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On 28th December, the Central Board of Direct Taxes (CBDT) furnished the guidelines on the problem of deduction of 1% income tax of the gross amount of the sale of goods or services via e-commerce companies in the multiple-operator model framework. An e-commerce operator under section 194-O of the Income Tax Act, 1961 (‘the Act’) […]
The Central Board of Direct Taxes (CBDT) has recently rolled out a major upgrade tailored for Mac users, enhancing accessibility and user experience. Effective from December 1, 2023, the Annual Information Statement (AIS) utility is fully optimized for the Mac operating system, specifically addressing the needs of Apple’s Mac device users. This advancement reflects a […]
The income tax (I-T) department recently uncovered tax evasion amounting to approximately Rs 10,000 crore over a span of three years. The evasion is believed to have been carried out by online merchants who sell products through social media platforms like Instagram and Facebook. Such 45 online retailer brands have been issued with notches by […]
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 […]
