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The Central Board of Direct Taxes (CBDT) has extended the deadline for submitting the recently introduced Form 56F, which pertains to the accountant’s report for the assessment year 2023-24, until December 31, 2023. In order to prevent genuine hardship, the Board has taken into account the challenges faced by taxpayers and other stakeholders in meeting […]
The Income Tax Appellate Tribunal (ITAT), Pune bench has ruled that according to the Central Board of Direct Tax Circular 2019, passing an assessment order without Document Identification Number (DIN) is a violation of the said Circular. Thus, the order was declared void ab initio by the bench. The appeal, opposing the assessment order, was […]
Delhi High court has rejected the recovery proceedings regarding the demand for income tax, for the problems that are in the favor of taxpayers through laying on the circular provided through the central board of direct taxes (CBDT). The taxpayer, M/S Expeditors International of Washington, Inc mentioned that the question would be the basis of […]
The Central Board of Direct Taxes (CBDT) has released a circular concerning Tax Deduction at Source (TDS) and income tax deduction on salaries for the year 2021-22. The circular provided today comprises the rates of the deduction of the income tax via payment of the income chargeable beneath the head salaries in the FY 2021-22 […]
On 7th March 2024, Income Tax issued Circular No. 4/2024 for an Ex-post facto extension of the last date for filing TDS Return Form No. 26QE which was needed to be filed at the time of 01.07.2022 to 28.02.2023 (about F.Y. 2022-23). The said individuals who deducted tax under section 1945 of the Act in […]
The income tax department permitted the trusts and institutions, which filed audit reports for the AY 2023-24 in wrong forms, to file documents in valid forms by March 31. Income of any fund or institution or trust or any university or other educational institution or any hospital is waived from income tax as per the […]
On the 23rd of January 2024, the Central Board of Direct Taxes issued Circular No. 01/2024, elucidating the modifications to the Income Tax Act, 1961, introduced by the Finance Act of 2023. The Finance Act, 2023, approved by Parliament, obtained the President’s assent on March 31, 2023, and is now enacted as Act No. 8 […]
The Central Board of Direct Taxes (CBDT) has recently issued a notification regarding the condonation of delay under Section 119(2)(b) of the Income Tax Act, 1961, specifically related to the filing of Form No. 10-IC for the Assessment Year 2021-22. Form 10-IC comes into play when a Domestic Company chooses to avail the benefit of […]
The Orissa High Court held the Central Board of Direct Taxes (CBDT) for issuing the circular as the taxpayer is not able to file an ITR because of technical issues. Mr J. Sahoo, Senior Counsel for All Odisha Tax Advocates Association, the applicant places before the Court copy of the judgment on 13th January 2021 […]
