1. NOTIFICATION [No.09/2023/F.No.300196/39/2021-ITA-I] dated 01.03.2023 Vide this notification the Central Board of Direct Taxes (CBDT) has notified ‘Insolvency and Bankruptcy Board of India’ for the purposes of the clause (46) of section 10 of the Income-tax Act, 1961. The exemption shall be available in respect of Grants-in-aid, fees & fines collected under IBC and interest income accrues on them. 2. […]
Vide this circular the Central Board of Direct Taxes (CBDT) has further extended the time limit to 31st March, 2023 for compliance to be made for claiming any exemption under section 54 to 54GB of the Income Tax Act, 1961 (“the Act”) in view of the Covid-19 Pandemic. The period of investment for capital gain exemption which was earlier extended […]
CBDT exempts Non-Residents (NR) not having PAN from mandatory e-filing of Form 10F till 31-03-2023. Partial Relaxation With Respect To Electronic Submission of Form 10F by Select Category of Taxpayers In Accordance With DGIT (Systems) Clarification for the purpose of clause (c) of Section 269ST of Income Tax Act, 1961 in respect of dealership/distributorship contract in case of Co-operative Societies- […]
1.CIRCULAR NO. 21/2022 [F.NO. 275/25/2022-IT (B)], DATED 27-10-2022 Vide this circular the Central Board of Direct Taxes (CBDT) in exercise of its powers under section 119 of the Income-tax Act, 1961, extends the due date of filing of Form 26Q for the second quarter of financial year 2022-23 from 31st of October, 2022 to 30th of November, 2022. 2. CIRCULAR […]
Vide this circular the Central Board of Direct Taxes (CBDT) has issued additional guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-Tax Act, 1961. Earlier, the CBDT had issued guidelines vide Circular no. 12 of 2022, dated 16th June, 2022. Vide this letter dated 16.09.2022 the Central Board of Direct Taxes (CBDT) has issued Guidelines […]
Recent Updates CBDT notifies books & other documents to be maintained u/s 10(23C)/12A. Notification No. 94/2022 dated 10-08-2022. CBDT amends Rule 17CB to replace ‘trust or institution’ with ‘specified person’ in relation to Method of valuation for the purposes of sub-section (2) of section 115TD. CBDT extends time-limit for furnishing of Form-67. Foreign Tax Credit (FTC) can be claimed at time of filing […]
CBDT reduces time limit to verify ITR from 120 days to 30 days for returns filed on or after 01-08-2022 The Central Board of Direct Taxes (CBDT) has reduced time limit for e-verification or submission of ITR-V from 120 days to 30 days for the Income-tax returns filed on or after 01-08-2022. This notification will come into effect from 01.08.2022. It […]
Finance Act, 2022 inserted section 194R, providing for withholding tax on the provision of any benefit perquisite provided by any person to any resident, in the exercise of the business or profession by such resident. Applicable in case the value of such benefit or perquisite provided in the aggregate exceeds Rs. 20,000/- during the F.Y. This section is applicable from […]
Recent Updates Central Govt. approves 8.10% interest rate on provident fund deposits for year 2021-2022 The Ministry of Labour and Employment, Government of India has conveyed the approval of the Central Government to credit interest @ 8.10% for the year 2021-22 to the account of each member of the EPF scheme. NOTIFICATION NO. INV-11/2/2021—INV/4670 dated 03.06.2022. CBDT notifies Faceless Penalty […]
Recognition, Measurement and Presentation of Deferred Tax as per Ind AS 12 As per Ind AS 12, Income Taxes- Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable temporary differences. Deferred tax assets are the amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carry forward […]