Tag: CBDT

Direct Tax

RNM Tax Alert – Direct Tax Part for January 2024

CBDT ORDER DATED 31.01.2024 [F. NO. 225/132/2023/ITA-II, DATED 31-1-2024]  The CBDT vide this order dated 31.01.2024, to resolve grievance of taxpayer related to issue of refund in respect of returns of income validly filed electronically up to AY 2020-21, time limit of processing the same further extended the time till 30.04.2024.  On 1st February 2024, Union Finance Minister Nirmala Sitharaman presented the Interim Budget. Vide this Budget / Finance Bill 2024, existing rates of income-tax are continues for the Financial Year (‘FY’) 2024-2025

Direct Tax

Direct Tax Alert – June 2023

CBDT NEW DELHI CIRCULAR NO 10/2023, Dated: June 30, 2023 The CBDT issued a circular dated 30.06.2023; to remove difficulty in the implementation of changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on the purchase of overseas tour program package – reg. CBDT NEW DELHI CIRCULAR NO 09/2023, Dated: June 28, 2023 Vide this circular the CBDT extended the time limit of filing of Statement of deduction of tax or collection of tax:- (i)

Direct Tax / General

Extension!

On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act, 1961 read with Income-tax Rules, 1962 (Rules), Central Board of Direct Taxes (CBDT), in exercise of its powers under section 119 of the Act dated 29th Aug 2021, extends the due dates for electronic filling of such forms as under. Important Judicial Precedents Holds “Assessing Officer is not permitted to make changes in whatever determined in regular

Direct Tax / General

Budget Highlights

The Hon. Finance Minister in her budget speech has announced several reforms under the Income Tax. Major Changes Note: The Central Board of Direct Taxes (CBDT) on Monday further extended the due date for filing declaration under the ‘Vivad Se Vishwas’ (VSV) scheme till February 28, 2021. As per a CBDT’s notification, the date for payment of tax without additional interest under VSV remains unchanged at March 31, 2021.   Important Judicial Precedents

Uncategorized

ESOP Discount is business expenditure for earning profits

On 11-11-20, the hon’ble High Court of Karnataka has held that the deduction of discount on ESOP over vesting period per books of account is an admissible tax allowance in computation of business income of the employer company. The legal principle emphasized by the High Court is that the discount on issue of ESOPs is not a contingent liability but an ascertained liability. The decision was pronounced in the case of Commissioner of Income Tax, LTU v. Biocon Ltd. The

Direct Tax / General

Justice delayed is justice denied

The concept and implementation of e-appeal mechanism is a welcome move as it would not only curb corrupt practices as intended but also reduce the time and cost for getting justice. The Faceless Appeal Scheme, 2020 provides discretionary video-call hearing in selected cases where the tax authority feels that issues are complex. Considering that the right to decide which case to be resolved over a video-call is available to the tax authority but not the taxpayers, a writ has been

Direct Tax / General

New TCS Law – Aggressive or balanced

Finance Act, 2020 amended provisions relating to TCS w.e.f. 1-10-20. On 29.9.20, CBDT issued guidelines for its implementation and on 30.9.20, CBDT issued a press release clarifying its applicability. In a nutshell, following may be summarized:- TCS shall be applicable only on the receipt exceeding Rs. 50 lakh by a seller from a particular buyer. TCS is made applicable to only those sellers whose turnover exceeds Rs. 10 crore in last Financial Year. TCS not applicable on export of goods.

Direct Tax / General

Government mending the net: It’s a new catch

The government has taken various measures to facilitate compliance by the taxpayers. In July 2020 alone, the government has taken following measures:- On the other hand, in July 2020 only, the CBDT has signed various MOU’s with various organizations like SEBI, CBIC and MSME Ministry for automatic and regular exchange of information to catch hold of any non-compliances or misreporting by the taxpayers.  Important Statutory developments Important Judicial Precedents