CBDT issued Explanatory Notes to the Provisions of the Finance Act, 2022

November 6th, 2022

Posted By: Team-MMTaxClub Income Tax

CBDT issued explanatory notes vide circular 23/2022, DATED 3rd NOVEMBER, 2022, Full explanatory notes can be accessed from the below link.

Explanatory Notes

CBDT issues Revised Guidelines for compounding offences under the Income- tax Act, 1961

CBDT releases Updated Time Series data upto FY 2023-24

CBDT Notifies Amendments in Income-tax Rules for Ease in Claiming Credit for TCS Collected/TDS Deducted for Salaried Employees and Enabling claiming TCS Credit of Minors in the Hands of Parents

Department of Revenue has made significant progress in the first half of the execution phase (2nd October-31th October 2024) under Special Campaign 4.0

DIPAM is conducting ‘Special Campaign 4.0’ from 2nd to 31st October, 2024 for institutionalizing Swachhata and minimizing pendency

CBDT Revises TDS Rate Chart for AY 2025-26

Auction for Sale (re-issue) of (i) ‘7.02% GS 2031’, (ii) ‘7.23% GS 2039’ and (iii) ‘7.09% GS 2054’

As part of Special Campaign 4, CGST Faridabad Commissionerate of CBIC reclaims office space by constructing a cafeteria and creche for employee welfare

Government notifies reconstitution of Monetary Policy Committee under the Reserve Bank of India Act, 1934

CCI approves acquisition of Bharat Serums and Vaccines Limited by Mankind Pharma Ltd

Second edition of National Conference of Enforcement Chiefs of State and Central GST Formations held in New Delhi today

CBDT issues clarification in respect of Income-tax clearance certificate (ITCC)

CBDT relaxes provisions of TDS/TCS in event of death of deductee/collectee, before linkage of PAN and Aadhaar

Simplifying tax and improving tax payer services – a consistent endeavour of the government: union finance minister

Angel tax abolished for all classes of investors

Highlights of the union budget 2024-25

Summary of the Union Budget 2024-2025

Government makes new tax regime more attractive

Union Finance Minister Smt. Nirmala Sitharaman administers Oath of Office to Justice (Retd.) Sanjaya Kumar Mishra as the first President of GST Appellate Tribunal in New Delhi

Exchange Rate Notification No. 30/2024- Customs (N.T.)

GST revenue collection for April 2024 highest ever at Rs 2.10 lakh crore

CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024

CBDT notified Kerala Autorickshaw Workers Welfare Fund Scheme, Kollam

CBDT Notified under section 80G(2)(b) of the Income Tax Act 1961 in the case of Shree Ramanuj Kot Trust Indore

Which Income Tax Return Form (ITR) applicable to you?

Net Direct Tax collections (provisional) for Financial Year (FY) 2023-24 exceed Union Budget Estimates by Rs. 1.35 lakh crore i.e. by 7.40%

CBDT signs record number of 125 Advance Pricing Agreements (APAs) in FY 2023-24

Income Tax Department enabled ITR-1, ITR-2, ITR-4 & ITR-6 for AY 2024-25

Extension of Due date of GSTR-1 for the period March 24

CBIC extends the timeline for implementation of new special procedure to be followed by a registered person engaged in manufacturing of certain goods from April 01, 2024 to May 15, 2024

CBDT clarifies on media reports claiming special drive to reopen cases with reference to HRA claims

Finances of Non-Government Non-Financial Private Limited Companies, 2022-23

Finances of Non-Government Non-Financial Public Limited Companies, 2022-2023

CBDT notifies ‘DGIT (Systems), Delhi’ as specified authority u/s 138 of the IT Act for furnishing information to ‘UP Planning Department’

CBDT notifies changes in ITR Form V and Acknowledgement for AY 2024 25

Monthly Review of Accounts of Government of India upto February, 2024 for Financial Year 2023-24

DGFT Amendments under Interest Equalization Scheme

RBI imposes monetary penalty on The Kalupur Commercial Co-operative Bank Ltd., Ahmedabad

RBI imposes monetary penalty on Janata Co-operative Bank Limited, Malegaon, Nashik, Maharashtra

RBI imposes monetary penalty on Pragati Mahila Nagrik Sahakari Bank Maryadit, Bhilai, Chhattisgarh

4th Shanghai Cooperation Organisation Startup Forum organized in New Delhi

General Elections to Lok Sabha, 2024- Deployment of Expenditure Observers- regarding

Directorate of Income Tax (Investigation), Delhi, sets up 24X7 Control Room and toll-free Mobile Number 9868168682 in connection with the General Elections to Lok Sabha, 2024

RBI imposes monetary penalty on DCB Bank Ltd

Directions under Section 35 A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – Colour Merchants Co-operative Bank Ltd., Ahmedabad - Extension of period

CBIC notifies Agreement or Arrangement on Cooperation and Mutual Administrative Assistance (CMAA) in Customs Matter of India and with other Countries

CBDT Notified in exercise of the powers conferred by section 90 of the Income tax Act 1961

Gross Direct Tax collections for Financial Year (FY) 2023-24 register a growth of 18.74%

CBIC Issues Instructions on the Prohibition of Importing Ferocious Dog Breeds

Govt notifies the Press Trust of India Limited as Special News Agency for Tax Exemption

Delhi court sentences woman to 6 months jail for not filing Income tax return (ITR) on income of Rs 2 Crores

After Identifying Data Inconsistencies in Market Securities Report, Income Tax Department to Update AIS

Income Tax Department issued update on Option to File ITR-U Under Section 139(8A) of IT Act

Extension of due date for filing Form No.26QE pertaining to F.Y. 2022-23

Cabinet approves additional instalment of Dearness Allowance and Dearness Relief to Central Government employees and pensioners

CBIC reduces BCD on Frozen Duck Meat Imports, Sets Conditions for Reduced Duty

CBDT clarifies provisions under Finance Act 2023 relating to donations made by a trust / institution to another trust / institution for purposes of application of income

CBDT notified amendment of Form Nos 3CD, 3CEB and 65

Deadline Extension for Trusts/Institutions to Correct Audit Report Submissions for Tax Exemption

Registrations of Informal Micro Enterprises on Udyam Assist Platform cross 1.50 crore

Promoting Voluntary Compliance through e-Verification Scheme-2021

CBDT allows certain trusts / institutions to furnish the audit report in the applicable Form No. 10B / 10BB on or before 31st March, 2024

CBDT notified Income Tax Return (ITR) Form ITR-7 for AY 2024-25

DGFT permits Export of food commodities through National Cooperative Exports Limited (NCEL).

CBDT notified the income tax exemption to “Karnataka Urban Water Supply and Drainage Board” u/s 10(46) of the IT Act

CBDT notified the income tax exemption to “Uttar Pradesh Real Estate Regulatory Authority” u/s 10(46) of the IT Act

CBDT Allows Processing of Electronically Filed ITRs with Refund Claims Beyond Prescribed Time in Non-Scrutiny Cases

ED has filed a prosecution complaint before Special Court (PMLA) against KC group of Institutions at Nawanshahr

Implementation of e-Verification Scheme-2021

Designated courts at Ahmedabad and Madurai sentence five accused including then income tax officer to three years rigorous imprisonment with fine

45-day payment rule to MSMEs may defer for one year Fin Min looking at a possible tweak

User Guide for Submitting Response to Mismatch under the income tax e-Verification Scheme, 2021

Union Finance Minister Smt. Nirmala Sitharaman interacts with start-up and fintech ecosystem stakeholders

CBDT Issues Corrigendum to Clarify Aspects of ITR Forms ITR-2, ITR-3, and ITR-5 for AY 2024-25

CBIC issues Instructions on Compliance of imported consignments of Boric Acid (Technical Grade) with notified Bureau of India Standards (Standards for Boric Acid) Order, 2019

CBIC revises rates of customs duty for certain goods and inserts some new entries

CBDT Orders Remission of Certain Outstanding Direct Tax Demands Following 2024 Budget Proposals

Key Highlights of the Tamil Nadu Budget 2024-25

Ministry of Law and Justice notified Finance Act 2024 “THE FINANCE ACT, 2024”

Time Limit to avail GST Credit u/s 16(4) of the CGST Act Challenged in SC; Notice Issued to the Revenue Department

India and Peru Trade Agreement negotiations gains momentum – 6th Round takes place in Lima

DGFT Implementation of Notification No.51/2015-2020 dated 25 January, 2022 during FY 2024-25.

Gross Direct Tax collections at Rs. 18.38 lakh crore with Y-o-Y growth of 17.30%, as on 10th February, 2024

Rajasthan GST Department notified the ‘Amnesty Scheme 2024

Income Tax Department conducts search operations in Chhattisgarh

Exemption of Income Tax for Dairy Cooperative Society

MCA relaxes additional fees and extended last date of filing Form No. LLP BEN-2 and 4D

RBI issued Statement on Developmental and Regulatory Policies

CBDT amends the Income Tax Authority Hierarchy and Schedules

DFS Secretary Dr. Vivek Joshi chairs meeting to review banking and insurance related international trade matters

Credit Guarantee Fund Trust for Micro & Small Enterprises has achieved a significant milestone of surpassing Rs. 1.50 lakh crore worth of guaranteed amount

RBI imposes monetary penalty on Bajaj Housing Finance Limited, Pune

Shri Piyush Goyal holds interaction with PLI beneficiaries at Bharat Mandapam

DGGI detects 1,700 fraudulent ITC cases involving Rs. 18,000 crore with 98 arrests in Financial Year 2023-24 (up to December 2023)

CBDT notifies Income Tax Return Forms for the Assessment Year 2024-25 well in advance for the Assessment Year (A.Y.) 2024-25

Download PDF copy of Finance Bill 2024

Union Finance Minister Says Government Empowering Poor Through Sabka Saath to Beat Poverty

Interim Budget 2024: NO Changes proposed Income, GST and Custom Rate

Interim Budget 2024: Three railway corridors will be created under PM Gatishakti

Interim Budget 2024: Finance Minister Nirmala Sitaraman gives thrust to green energy

Interim Budget 2024: Govt has extended 43 crore loans, amounting to ₹22.5 lakh crore under PM Mudra Yojana

Interim Budget 2024: Govt is focused on more comprehensive GDP

Bills of Entry Filing will not be available due to Interim Budget 2024-25

Updation of Express Cargo Clearance System (ECCS) in view of Budget 2024-25

Income Tax E-filing portal will not work on these days, due to schedule maintenance

CBDT Notification under section 35 of the Income tax Act 1961 in case of Prayoga, Bengaluru

RBI imposes monetary penalty on Krushiseva Urban Co-operative Bank Limited, Kole, Solapur, Maharashtra

RBI imposes monetary penalty on Mula Sahakari Bank Limited, Sonai, Dist. Ahmednagar, Maharashtra

MOF Notified Auction for Sale (re-issue) of Government Security (GS)

DRI seizes alloy containing 16.67 kg gold and 39.73 kg silver worth over Rs. 10 crore, at FPO Delhi in Operation Black Gold

CBDT Notified Income Tax Return Form ITR-6 for A.Y.2024-25

Higher Rate of TDS/TCS for Inoperative PAN holder | Income Tax Update

CBDT notified the income tax exemption to “State Legal Service Authority Union Territory Chandigarh” u/s 10(46) of the IT Act

CBDT amended its previous notifications under section 10(46) of the IT Act

Income Tax Department Shifted functionality to check “Income Tax Refund Status” from Pre-Login to Post Login

Production Linked Incentive Schemes witness over Rs. 1.03 lakh crore of investment till Nov 2023

Government Extends Lower Import Duty on Edible Oil Until March 2025; Omits Words, Figures, and Letters in Notification

Govt Promotes IRS Officers to JCIT Grade, Assigns Additional Powers

Central Bureau of Narcotics (CBN) officials seize over 6,000 kg in two operations in Rajasthan and Madhya Pradesh in two days

Income Tax Department conducts search operations in Mumbai

Income Tax Due Date Calendar for the month of January 2024

CBIC Invites feedback/ suggestions from stakeholders on Harmonization of GST Rate Schedule

CBDT Notified ‘Chennai Metropolitan Water Supply and Sewerage Board’

CBDT notified ‘Punjab State Faculty of Ayurvedic and Unani Systems of Medicine’

CBDT notified activity of investment in a financial product by the non-resident

CBDT Notified ‘Haryana State Board of Technical Education, Panchkula’

CBDT Notified ‘Polavaram Project Authority, Hyderabad under clause (46) of section 10 of the Income-tax Act

CBDT notified ‘Karmayogi Bharat’ under clause (46) of section 10 of the Income tax Act 1961

CBDT Notified ‘District Legal Service Authority Union Territory Chandigarh’

A record of over 8.18 crore Income Tax Returns (ITRs) filed for A.Y. 2023-2024 upto 31.12.2023; Y-o-Y increase of 9%

CBDT issues guidelines under section 194-O of the Income-tax Act, 1961

A New Record for CBDT! Over 8.18 crore ITRs filed for A.Y. 2023-2024

Important clarification issued Income Tax Department on Sending Notices to Taxpayers who already filed Income Tax Returns

CBDT’s Citizen-Centric Initiatives Drive Record Direct Tax Collections and Transform Taxpayer Experience in 2023

(CBDT), Department of Revenue, Ministry of Finance Year Ender 2023: Department of Revenue

Income Tax Department Utilizes AI Technology to Recover Rs 36,000 Crores, Aiming for Rs 50,000 Crores by March 2024

CBDT issued Guidelines on Section 194-O for E-commerce Operators, Addressing Clarity and FAQs in Multiple Operator Models like ONDC

ICICI Bank and Kotak Mahindra Bank hit with hefty GST demand notices

CBDT issues guidelines under section 194-O of the Income-tax Act, 1961

CBIC enabled the Gold Imports under India UAE CEPA for valid TRQ Holders

Centre releases ₹72,961.21 crore as additional installment of Tax Devolution to States

Income Tax department searches in Surat find unaccounted business transactions worth Rs 700 cr by 2 real estate companies

CBDT extends time limit for processing Non-scrutiny Income tax Returns for AYs 2018-19 to 2020-21

Important Update: Income Tax Department enables “Discard ITR” Option for Unverified Original/Belated/Revised ITRs Starting from AY 2023-24

Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023

Gross Direct Tax Collections for FY 2023-24 up to 09.11.2023

CBDT exempted ‘Press Council of India’ from income tax with retrospective effect

Govt notified Special Economic Zones (Fourth Amendment) Rules, 2023

Record 7.85 crore ITRs filed for all assessment years up to 31st October, 2023

CBDT extended due date for filing Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24

Extension on Refund of Deemed Exports for the supply of fuel in support of Petroleum Exploration/Operation

Endorsement of Invoices on SEZ Online Module | SEZ Zone Public Notice

CBDT allowed tax exemption on investment made Netherlands Regulated pension fund Stichting Pensioenfonds ABP

Income Tax Department Conducts Search and Seizure Operation In Jammu and Kashmir

Income Tax Department Releases offline Utility for Form 10BB (AY 2023-24 Onwards)

More than 30 lakh Audit Reports filed on Income Tax Department’s e-filing portal till 30th September, 2023

CBDT notified the income tax exemption to ‘Uttar Pradesh Expressways Industrial Development Authority’ u/s 10(46) of the IT Act

CBIC disposes off 11,284 public grievances and more than 2,082 public grievance appeals between Nov. 2022 and August, 2023

CBDT resolves more than 46,000 public grievances and 7,000 grievance appeals between December, 2022 till July, 2023

Technical Guide on Audit of Non-Banking Financial Companies

Income Tax Department Releases Updated Offline Utility for Forms 3CA-3CD and 3CB-3CD

Income Tax Department Releases Tax Rates for AY 2023-24 and AY 2024-25

ICAI released updated FAQs on Unique Document Identification Number (UDIN)

CBDT launches revamped National Website of the Income Tax Department

A database of orders, judgments and case details created as an online platform under the eCourts Project

CBDT notifies Rule for determination of value of perquisite in respect of residential accommodation provided by employer

IFSC unit Included within the scope of TT buying rate for calculating TDS on foreign currency income

Procedure to file manual appeal against the order passed by the proper officer in respect of TRAN-1/TRAN-2

5.83 Crore ITRs have been filed till 1 pm on 30th July 2023 | ITR filing Statistics

Standardized Documentary & Information Requirements for AD Code Registration/Modification in Relation to Exports

CBDT issued SOP for Making Application for Recomputation of Total Income of a Co-operative Society Engaged in the Business of Sugar Manufacturing

Parliamentary panel asks finance ministry for a common income tax return

I-T dept sends 100,000 notices over under-reported income

Revenue Secy Sanjay Malhotra reveals Income Tax Departments BOLD DECISION for easing married couples tax liability

Over 4 crore ITRs for AY 2023-24 have already been filed till 24th of July 2023

CBDT exempts Aircraft Leasing IFSC units from TDS on dividends paid among themselves

Procedure to active non operative PAN due to non linking with aadhar and consequences of Inoperative PAN

Direct Tax Collections for F.Y. 2023-24 up to 09.07.2023

CBDT expands non-applicability of Sec. 56(2)(x) to include fund relocation to IFSC

CBIC extend due date of amnesty scheme for GSTR-10 non-filers

CBDT notified amended definition of “Investment Fund” under the Income Tax Act

Offline utility of ITR-5 for AY 2023-24 enabled on income tax efiling portal

CBDT clarifies the taxability of income earned by a non-resident investor

CBDT issued Common offline utility for Form 3CA-3CD and 3CB-3CD

Income Tax Dept enabled the Filing/Re-Filing of Form 10AB for AY 2021-22, 2022-23 & 2023-24 on the e-filing portal

New way to check Income Tax Refund without login at e-filing portal

Process to Re-issue Income Tax Pending Refund

IT Department now displaying PAN status on updated 26AS Form

GSTR-3B tab will not open before the filing of GSTR-1

I-T Department Conducts Verification of Reporting Entities

CBDT issued Important Circular to remove difficulty in implementation of changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on purchase of overseas tour program package

Income Tax Department releases excel utility of ITR 7

Amendment in Form no. 10A & Form no. 10AB of Income Tax |11th amendment Rules 2023

CBDT mandates Digitally Signed Advance Ruling Applications under Income Tax

CBDT issued list of Banks available on e-filing portal for Income Tax Payment

Amendment in Foreign Trade Policy 2023

CBIC new guidelines for processing of applications for registration

CBDT notified Cost Index Inflation (CII) for F.Y 2023-24

CBDT released the Draft Rules on Angel Tax for public comments till June 5, 2023

Banks to flag big ₹2,000 deposits to I-T department

Income Tax Releases Form ITR-3 for F.Y 2022-23

CBDT clarification w.r.t provisions relating to charitable and religious trusts

PAN is mandatory to deposit Rs 2000 notes above this amount in bank account

Income Tax Dept. issued validation rules w.r.t. e-filing of ITR-1, ITR-2 and ITR-4 for A.Y. 2023-24

CBDT releases Income Tax Calculator for F.Y 2023-24, A.Y 2024-25

CBDT Guidelines on online gaming, clarified how net winning amount compute and tax thereon

Is there a limit on deposit of ₹2000 banknotes into a bank account?

Can ₹2000 banknotes be used for normal transactions?

Amnesty Scheme for one time settlement of default in export obligation by Advance and EPCG authorization holders

Income Tax Department conducts searches in West Bengal and Assam

India’s overall exports in April 2023 estimated at USD 65.02 billion

GST revenue collection for April 2023 highest ever at Rs 1.87 lakh crore

List of banks for tax payments available at e-Pay Tax service at e-Filing Portal

ICAI releases GST Acts and Rules updated upto 31st March 2023

Income Tax launches “Medical Reimbursement Claims Processing System”

Income Tax Department released ITR utility for F.Y 2022-23, ITR-1 and ITR-4

Form 10 is live on Income Tax Portal for filing

CBDT releases Direct Tax Statistics for FY 2021-22 and FY 2022-23

CA arrested for taking Rs 26 lakh bribe in name of Income Tax officials

Issuance of EODC for AA and EPCG process from DGFT portal

I-T dept has internal target to issue refunds in seven days: CBDT chief

Income Tax Exemption to Bhadohi Industrial Development Authority

Clarification regarding deduction of TDS under section 192 read with sub-section (IA) of section 115BAC of the Income-tax Act, 1961

CBDT clarified that the term “Sikkimese” defined only for the purposes of the Income-tax Act, 1961

Direct Tax collections (provisional) for the Financial Year (FY) 2022-23 exceed the Union Budget Estimates by ₹2.41 lakh crore

List of banks for tax payments available at e-Pay Tax service at e-Filing Portal and OLTAS ePayment of Taxes at Protean (previously NSDL)

Amnesty Scheme 2023 for Non filer of GST Return

GST Amnesty scheme 2023 for Revocation of cancelled GST Registration

CBIC notified late fees waiver for composition dealer for filing GSTR-4

Electronic submission of Form 10F by Non-resident further extended till 30th September 2023

Phased Implementation of Electronic Cash Ledger (ECL) in Customs w.e.f 01.04.2023

Centre exempts EVs from permits, orders states to waive road tax

Extension of Date for mandatory electronic filing of Non-Preferential Certificate of Origin (CoO) through the Common Digital Platform to 31st December 2023

Direct tax deducted at source from transfer of Virtual digital Assets aggregates to Rs. 157.9 crore upto 20th March 2023 for FY 2022-23

CBDT extended Last date for linking of PAN-Aadhaar

Delhi GST officers detect Rs 17 crore tax evasion by issue of fake invoice, arrests 2

ITAT rules in favour of Flipkart on alleged ₹1,700 crore marketing intangibles

Direct tax collection hits 95.2% of Revised Estimates for FY23

Track Your Taxes And TDS Just On A Click: Income Tax Department Launches AIS Application

e-Verification scheme of CBDT is another initiative facilitating voluntary compliance

Gross Direct Tax Collections for F.Y. 2022-23 up to 10.03.2023 is 22.58% higher than last year

Income Tax Department issued FAQs on Linking Aadhaar-PAN valid till 31-03-2023

Income Tax Dept. enabled new feature ‘Comply to Notice’ that allows taxpayers to View and Submit Responses to Notices u/s 133(6) of the IT Act

Income Tax Dept. issued important update on Form 26AS and AIS

Who is not require to link their PAN with Aadhar

How to Pay Rs.1000/- late fees for linking AADHAR and PAN

Antecedent verification must be completed within 45 days of receipt of the application

Vivad Se Vishwas Scheme 2: Centre likely to initiate penalty settlement for pharma firms

CBDT Notified Audit Report form to be furnish by charitable or religious institutions applicable w.e.f 1st April 2023 | Form 10B and 10BB

Income Tax released Tax Calculator for Old Regime and New Regime as proposed by Finance Bill, 2023

No recommendation for fitment committee for SUVs and MUVs: 49th GST Council Meeting Outcome

GST Council is expected to impose GST on "Pan Masala" manufacture |lower GST on pencil sharpener : GST Council Meeting Live Updates

Income Tax Department press release on carries out survey operations at BCC office in Delhi & Mumbai

49th GST Council Meeting Live | Here is the agenda for today

CBDT notified Form ITR-7 for Assessment Year 2023-24

I-T department surveys BBC premises in Delhi, Mumbai for alleged tax evasion

CBDT notify Income Tax Return Forms for A.Y 2023-24

Extension of Time for filing of 45 company e-Forms and PAS-03 in MCA 21 Version 3.0 without additional fee -reg.

2,09,06,829 number of Income tax Returns (ITRs) filed by individuals during FY 2022-23 till 31st January 2023

49th GST Council Meeting will be held at New Delhi on February 18, 2023

CBDT issued updated FAQs on e-Verification Scheme 2021

HIGHLIGHTS OF THE UNION BUDGET 2023-24

37.4% INCREASE IN CAPITAL EXPENDITURE TO 10 LAKH CRORE IN BE 2023-24

ABOUT 16 % INCREASE IN NATIONAL CALAMITY CONTINGENT DUTY ON SPECIFIED CIGARETTES: PROPOSES BUDGET 2023-24

MAJOR ANNOUNCEMENTS IN PERSONAL INCOME TAX TO SUBSTANTIALLY BENEFIT THE MIDDLE CLASS

HIGHLIGHTS OF THE UNION BUDGET 2023-24

BASIC CUSTOMS DUTY RATES ON GOODS, OTHER THAN TEXTILES AND AGRICULTURE, REDUCED FROM 21 TO 13

DIRECT TAX PROPOSALS AIMED AT REDUCING COMPLIANCE BURDEN, PROMOTING ENTREPRENEURIAL SPIRIT & PROVIDING TAX RELIEF TO CITIZENS

authorized facilitators/consultants of FSSAI for filing applications

Final stage of Union Budget 2023-24 commences with Halwa Ceremony

RBI imposes monetary penalty on Samarth Sahakari Bank Ltd

CBI registers three separate cases against the accused on allegations of illegal forex remittances

e-Pay Tax service is now enabled for IndusInd Bank with Over the Counter and Net Banking options

Extension of time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the Income-tax Act, 1961

List of banks available for e tax payment at Income Tax Portal and Protean (previously NSDL) portal

CBDT Designated Special Courts in Odisha under income Tax w.r.t. Black Money matters

Gross Direct Tax collections for the Financial Year (FY) 2022-23 register a growth of 25.90%

CBI arrests 9 Income Tax officials for joining dept without exams

Partial relaxation with respect to electronic submission of Form 10F by select category of taxpayers

Income Tax e-filing New Payment System TIN 2.0

Income Tax Department likely to reopen old cases

Income Tax Issued updated list of banks which are available for e pay of TDS from Income Tax and NSDL Portal.

Income tax department moves to resolve tax refund issues quickly

CBDT exempts income of ‘Federation Internationale de Football Association’ organizing U-17 world cup in India u/s 10(39) of the IT Act

No Income Tax if annual Income below Rs.800,000/- | Petition in Madras High Court

Search and seizure action by Income Tax Department in Bihar

Income Tax Department conducts search actions in Karnataka

List of banks for tax payments available at e-Pay Tax service at e-Filing Portal and OLTAS

Income Tax issued FAQ to Download CSI file from Income Portal for TDS payment

CSI file not downloading from Income Tax Portal? Check out here is solution

How to download CSI file for TDS paid from Income Tax Portal

Procedure to Generate TDS Challan Form (CRN) from Income Tax e-filing Portal for OTC or online Payment

Direct Tax Collections for F.Y. 2022-23 up to 08.10.2022

CBDT releases FAQ’s for filing Form 27C at e-filing portal

Various Income Tax Updated as on 1st October 2022 for e-Payment of Tax and electronic filing of Forms

CBDT extended time limit for various audit report for AY 2022-23

Additional Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961

CBDT issues refunds of over Rs. 1.14 lakh crore

New TDS provisions for banks: Clarificatory circular soon, says CBDT chairman Nitin Gupta

Faceless tax assessment scheme to show human face

CGST Bhiwandi Commissionerate arrests two persons for availing and passing on fake ITC on bogus invoices of Rs. 55 crore

Cancellation of firms venerating fake input tax credit (originators) in the State of Haryana

Income Tax Notification for the Taxpayers to claim Foreign Tax Credit

ICAI releases Guidance note on tax audit for AY 2022-23

Income Taxpayer no longer eligible for Atal Pension Yojana w.e.f 1st October 2022

Income Tax Department Issued an Update w.r.t Donation u/s 80G for Taxpayers

Income Tax Department conducts searches in Mumbai

DGFT extended validity of Status Certificates issued in FY 2015-16 and 2016-17 under current FTP

The e-Filing website now offers e-Pay Tax service with wide range of modes for payment of taxes

CBDT enabled various forms at e-filing portal as per DGIT notification no. 03/2022

MoF expressed its gratitude to taxpayers and tax professionals for making compliance in time leading to a surge in filing of Income-tax Returns

CBDT reduces ITR verification time limit to 30 days from 120 days

Procedure of PAN application & allotment through Simplified Proforma for incorporating LLPs electronically

448 notices served to E-Commerce entities for violations of declaration during last one year and nine months

CBDT Order authorizing Prescribed Authority for the purpose of e-Verification Scheme, 2021

CBDT releases FAQâ€™s on AIS (Annual Information Statement)

CBDT enabled electronic filing of various statutory forms, Form No. 10F, Form No. 10FC, Form No. 10-IA and Form No.68 on Income Tax e-filing portal

CBDT enabled filing ITR-6 on Income Tax Portal using third party utility

Income Tax Department conducts searches on a Pharmaceutical Group in Bengaluru

Income Tax Department conducts searches in Delhi and Mumbai

Income Tax Department conducts searches on two real estate groups of Bengaluru and Hyderabad

CBDT issued Brief note on â€˜e-proceedingsâ€™ and â€˜Faceless Assessmentâ€™ for reference of concerned taxpayers

CBDT enable filing of Form 10-EE (â€˜Taxation of income from retirement benefit account maintained in a notified countryâ€™) for FY 2021-22

CBDT enable e-filing of updated return for ITR 2 and ITR 3 for AY 2020-21 & AY 2021-22

CBIC Notification No. 33/2022-Customs | Increased in rate of Customs Duty on Gold products

CBDT Notification No. 75/2022 | Non-Fungible Tokens to be qualified as a Virtual Digital Asset

CBDT Notification No. 73/2022 | Exchange to furnish Quarterly statement for tax on Virtual Digital Assets

CBDT Notification 74/2022 | Gift voucher, loyalty card, subscription are excluded from definition of Virtual Digital Assets

CBDT circular for TDS on Virtual Digital Assets (VDA) transactions outside Exchange

CBDT issued Faceless Penalty (Amendment) Scheme, 2022.

CBDT Notified Common Offline Utility for ITR 1 to ITR 4, and JSON schema for A.Y 2022-23

Income-Tax Amendment (Fourteenth Amendment) Rules, 2022 w.r.t Form 3CF, 10A, 10AB, 10BD, 10BE

Income Tax (Fifteenth Amendment) Rules, 2022 | Transactions and persons to quote PAN in certain transactions

CBDT inserted new rule 2DCA for Computation of minimum investment and exempt income for the purposes of clause (23FE) of section 10 of the Act

CBDT enabled Common Offline Utilities for filing Statutory Income-tax Form 3CA-3CD & 3CB-3CD

ICAI announcement for updating UDINs at e-filing Portal

CBDT issued Revised Instruction for constitution and functioning of Local Committees to deal with Taxpayersâ€™ Grievances from High-Pitched Scrutiny Assessment

Tax Revenues in India Mark a Record High in a Post-Pandemic Economy, FY 2021-22 revenue Rs. 27 Lakh Crore; up 34% over Previous Year

Income Tax Department issued Guidance on updating UDIN for Audit Reports Submitted by CA users.

Tax Revenues in 2021-22 exceed the Union Budget estimates by â‚¹5 lakh crore

CBIC issued circular w.r.t. changes in the Customs Act, 1962 vide Sections 86, 87, 88 and 94 of the Finance Act, 2022

CBDT notified Income Tax Return Form (ITR) 1 to 5 for FY 2021-22 | Access all ITR here

Central Government relaxes provisions of TCS under section 206C(1G) of the Income-tax Act, 1961 in respect of non-resident individuals visiting India

CBDT extended time limit for filing e-Form 10AB for seeking registration or approval under Section 10(23C), 12A or 80G of the Income-tax Act, 1961

Clarification with respect to usages of PAN, if PAN and Aadhar not linked within due date

Aadhaar PAN linking date extended till 31st March 2023 subject to payment of fee for Rs. 500/- till 30th June 2022 and Rs. 1,000/- thereafter.

Government to impose penalty for not linking PAN and Aadhar by 31st March 2022: see details here

CGST, Thane Rural Commissionerate arrests three persons in two cases related to fake availment and utilization of ITC

Income Tax Department conducts searches in Maharashtra, Karnataka and Tamil Nadu on a popular chain of educational institutes

Income Tax Department conducts searches in prominent Real Estate Group of North India

Income Tax Department conducts searches in a major Telecom Group

Around 6.17 crore Income Tax Returns (ITRs) and about 19 lakh major Tax Audit Reports (TARs) filed on new e-Filing portal of Income Tax Department

CBDT Clarification regarding the Most Favored Nation clause in the Protocol to India s DTAAs with certain countries

Income Tax Department issued Guidance on uploading of Manually submitted Form 15CA and Form 15CB with Authorized Dealers

No relief for individual taxpayers: FM Sitharaman announces no change in income tax slabs

Virtual Digital Assets to be taxed at 30% under income Tax

Emergency Credit Line Guarantee EMCLG for MSME extended till March 23

FRN will be compulsory field for UDIN Generation from 12.00 am of 1st February 2022

Last Date of updation of UDINs at e-filing Portal Extended till April 30th, 2022.

Union Budget 2022-23 to be presented on 1st February, 2022 in Paperless form

New functionality of interest calculator in GSTR-3B is now live on the GST Portal.

Format for sharing query with Income Tax Helpdesk via mail

Extension of Date for Mandatory electronic filing of Non-Preferential Certificate of Origin (CoO) through the Common Digital Platform

Income Tax Department issued process flow for filing Audit Report

DGFT Issue clarification on compulsory registration under Steel Import Monitoring System (SIMS)

CBDT issued Guidelines under clause (10D) section 10 of the Income-tax Act, 1961 | Exemption to ULIP Plan

ICAI invited comments on the Exposure Draft of ICAI Valuation Standard-304

CBDT extends due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961

Income Tax Department conducts searches in Andhra Pradesh and Telangana

CBDT Revised TAX Audit Report | Released new schema version 1.3

Download CBDT updated common offline utilities for A.Y 2021-22 (ITR-1 to ITR-7)

CBDT issued Clarification on Form 3CA-3CD, 3CB-3CD

Evasion of Customs duty of Rs. 653 crore by M/s Xiaomi Technology India Private Limited

Download CBDT e-Administrative Handbook 2022 | Containing Directory of IT officials

5.89 crore Income Tax Returns filed on new e-filing portal of the Income Tax Department as on 31st December, 2021

One-time relaxation for verification of all income tax-returns e-filed for the Assessment Year 2020-21

Fake Input Tax Credit racket worth Rs. 12 crores busted by Thane CGST

Income Tax Department conducts searches in Gurugram

CBDT Guidlines for exemptions to Foreign Wealth Funds and Pension Funds | Section 10(23FE)

CBDT issue clarification on treatment of additional payment for sugarcane price by Cooperative sugar mills

CBDT Authorizes DGIT (Director General of Income-tax) to furnish specific information of taxpayer in Form 26AS.

Genuine issue of share to shareholders does not attract taxability under provision of section 56(2)(vii) of Income Tax Act.

Income Tax Department searches in Maharashtra reveal unaccounted income of over Rs 184 Crore

Irrecoverable loss would be considered as Revenue Loss if its due to bad weather and technical snags

Order under section 119(2)(b) of the Income Tax Act, 1961 for filing applications for settlement before the Interim Board for Settlement.

Government extends certain timelines to ease compliances

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