Circular No.03/2025-Customs F.No. 524/17/2024-STO(TU) Government of India Ministry of Finance Department of Revenue (Central Board of Indirect Taxes & Customs) North Block, New Delhi. Dated: 29thJanuary, 2025 To All Principal Chief Commissioners/Chief Commissioners of Customs/Customs (Preventive). All Principal Chief Commissioners/Chief Commissioners of Customs & Central Tax All Principal Commissioners/ Commissioners of Customs/Customs (Preventive) All Princ...

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CBDT notifies amendments in Income-tax Rules, 1962 to prescribe conditions for applicability of presumptive taxation regime for non-resident cruise ship operators As A Measure to Promote Investment and Employment, Finance (No. 2) Act, 2024 Inter Alia Provided A Presumptive Taxation Regime for Non-Residents, Engaged in The Business of Operation of Cruise Ships. Further, Exemption Has Been Provided for Any Income of a Foreign Company from Lease Rentals of Cruise Ships, Received from A Related C...

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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 subclause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 of the Incometax Act, 1961 (the Act) (hereinafter referred to as the first regime) or any trust or institution registered u/s 12AA or 12AB of the Act (hereinafter referred to as the second regime) is exempt, subject to the fulfilment of certain...

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Procedure, format and standards for filling an application for grant of certificate under sub-rule (4) and its proviso of Rule 28AA of Income Tax Rules, 1962, for deduction of Income-tax at any lower rate or no deduction ofIncome-tax under sub-section (I) of section 197 of the Income-tax Act, 1961 through TRACES-reg....

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India has signed the Multilateral Competent Authority Agreement (MCAA) for exchanging information automatically under the Common Reporting Standard (CRS) on 3rd June 2015....

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CBDT issues Circular No. 10/2023 dated 30/06/2023 containing Frequently Asked Questions (FAQs) for removal of difficulty on issues pertaining to TCS on LRS and purchase of overseas tour program package. Sub: 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 – reg...

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Order under section 119 of the Income-tax Act, 1961 for extension of time limits for submission of certain TDS/TCS Statements...

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S.O. 2571(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 amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, vide number S.O. 1790(E), dated the 5th June, 2017, namely:-...

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The Board has, from time-to-time, revised monetary thresholds for filing appeals before various judicial fora. The last such revision was through Circular No. 17/2019 dated 08.08.2019. Exceptions to the monetary limits are as per Board’s letter F.No. 279/Misc.142/2007-ITJ(Pt.) dated 20.08.2018 and OM issued vide F.No.279/Misc./M-93/2018-ITJ(Pt.) dated 16.09.2019....

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Sub: Clarification regarding provisions relating to charitable and religious trusts - reg. I. 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 under section 12AA or section 12AB of the Act (hereinaft...

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CBDT has Notified New Income Tax Return (ITR) Forms for Financial Year 2022-23 / Assessment Year 2023-24 Forms (ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V) vide Notification 4/2023....

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Finance Act 2022 inserted a new section 194S in the Income-tax Act, 1961 (hereinafter referred to as “the Act”) with effect from 1st July 2022. The new section mandates a person, who is responsible for paying to any resident any sum by way of consideration for transfer of a virtual digital asset (VDA), to deduct an amount equal to 1% of such sum as income tax thereon. The tax deduction is required to be made at the time of credit of such sum to the accou...

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CBDT has issued instructions to AO’s for issue of 148A notices consequent to Supreme Court judgement....

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Guidelines for compulsory selection of Returns for scrutiny during the FY 2022-23...

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G.S.R. 24(E).—In exercise of the powers conferred by sub-section (1B) of section 45, 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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G.S.R. 25(E).— In exercise of the powers conferred section 114 of the Finance (No. 2) Act, 2004, (23 of 2004), the Central Government hereby makes the following rules to amend the Securities Transaction Tax Rules, 2004, namely:─ ...

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S.O. 248(E).—In exercise of the powers conferred by sub-sections (9) and (10) of section 245R and subsections (2) and (3) of section 245W of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme, namely:_...

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Clause (10D) of section 10 of the Income-tax Act, 1961 (the Act) provides for income-tax exemption on the sum received under a life insurance policy, including any sum allocated by way of bonus on such policy subject to certain exclusions. ...

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G.S.R. 578(E).—In exercise of the powers conferred by clause (c) and clause (cd) of section 140 and clause (viii) of sub-section (2) of section 288 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:-...

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Ministry of Finance CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB Posted On: 05 JUL 2021 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 authorised dealer for any foreign remittance. In view of the difficulties rep...

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Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 (hereinafter referred to as "the Act") which takes effect from I Sl day of July, 2021. These sections mandate tax deduction (section 206AB) or tax collection (section 206CCA) at higher rate in case of certain non-filers (specified persons) with respect to tax deductions (other than under sections 192, 192A, 194B, 194BB, I 94LBC and I 94N) and tax collections. Higher rate is twice the prescribed rate...

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MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 73/2021-Income Tax | Dated: 15th June, 2021 S.O. 2336(E).—In exercise of the powers conferred by clause (v) of theExplanationto section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, publishe...

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G.S.R. 395(E).— In exercise of the powers conferred by sections 194,194A,194Q, 196D, 206AB and 206CCAread 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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Extension of time limits of certain compliances to provide relief to taxpayers in view of server pandemic....

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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 32/2021- Income Tax Dated: 15th April, 2021 G.S.R. 274(E).—In exercise of the powers conferred by sub-clause (iii) of clause (c) ofExplanation 1to the 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:- 1. Short title ...

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S.O. 1439(E). —In exercise of the powers conferred by sub-section (6C) of section 250 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby amends the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, vide number S.O. 3297 (E) dated the 25th September, 2020, namely:...

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S.O. 1438(E).—In exercise of the powers conferred by sub-section (6B) of section 250 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the Faceless Appeal Scheme, 2020, namely: —...

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S.O. 1437(E).—In exercise of powers conferred under sub-section (2) of section 143 of Income-tax Act, 1961 (43 of 1961) (the Act) read with Rule 12E of the Income-tax Rules, 1962, the Central Board of Direct Taxes hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC) having her / his headquarters at Delhi, to act as the ‘Prescribed Income-tax Authority’ for the purpose of sub-section (2) of section 143 of the Act, in respect of ret...

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S.O. 1436(E).—In exercise of the powers conferred by sub-sections (1), (2) and (5) of section 120 and section 133C of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), read with rule 12D of the Income-tax Rules, 1962, the Central Board of Direct Taxes hereby-...

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S.O. 1435(E).—In exercise of the powers conferred by sub-sections (1), (2) and (5) of section 120 of the Income-tax Act, 1961 (43 of 1961)(hereinafter referred to as the said Act), the Central Board of Direct Taxes hereby directs that the Income-tax Authorities of Regional Faceless Assessment Centres (hereinafter referred to as the ReFACs) specified in Column (2) of the Schedule below, having their headquarters at the places mentioned in column (3) of the said Schedule, shall exercise the ...

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