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CBDT


CBDT notifies regarding use of functionality under Section 206AB and 206CCA

F.No. 370133/3/2022-TPL Government Of India Ministry Of Finance Department Of Revenue Central Board Of Direct Taxes (TPL Division), New Delhi Circular No. 10 of 2022 | Dated: May 17, 2022 Subject: Circular regarding use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961 - reg Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 (hereinafter referred to as "the Act") which took effect from 1st day of July 2021. ..

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CBDT lays out guidelines for complete scrutiny during FY 2022-23

F.No.225/81/2022/ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA-II division) North Block, New Delhi, the 11th May, 2022 To All Pr. Chief Commissioners of Income-tax/ Chief Commissioners of Income-tax All Pr. Director Generals of Income-tax/ Director Generals of Income-tax.   Madam/Sir Subject: Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2022-23 – procedure for..

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CBDT issued instruction for implementation of SC judgment on Section 148 notices

CBDT has issued Instruction No. 01/2022, dated 11.5.2022, containing Guidelines for Implementation of SC Judgement in the case of 'Union of India vs Ashish Agarwal (2022 SCC Online SC 543), dated 4.5.2022. In the said Instruction, CBDT has prescribed a uniform procedure to be adopted for implementing the SC judgement, where extended reassessment notices have been issued, irrespective of the fact, whether such notices have been challenged or not. Para 6.2 of the said CBDT Instruction, p..

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The Curious Case of Missing First Proviso to Section 149 & Miscounting of 3 Years, in CBDT Instruction on SC Judgement

CBDT has issued Instruction No. 01/2022, dated 11.5.2022, containing Guidelines for Implementation of SC Judgement in the case of 'Union of India vs Ashish Agarwal (2022 SCC Online SC 543), dated 4.5.2022. In the said Instruction, CBDT has prescribed a uniform procedure to be adopted for implementing the SC judgement, where extended reassessment notices have been issued, irrespective of the fact, whether such notices have been challenged or not. Para 6.2 of the said CBDT Instruction, p..

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PAN compulsory for cash deposit and withdrawal above 20 Lac

MINISTRY OF FINANCE  (Department of Revenue)  (CENTRAL BOARD OF DIRECT TAXES)  NOTIFICATION  New Delhi, the 10th May, 2022  G.S.R. 346(E).—In exercise of the powers conferred by clause (vii) of sub-section (1), sub-section(6A) of section 139A, and clause (ab) of Explanation to the said section 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 Rule..

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CBDT inserts rule 2DCA for computation of minimum investment and exempt income under Section 10 (23FE)

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 6th May, 2022 G.S.R. 341(E).—In exercise of the powers conferred by the Explanation 3 to clause (23FE) of section 10 and fourth, fifth and sixth provisos to clause (23FE) of section 10, 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 :─   ..

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CBDT releases guidelines under clause (23FE) of Section 10 of the IT Act, 1961

Circular No. 9 of 2022 F. No.370142/2/2022-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated: 9th May, 2022 Sub.: Guidelines under clause (23FE) of section 10 of the Income-tax Act, 1961 - reg. The Finance Act, 2020, inter-alia, inserted clause (23FE) in section 10 of the Income-tax Act, 1961 (hereinafter referred to as "the Act") to provide for exemption to wholly owned subsidiaries of Abu Dhabi Investmen..

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Income Taxpayers Will Face the Heat of Reassessment!

Arjuna (Fictional Character): Krishna, we know that we will have a hot summer this year but what is the cause of heat faced in in the Income Tax world? Krishna (Fictional Character): Arjuna,there is too much discussion going on regarding the validity of notices issued between 01-04-2021 and 30-06-2021 u/s 148 of the Income Tax Act for reassessment proceedings. The income tax department had issued notices u/s 148 for reassessment proceedings. CBDT's notification No. 20/2021, dated 31-..

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CBDT amends Rule 44E and revises Form No. 34C, 34D, 34DA, 34E and 34EA

The Central Board of Direct Taxes (CBDT) on May 05, 2022 has issued the Income-tax (Twelfth Amendment) Rules, 2022 to further amend the Income-tax Rules, 1962. Official copy of the notification has been mentioned below MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th May, 2022 G.S.R. 339(E).—In exercise of the powers conferred by the section 245Q read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central ..

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CBDT enables e-filing of Tax Audit Report Form 3CA-3CD and 3CB-3CD for AY 2022-23

E-filing of Tax Audit Report Form 3CA-3CD and 3CB-3CD for AY 2022-23 is enabled. Taxpayers can download Offline Utility through the "Downloads" Menu option.   The Common offline utilities can be accessed here ..

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Updated Return u/s 139(8A)

As a step towards achieving the Tax certainty, the Finance Bill 2022 has introduced the new provisions vide Section 139(8A) of the Income Tax Act enabling the taxpayers to file the Updated Return subject to certain conditions which will come into effect from 01.04.2022. This article gives you an idea of what the Updated Return is under the Income Tax Act 1961, for which Form U is recently notified by CBDT.   Applicability/Eligibility to file the Updated Return Omission or error i..

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New Form ITR-U Under Section 139(8A) for updated Income Tax Returns

The CBDT has notified a new form for filing updated Income Tax returns in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax. Commence from which Financial Year The return has to be filed Under Section 139(8A) relating to the Assessment Year commencing from 01.04.2020 and subsequent assessment years. The new form (ITR-U) will be available to taxpayers for filing updated income tax returns from the Financial Year 2019-20. ..

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CBDT notified Form ITR-U for furnishing updated return under Section 139(8A) and Rule 12AC

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th April, 2022 G.S.R. 325(E). - In exercise of the powers conferred by sub-section (8A) of 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 Income-tax Rules, 1962, namely:- 1. Short title and commencement.—(1) These rules may be called the Income-tax (Eleventh Amen..

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CBDT notified additional conditions for ITR Filing under new rule 12AB

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 21st April, 2022 G.S.R. 307(E). - In exercise of the powers conferred by clause (iv) of the seventh proviso to subsection (1) of 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 Income-tax Rules, 1962, namely:- 1. Short title and commencement. - (1) These rules may be cal..

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CBDT notifies SEEPZ Special Economic Zone Authority by Clause (46) of Sec 10

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 20th April, 2022 S.O. 1882(E).- In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, 'SEEPZ Special Economic Zone Authority' (PAN AAALS4995G), an Authority constituted under the Special Economic Zone Act, 2005 by the Government of India, in respect of..

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CBDT enabled common offline utility for filing ITR-1 and ITR-4 for the AY 2022-23

The CBDT has enabled the common offline utility for filing ITR-1 and ITR-4 for the Assessment Year 2022-23. Taxpayers can download the ITR Offline Utility through the "Downloads" Menu option, and fill and file the ITR through the same. Online filing of ITR-2 and ITR-3 to be enabled soon. The Common offline Utilities can be accessed here ..

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CBDT notifies e-Dispute Resolution Scheme, 2022

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th April, 2022 (INCOME-TAX) S.O. 1642(E).—In exercise of the powers conferred by sub-sections (3) and (4) of section 245MA of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme, namely: 1. Short title and commencement.–– (1) This Scheme may be called the e-Dispute Resolution Scheme, 2022. (2) It shall come into forc..

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CBDT notifies Faceless Inquiry or Valuation Scheme, 2022

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 30th March, 2022 S.O. 1468(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 142B of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme, namely:- 1. Short title and commencement.— (1) This Scheme may be called the Faceless Inquiry or Valuation Scheme, 2022. (2) It shall come into force with effe..

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CBDT's Clarification as Regards Application of MFN Clause for Lower Rate of Source Taxation

The Central Board of Direct Taxes issued a clarificatory circular on 03.02.2022 pursuant to receipt of representations for clarity as regards application of MFN clauses available in the protocol to some of the DTAAs with OECD members. It sought to clarify as to whether the lower rate of source based taxation in respect of dividends, royalties etc. as prescribed in India’s DTAAs with countries such as Slovenia, Colombia and Lithuania will apply to prior DTAAs with other OECD members conside..

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CBDT Extends Last Date for Filing of Form No. 10AB

CBDT extends last date for filing of Form No.10AB for seeking registration or approval under Section 10(23C), 12A or 80G of the Income-tax Act, 1961 (the Act) On consideration of difficulties in electronic filing of Form No.10AB as stipulated in Rule 2C or 11AA or 17A of the Income-tax Rules, 1962, the Central Board of Direct Taxes (CBDT), extends the last date for electronic filing of Form No.10AB.   The application for registration or approval under Section 10(23C), 12A or 80G of..

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