxpayers The Income-tax Act encompasses a comprehensive framework that allows authorities to initiate prosecution proceedings against taxpayers for a myriad of offenses. The Act delineates various offenses, ranging from wilful evasion …
Prosecution u/s. 276CC Against Genuine Taxpayers who have Diligently Prepaid a Significant Portion of their Tax Obligations is not Justifiable: Madras High Court Order Dt. 17 November 2023 Legality of Prosecution Against Genuine Taxpayers who Prepaid Substantial Part of their …
Central Government Specifies Dy Director General (Tech Development Dvn) UIDAI as Authority for Disclosure of Information Respecting Assessees: CBDT Notification No. 99/2023 Dated. 20 November 2023 The Central Board of Direct Taxes (CBDT) vide its Notification No. 99/2023 Dated. 20 …
Format, Procedure and Guidelines for submission of Statement of Financial Transaction (SFT) for Mutual Fund Transactions by Registrar & Share Transfer Agent: Corrigendum to Notification No. 4/2021 Corrigendum to Notification 4/2021: The format, procedure and guidelines for submission for SFT …
Corrigendum to Notification No. 3/2021: Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions Corrigendum to Notification 3/2021: The format, procedure, and guidelines for submission of information relating to capital gains on transfer of …
Exemption U.S.11 Cannot Be Granted When Trust Activities Are Commercial In a recent ruling concerning Section 11 of the Income Tax Act, 1961, the Income Tax Appellate Tribunal (ITAT) Chennai bench emphasized that exemptions cannot be granted when the activities …