CBDT notifies changes to Rule 11UA in respect of ANGEL TAX
Posted Date : 27-Sep-2023 , 07:50:32 am | Posted By CASANSAAR
The Finance Act, 2023, brought in an amendment to bring the consideration received from non-residents for issue of shares by an unlisted company 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 Fai...
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CBDT extends due date for filing of Form 10B/10BB and Form ITR-7 for the A,Y. 2023-24
Posted Date : 19-Sep-2023 , 08:44:35 am | Posted By CASANSAAR
The due date of furnishing Audit reports in Form 10B/Form 10BB for the Financial Year 2022-23, which is 30.09.2023 has now been extended by the Central Board of Direct Taxes (CBDT) to 31.10.2023.
The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 20...
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CBDT notifies rules for valuing rent-free accommodation perquisite provided by employers
Posted Date : 20-Aug-2023 , 06:28:43 am | Posted By CASANSAAR
Employees drawing substantial salaries and having rent-free accommodation provided by their employers will now be able to save more and get a higher take-home salary as the income tax department has revised norms for valuing such perquisites.
The Central Board of Direct Taxes (CBDT) on August 18 ...
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CBDT invites comments on Form 6C for inventory valuation by Cost Accountants in Special Audit
Posted Date : 17-Aug-2023 , 10:10:32 am | Posted By CASANSAAR
CBDT invites comments on draft Form No. 6C formulated for implementing the amendment to sub-section (2A) of Section 142 of the Income-tax Act, 1961, introduced vide Finance Act, 2023, pertaining to inventory valuation by Cost Accountant.
Suggestions/Comments on the draft Form No. 6C have be...
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Four New Members have been appointed in the Central Board of Direct Taxes (CBDT)
Posted Date : 08-Jul-2023 , 04:06:22 am | Posted By CASANSAAR
Four IRS officers of the Income Tax Department have been appointed as Members in the Central Board of Direct Taxes (CBDT) under the Union Finance Ministry, according to a Government order.
The CBDT is the administrative body for the department and it is tasked to collect revenue under various dir...
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CBDT Notifies Scheme for Online Filing and Processing of Appeals
Posted Date : 31-May-2023 , 07:34:08 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) notified E-Appeals Scheme, 2023 which will speed up hearing of appeals in I-T matters. The Finance Bill in February had proposed a new authority for hearing appeals: Joint Commissioner of Income-Tax (Appeals) or JCIT (A).
As the explanatory memorandu...
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CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities
Posted Date : 19-May-2023 , 09:52:20 pm | Posted By CASANSAAR
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 Fa...
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CBDT tightens Audit Reporting Norms for Charitable Trusts
Posted Date : 24-Feb-2023 , 07:43:38 am | Posted By CASANSAAR
Income tax authorities have tightened reporting norms for charitable trusts, with more information required in the audit reports and more responsibility on the auditor. The Central Board of Direct Taxes (CBDT) has notified changes in audit reports for charitable trusts. The audit report will be in F...
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CBDT notifies Income Tax Return Forms for Assessment Year 2023-24 well in advance
Posted Date : 15-Feb-2023 , 07:53:41 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2023-24 vide Notifications No. 04 & 05 of 2023 dated 10.02.2023 and 14.02.2023. These ITR forms will come into effect from 1st April, 2023 and have been notified well in advance...
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IRS officer Nitin Gupta appointed new CBDT chairman
Posted Date : 28-Jun-2022 , 07:56:42 am | Posted By CASANSAAR
The government has appointed Nitin Gupta as Chairman of the Central Board of Direct Taxes (CBDT).
A Committee of Secretaries held a meeting on June 25 and selected Gupta, a 1986 batch IRS officer, as the Chairman of the apex body of Income Tax.
&n...
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CBDT notifies online tax dispute resolution scheme
Posted Date : 07-Apr-2022 , 08:39:21 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on Wednesday notified the e-Dispute Resolution Scheme, 2022, to settle tax disputes involving small taxpayers.
Taxpayers having total returned income up to ₹50 lakh having income tax disputes not exceeding ₹10 lakh will be able to avail the s...
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CBDT extends last date for filing of Form No.10AB for seeking registration or approval
Posted Date : 01-Apr-2022 , 08:24:35 am | Posted By CASANSAAR
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 unde...
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CBDT Assures Gujarat High Court to Resolve Issues Of Assessees, Specifies Its Grievance Mechanism
Posted Date : 22-Jan-2022 , 09:53:57 am | Posted By CASANSAAR
The Gujarat high court on Friday disposed of petitions seeking extension of deadline in filing of Tax Audit Report (TAR) and Income Tax Returns (ITR), complaining about technical glitches on I-T portal, after top officials of Central Board of Direct Taxes (CBDT) gave an assurance that the problems f...
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CBDT expands Form 26AS info list; includes foreign remittances, MF buys
Posted Date : 29-Oct-2021 , 07:55:04 am | Posted By CASANSAAR
The income tax department has expanded the list of high-value financial transactions which would be available to taxpayers in their form 26AS by including details of mutual fund (MF) purchases, foreign remittances, as well as information in ITRs of other taxpayers. Form 26AS is an annual consolidate...
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CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment
Posted Date : 11-Sep-2021 , 09:41:32 am | Posted By CASANSAAR
Finance Act, 2021 has amended section 72A of the Income-tax Act, 1961 (the Act) to inter alia provide that in case of an amalgamation of a public sector company (PSU) which ceases to be a PSU (erstwhile public sector company), as part of strategic disinvestment, with one or more company or...
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CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-22
Posted Date : 10-Sep-2021 , 10:36:32 am | Posted By CASANSAAR
On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the “Act”), Central Board of Direct Taxes (CBDT) has decided to further ...
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CBDT allows taxpayers an opportunity to file application for settlement
Posted Date : 08-Sep-2021 , 08:30:38 am | Posted By CASANSAAR
The Finance Act, 2021 has amended the provisions of the Income-tax Act, 1961 (“the Act”) to inter alia provide that the Income-tax Settlement Commission (“ITSC”) shall cease to operate with effect from 01.02.2021. Further, it has also been provided that no...
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CBDT amends IT Rules, 1962 to ease authentication of electronic records in faceless assessment proceedings
Posted Date : 08-Sep-2021 , 08:15:10 am | Posted By CASANSAAR
Ministry of Finance has said that electronic records submitted through registered account of taxpayers in the income tax portal shall be deemed to have been authenticated by the taxpayer by electronic verification code (EVC).
The Central Board of Direct Taxes (CBDT) has amended ...
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Govt appoints JB Mohapatra as CBDT Chairman
Posted Date : 02-Sep-2021 , 10:32:39 am | Posted By CASANSAAR
The government announced on Wednesday the Appointments Committee of the Cabinet has confirmed the appointment of IRS officer Jagannath Bidyadhar Mohapatra as the Chairman of the Central Board of Direct Taxes (CBDT)
The Ministry of Personnel, Public Grievances and Pensions, in a notification said:...
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CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961
Posted Date : 04-Aug-2021 , 07:05:41 am | Posted By CASANSAAR
On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electr...
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CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB
Posted Date : 21-Jul-2021 , 09:12:07 am | Posted By CASANSAAR
As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer ...
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Businesses need not deduct TDS on share/commodity purchases via exchanges - CBDT
Posted Date : 05-Jul-2021 , 10:13:14 am | Posted By CASANSAAR
Businesses buying shares or commodities traded through recognised stock or commodity exchanges for any value even above Rs 50 lakh will not be required to deduct TDS on transaction, the Income-Tax Department has said.
The I-T department has introduced a provision relating to Tax Deducted at Sourc...
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Centre appoints three new members on CBDT board
Posted Date : 28-May-2021 , 09:09:31 am | Posted By CASANSAAR
Three new members were on Thursday appointed to the Central Board of Direct Taxes (CBDT), the administrative and policy-making body for the Income Tax Department. An order issued by the Appointments Committee of the Cabinet (ACC) named 1985 batch officers of the Indian Revenue Service Anu J Singh, J...
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CBDT notifies New Income Tax Return Forms for AY 2021-22
Posted Date : 02-Apr-2021 , 09:10:52 am | Posted By CASANSAAR
The Central Board of Direct Taxes has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2021-22 vide Notification no.21/2021 in G.S.R. 242(E) dated 31.03.2021. Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change have been...
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CBDT further extends deadline for filing declarations under Vivad Se Vishwas scheme
Posted Date : 27-Feb-2021 , 09:08:09 am | Posted By CASANSAAR
The Income Tax Department on Friday extended the deadline for filing declarations and making payment under direct tax dispute resolution scheme Vivad Se Vishwas (VsV) till March 31 and April 30.
“CBDT further extends the date for filing of declarations under the #VivadSeVishwas Act, 2020 to...
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Taxpayers to be informed upfront reasons for reopening of tax assessment - CBDT
Posted Date : 06-Feb-2021 , 08:29:50 am | Posted By CASANSAAR
Taxpayers will be informed upfront about the reasons for which their I-T returns are getting reopened for scrutiny and only in case of non-satisfactory reply would the case get opened up again, CBDT chief P C Mody said on Friday.
The 2021-22 Budget has lowered the time limit for reopening of tax ...
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CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets
Posted Date : 13-Jan-2021 , 07:58:24 am | Posted By CASANSAAR
Taking another step towards e-governance and encouraging participation of citizen as stakeholders in curbing tax evasion, the Central Board of Direct Taxes has launched an automated dedicated e-portal on the e-filing website of the Department to receive and process complaints of tax evasion, foreign...
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CBDT Allow One time relaxation to update the UDIN before 31st Dec.2020 of audit report/certificates
Posted Date : 16-Dec-2020 , 09:37:51 am | Posted By CASANSAAR
CBDT Allow One time relaxation to update the UDIN before 31st Dec.2020 of audit report/certificates to avoid invalidation
A One time relaxation to update UDIN has been enabled. Kindly update the UDIN before 31st December, 2020 of audit report/certificates to avoid invalidation.
(Source - IncomeT...
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CBDT to validate UDIN generated from ICAI portal at the time of upload of Tax Audit Reports
Posted Date : 27-Nov-2020 , 07:46:02 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regul...
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CBDT keeps tolerance range for transfer pricing unchanged
Posted Date : 20-Oct-2020 , 08:53:42 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on Monday reiterated tolerance range of 1-3% under transfer pricing rules for the current financial year even though experts said it was expected that the tax department would provide concession given the Covid-19 pandemic.
India’s transfer pricing r...
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