Dispute Resolution Committees (DRCs) constituted in all 18 jurisdictional Pr. CCIT regions across the country As per e-DRS, a taxpayer can opt for e-Dispute Resolution against the ‘specified order’ under certain conditions e-DRS application must be filed within one month from the date of receipt of specified order […]
MAY 19, 2023 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 […]
FEB 15, 2023 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 […]
NOV 1, 2022 At present, taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the […]
SEP 17, 2022 In conformity with the Government’s policy of facilitating Ease of Doing Business and decriminalisation of offences, CBDT has taken steps in this direction and issued revised Guidelines for Compounding of offences under the Income-tax Act, 1961(the ‘Act’) dated 16.09.2022 with reference to various offences covered […]
DELHI, JANUARY 11: On consideration of difficulties reported by the taxpayers and other stakeholders due to COVID and in electronic filing of various reports of audit under the provisions of the Income-tax Act, 1961 (the Act), the Central Board of Direct Taxes (CBDT) has decided to further extend […]
DELHI, JULY 5: 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 […]
open view news desk NEW DELHI, SEPTEMBER 25: The Income Tax Department today launched Faceless Income Tax Appeals. Under Faceless Appeals, all Income Tax appeals will be finalised in a faceless manner under the faceless ecosystem with the exception of appeals relating to serious frauds, major tax evasion, […]
MUMBAI – A group of Indian Revenue Service officers have recommended taxing the super rich, and foreign companies, to help pay for the coronavirus economic fallout, but the government brushed off the idea, saying it did not reflect official views. Some 50 officers of the Indian Revenue Service […]
open view news desk NEW DELHI, APRIL 21: The Central Board of Direct Taxes (CBDT) responding to some observations being circulated on social media alleging that the Income Tax Department is pursuing recovery proceedings and using arm-twisting methods by adjusting outstanding demands of the start-ups, today stated that […]
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