CBDT releases guidelines for compulsory selection of returns for complete scrutiny during FY 2023-24

CBDT has issued the guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2023-24. The CBDT has listed several parameters for the compulsory selection of returns for complete scrutiny and procedures for compulsory selection in such cases. Official copy of the notificaiton has been mentioned below F.No.225/66/2023/ITA-II  Government of India  Ministry of Finance  Department of Revenue  Central Board of Direct Taxes  ..

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CBDT raises tax exemption limit on Leave Encashment to Rs 25 lakh for Non-Govt Salaried Employees

The tax exemption on leave encashment of non-government salaried employees (in respect of the period of earned leave at his credit at the time of his retirement, whether on superannuation or otherwise) was earlier upto a limit of Rs.3 lakh only under section 10(10AA)(ii) of the Income-tax Act,1961(the Act). In pursuance to the proposal in the Budget Speech, 2023, by the Hon'ble FM,  the Central Government has notified the increased limit for tax exemption on leave encashment on retir..

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CBDT launches Tax Calculator for FY 2023-24

The Central Board of Direct Taxes (CBDT) has introduced a new Income tax calculator for the financial year 2023-24. This calculator is designed to be user-friendly and helps individuals and businesses calculate their tax obligations more easily. Its purpose is to assist taxpayers in accurately estimating their taxes and plan their finances accordingly. By using this tool, taxpayers can make informed decisions about their finances and ensure they follow the tax laws properly. The tax calculator i..

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CBDT provides clarity on charitable and religious trust provisions

CBDT vide Circular No. 6 of 2023 dated May 24, 2023 issued ​clarification regarding provisions relating to charitable and religious trusts. Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 of the Income-tax Act, 1961 (“the Act”) or any trust or institution registered..

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Income tax rules amended to ensure accurate taxation of online gaming winnings

The Central Board of Direct Taxes (CBDT) has amended income tax rules to streamline and standardize the calculation and reporting of winnings from online gaming to improve tax compliance. The Income Tax (Fifth Amendment) Rules, 2023, notified by the direct tax authority, specifies a formula for computing the net winnings from online games in a financial year which is liable to a 30% income tax. The new rule said that net taxable winning in a year would be the difference between the sum of ..

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CBDT introduces Tax Calculator for FY 2023-24

CBDT released the Tax Calculator for FY 2023-24 (AY 2024-25). This Calculator provides a comparative Amount of Total Tax Liability under Old Regime vs New Regime and which Regime is more beneficial. For Individual/ HUF/ AOP/ BOI/ Artificial Juridical Person (AJP).   Click Here to access the Tax Calculator ..

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CBDT releases comprehensive guidelines for computing online gaming taxes

Guidelines for the removal of difficulties under Section 194BA that deals with Winnings from Online Games Finance Act 2023 inserted a new section 194BA in the Income-tax Act, 1961 (hereinafter referred to as "the Act") with effect from April 01, 2023. The new section mandates a person, who is responsible for paying to any person any income by way of winnings from any online game during the financial year to deduct income-tax on the net winnings in the person’s user account...

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CBDT's Proposed Alterations to Rule 11UA on Angel Tax and Excluded Entities

CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities In the Finance Act, 2023, an amendment has been introduced to bring the consideration received from non-residents for issue of  shares within the ambit of section 56(2)(viib) of the Income-tax Act, 1961(the Act), which provides that if such  consideration for issue of shares exceeds the Fair Market Value(FMV) of the shares, it shall be chargeable to income-tax under the head ‘..

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FM Nirmala Sitharaman chairs review meeting with CBDT

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired a periodic review meeting with Central Board of Direct Taxes (CBDT). The review meeting was attended by the Revenue Secretary; Chairman, CBDT; and all the Members of CBDT. Inter alia, the Finance Minister reviewed the following subjects: Efforts for increasing tax payer base Pending disciplinary proceeding cases Disposal of applications for condonation of delay and grant of exemptions under certain se..

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CBDT releases Direct Tax Statistics as updated upto FY 2021-22

The Central Board of Direct Taxes (CBDT) has been releasing key statistics relating to Direct Tax collections and administration in public domain from time to time. In continuation of its efforts to place more and more information in public domain, the CBDT has further released Time-Series data as updated upto F.Y. 2021-22. The key highlights of some of these statistics are as under (i)  Net Direct Tax Collections have increased by 121.18% from Rs. 6,38,596 crore in F.Y. 2013-14 to Rs..

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Cost Inflation Index (FY 2023-24): CBDT Release and its impact on Capital Gains and Income Tax Calculation for ITR 2024-25

What is Cost inflation index? Cost Inflation Index (CII) is a measure used in India to adjust the inflationary effects on the cost of assets. It is basically an index that reflects the changes in the prices of goods and services over a period of time. The government of India publishes the CII every year to help taxpayers adjust the purchase price of their assets for inflation when calculating their tax liability. By using the CII, taxpayers can reduce their capital gains tax liability when th..

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CBDT notifies 348 as Cost Inflation Index for FY 2023-24

CBDT notified the Cost Inflation Index for FY 2023-24 as 348. Official notificaton has been mentioned below - MINISTRY OF FINANCE  (Department of Revenue)  (Central Board of Direct Taxes)  New Delhi Notification No. 21/2023-Income Tax  Dated: 10th April, 2023 S.O. 1692(E).In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendme..

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CBDT issued circular on TDS for salaries in FY 2023-24: What you need to know

The Central Board of Direct Taxes (CBDT) has issued a circular on April 5, 2023, which explains how employers will deduct tax on salaries for the current financial year 2023-24. The circular states that employees must inform their employers of the income tax regime they intend to choose for the purpose of TDS (Tax Deducted at Source) on salaries. Once an employee informs their employer, tax on salary will be deducted accordingly. The employee can choose either the new or old tax regime as per th..

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CBDT | Employers to ask employees about preferred tax regime for deducting TDS from salary

The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly. In case an employee does not intimate his/her employer about the preferred tax regime, then the employer would be required to deduct TDS from salary income as per the new revamped tax regime announced in Budget 2023-24. Official copy of the circular has been mentioned below Circular No. 04 of 2023 ..

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CBDT takes up e-Verification for 68,000 cases from FY 2019-20

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..

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CBDT notified Insolvency and Bankruptcy Board of India for exemption u/s 10(46)

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 ..

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CBDT issues corrigendum w.r.t. ITR Forms for AY 2023-24

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 ..

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Amendment in Audit Report Format of Trust (Form No.10B) & Rule 16CC & 17B

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&..

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CBDT released new Income Tax Calculator for Old Regime vis-à-vis New Regime as proposed by Finance Bill, 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 ..

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Key Changes in new ITR Forms for AY 2023-24

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..

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