Income Tax News
Delayed Refund and Loss Carry Forward Claims Granted under IT Act 1961
03 June 2023 at 09:01The Central Board of Direct Taxes (CBDT) has issued Circular No. 07/2023 dated May 31, 2023, regarding the condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the Income-tax Act, 1961 ("the IT Act").
CBDT amends IT rules to provide tax exemption on movable property value
03 June 2023 at 08:55The Income-tax (Eighth Amendment) Rules, 2023 were notified by the Central Board of Direct Taxes (CBDT) on May 31, 2023.
CBDT amends IT rules for Section 80G Provisional Approval
01 June 2023 at 08:56The Income-tax (7th Amendment) Rules, 2023 were notified by the Central Board of Direct Taxes (CBDT) on May 30, 2023. The rules make amendments to the Income-tax Rules, 1962.
ITR-2 Form Now Available Online with Automated Pre-Filled Data
01 June 2023 at 08:54Income Tax Return Form of ITR-2 is enabled to file through Online mode with prefilled data at the portal. T
CBDT implements e-Appeals Scheme 2023 to ease caseload burden
31 May 2023 at 08:58CBDT has notified the E-Appeals Scheme, 2023 to ease the caseload of the Income-tax Appellate Tribunal (ITAT). The scheme will allow taxpayers to file appeals electronically, which is expected to reduce the time and cost of filing an appeal.
CBDT amends Rules 45/46A and Form 35 to enable filing before JCIT(A)
31 May 2023 at 08:57CBDT has amended the Income-tax Rules, 1962 to enable the filing of an appeal before the Joint Commissioner (Appeals) (JCIT(A)). The amendments were made in Rules 45 and 46A, and Form 35.
Govt unveils Vivad se Vishwas II Scheme for Pending Contract Disputes
31 May 2023 at 08:56Ministry of Finance has issued Office Memorandum vide No.F.1/7/2022-PPD dated May 29, 2023 has decided to implement a one-time settlement scheme called "Vivad se Vishwas II (Contractual Disputes)"
Income Tax Department Tightens Grip on Companies' Advance Tax Payments
30 May 2023 at 08:41The income tax department is closely monitoring advance tax payments by scrutinising companies' annual and quarterly balance sheets
Govt's push to align TCS with TDS: Insights from Chief Economic Advisor
29 May 2023 at 08:50The government is attempting to link tax collected at source for payments made by individuals with tax deducted from their income sources, a move that will help in ensuring cash flows of the individual taxpayers are not impacted
Banks directed to alert Income Tax Department on large Rs 2000 Deposits
29 May 2023 at 08:47Banks will be required to notify the income tax department about large cash deposits of ₹2,000 currency notes above a threshold as part of the statement of financial transactions (SFT) they are mandated to submit to the tax authority annually.
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