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The Central Board of Direct Taxes (CBDT) through its Notification No. 94/2023 dated 31/10/2023 has introduced changes to the ITR-7 form to accommodate the taxable income of individuals eligible to file the ITR-7 form under the tax rates applicable to AOP, which aligns with the slab rates applicable to individuals. The CBDT has issued the […]
Nitin Gupta, Chairman of the Central Board of Direct Taxes (CBDT), announced that the government is poised to surpass its fiscal target of Rs 18.23 trillion in direct tax collection, given the robust revenue growth witnessed so far. He highlighted the vigilant monitoring of unexplained cash and jewellery during state and national elections, with coordinated […]
The Central Board of Direct Taxes (CBDT) has been said to decide on the three changes for the income tax refund post acknowledging the amended return furnished via the taxpayer, the Delhi High Court stated. The applicant’s major issue, Fada Trading Private Limited is that Rs. 40,00,000/- deposited through it (albeit, in two tranches) for […]
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 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 Madras High Court has ordered the income tax department to release the attachment on the pension account of the taxpayer, taking into account the individual’s age and health condition. This directive was issued by the bench composed of Justice R. Mahadevan and Justice Mohammed Shaffiq. They issued the order after observing that the entire […]
With 3.5 million tax refund cases currently in a state of delay, the Income Tax (IT) department is contemplating the organization of campaigns to aid taxpayers. Additionally, they are actively exploring alternative methods to expedite the refund processing. The manual processing of income tax refunds was fraught with challenges in the past. To streamline this, […]
An internal assessment by the income tax department reveals that insurance companies and their intermediaries have allegedly evaded approximately ₹30,000 crore in income tax since July 1, 2017, by underreporting income and fabricating expenses. The department has started taking action by issuing tax demand notices to these entities to recover the outstanding amounts, which may […]
The Central Board of Direct Taxes (CBDT) has issued a clarification concerning the Audit Report Requirements outlined in Section 119 of the Income-tax Act, 1961, applicable to ‘Substantial Contributors’ in the Assessment Year 2023-24 via circular number 17/2023. This clarification primarily emphasizes the necessity of furnishing comprehensive information about ‘substantial contributors’ using either Form No. […]
