CBDT's e-Verification Scheme harnesses information technology to facilitate voluntary compliance On a pilot basis information of financial transactions pertaining to 68,000 cases from FY 2019-20 taken up for e-Verification e-Verification completed in approximately 35,000 cases out of 68,000 cases in the above pilot study The Income Tax Department has taken several progressive steps to encourage voluntary tax compliance and facilitate a transparent and non-intrusive tax administratio..
CBDT vide Notification No. 09/2023 dated March 01, 2023 has notified Income Tax exemption to the Insolvency and Bankruptcy Board of India ("the IBB") under section 10(46) of the Income-tax Act, 1961 ("the IT Act"). The exemption shall be available in respect of Grants-in-aid, fees & fines collected under the Insolvency and Bankruptcy Code, 2016 (''the IBC") and interest income accrues on them. Official copy of the notification has ..
The Central Board of Direct Taxes ("CBDT") has issued Corrigendum vide Notification No. 8/2023 dated February 28, 2023 to its Notification No. 04/2023 dated February 10, 2023 released to notify the new Income-tax Return ("ITR") forms applicable for the Assessment Year ("AY") 2023-24 this corrigendum is issued to correct minor errors/omissions in the ITR forms. The Complete Corrigendum can be accessed in the attached file ..
The CBDT has notified the Income-tax (3rd Amendment) Rules, 2023, to amend IT Rules 16CC/17B and Forms 10B/10BB which shall be effective as of 01/04/2023, vide Income Tax Notification 7/2023. As a consequence of this, the charitable or religious trusts, institutions, universities, and other educational institutions are mandated by sections 10(23C) and 12A of the Income Tax Act, 1961 to submit the audit report using the new Forms 10B and 10BB. CBDT Income Tax Notification 7/2023&..
CBDT released the Tax Calculator regarding the Old Regime vis-à-vis New Regime for Individual/ HUF/ AOP/ BOI/ Artificial Juridical Person (AJP) as per section 115BAC as proposed by Finance Bill, 2023. For Tax Calculator Click Here ..
On February 10, 2023, the Central Board of Direct Taxes (CBDT) announced the tax return forms for the financial year 2022–2023. This year, ITR forms were announced in advance, which is a very positive step toward making compliance easier. The disclosure and reporting requirements on tax return forms will be better understood by taxpayers. Here are the key changes: Separate section for Crypto Separate section for Crypto For the Assessment Year 2023-2024, there will be a sepa..
MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, 10th February, 2023 G.S.R 91(E).—In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. Short title and commencement.— (1) These rules may be called the Income-tax (First Amendment) Rules, 2023...
CBDT has issued Corrigendum dated February 06, 2023 to Circular No. 23 of 2022 dated November 03, 2022 on the Explanatory Notes to the Finance Act 2022 regarding the amendments made in direct tax laws vide Finance Act, 2022 The Finance Act, 2022 as passed by the Parliament, received the assent of the President on March 30, 2022 and has been enacted as Act No. 6 of 2022. The Explanatory notes to the Finance Act, 2022, explaining the amendments made in direct ..
The Central Board of Direct Taxes (CBDT) on January 06, 2023, issued a notification regarding the Extension of the time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the Income-tax Act,1961 (' Act') in view of the then Covid-19 pandemic. Circular No 1 of 2023 F. No. 225/49/2021-ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, dated 06 January, 2023 S..
Circular No. 25/2022 F. No. 225/129/2022/ITA-II Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ••••• New Delhi, Dated 30th December, 2022 Subject: Clarification for the purposes of clause (c) of Section 269ST of the Income-tax Act, 1961 in respect of dealership/distributorship contract in case of Co-operative Societies - reg. Section 269ST inter-alia prohibits receipt of an amount of two Jakh rup..
It is now time that India widens the tax base for both direct tax and indirect tax, said Union Finance Minister Nirmala Sitharaman. This should be the focus for both the Central Board of Direct Taxes (CBDT) and also for Central GST, and SGST authorities should also ramp up, she said at a function in the city on Sunday. The Minister urged Principal Commissioners to send details of how many new taxpayers have come on board along with the monthly revenue collection, she said at the inauguration ..
The CBDT vide Instruction No. 2/2022 dated December 15, 2022 has issued the Standard Operating Procedure ("SOP") on the filing of Appeals/Special Leave Petitions ("SLPs") by the Income Tax Department in the Supreme Court and related matters. Several instructions and directions have been issued by the CBDT from time to time emphasizing upon the need for timely filing of appeals/SLPs in the Supreme Court and proper conduct of litigation. However, a number of SLPs are being f..
The Central Board of Direct Taxes (CBDT) has given partial relief to non-resident taxpayers by exempting them from mandatory electronic filing of Form 10F until March 2023. Filing this form is required to claim the benefits of tax treaty. Official copy of the circular has been mentioned below F. No. DGIT(S)-ADG(S)-3/e-Filing Notification/Forms/2022/9227 Government of India Ministry of Finance Central Board of Direct Tax Directorate of Income Tax (Systems), New Delhi New Delh..
Co-browsing feature is now available for the taxpayers FAQs related to the Co-browsing feature have been released by Income Tax Department. 1. What is Co-Browsing and how does it help Taxpayer service? Co-browsing, also known as collaborative browsing, allows the Helpdesk agents to collaborate with the taxpayer’s browser in real-time, just at the click of a button. Agents can view and securely co navigate the Taxpayer’s browser screen and guide them interactively to deliver ..
Explanatory Notes to provisions of the Finance Act, 2022 1. Introduction 1.1 The Finance Act, 2022 (hereafter referred to as 'FA 2022') as passed by the Parliament, received the assent of the President on 30lh March, 2022 and has been enacted as Act No.6 of 2022. 1.2 This circular explains the substance of the provisions of the FA 2022 relating to direct taxes. 2. Changes made by FA 2022 2.1 The FA 2022 has,- (i) speci..
As per the provisions of the Income-tax Act, 1961, Form 10A was required to be filed electronically by 30.06.2021, which was extended to 31.08.2021 and further extended to 31.03.2022 by Circular No. 16/2021. In view of the representations received by Central Board of Direct Taxes (CBDT) and with a view to avoid genuine hardship to taxpayers, the CBDT condones the delay in filing of Form 10A up to 25th November, 2022 in respect of certain provisions of section 12..
At present, taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is applicable or not, which increases the time taken to file the ITRs. The proposed draft ITR takes a relook at the return filing system in tandem with internation..
Question 1: What are the prerequisites for filing of Form 3CEB? Resolution: The following are the prerequisites for filing of Form 3CEB: Taxpayer and CA are registered on the e-Filing portal with valid user ID and password Status of PAN of taxpayer and CA is active Taxpayer has assigned CA for form 3CEB CA and Taxpayer have a valid and active Digital Signature Certificate. Question 2: What is the process to submit Form 3CEB? Resolution: Following are the steps to file form..
Considering the difficulties in filing of TDS statement in the revised and updated Form 26Q, the Central Board of Direct Taxes (CBDT) has extended the due date of filing of Form 26Q for the second quarter of Financial Year 2022-23 from 31st October, 2022 to 30th November, 2022. CBDT Circular No. 21/2022 in F.No.275/25/2022-IT(B) dated 27.10.2022 issued. The said Circular is available here ..
Circular No 20/2022 F. No. 225/49120211ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, dated 266 October 2022 Subject: - Extension of due date for furnishing return of income for the Assessment Year 2022-23— reg. In consequence to extension of due date for various reports of audit in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of sectio..
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