The Central Board of Direct Taxes (CBDT) has introduced Form 12BAA which allows employees to report non-salary TDS/TCS to employers, ensuring accurate…
Continue Reading
TAX Update
Changes in TDS Rates effective from October 1, 2024
The TDS rates proposed in the Union Budget 2024 were approved in the Finance Bill and thus the revised TDS…
Continue Reading
Lower Tax Rate under India-Spain DTAA for Royalty and FTS
The Government of India (GOI) has issued Notification conferring lower tax rate benefit of 10% under the India-Spain Double Taxation Avoidance…
Continue Reading
Processing of returns of income validly filed electronically with refund claims for AY 2021–22 beyond the prescribed time limit in non-scrutiny cases.
The CBDT issued an Order on March 01, 2024, to address issues with processing income tax returns of the Assessment…
Continue Reading
Addition of clause (h) of Section 43B: Income Tax Implication on delay payment to Micro and Small Enterprises Registered under MSME Act,2006.
As per the Amendment made by the Finance Act, 2023 clause (h) has been inserted under section 43B, emphasizing that…
Continue Reading
Feedback for High-Value Transaction Under e-Campaign on Compliance Portal
Under e-campaign, the income tax department sends emails/SMS to identified taxpayers to verify their financial transactions related to information received…
Continue Reading
Non applicability of Black Money Act if Investment in Foreign Entity is disclosed in Audited Balance Sheet.
The assessee admittedly duly recorded and disclosed the investment in foreign entity in its audited balance-sheet and also furnished such…
Continue Reading
Supreme Court ruling on Automatic enforcement of Most Favoured Nation (MFN) Clause in Indian Tax Treaties.
The Hon’ble Supreme Court has made a ruling on availing benefits under MFN clause of India’s income tax treaties only…
Continue Reading
CBDT notification for e-form 13 for application of Lower Deduction Certificate for TDS.
CBDT has notified procedure, format and standards for filling an application for grant of certificate under sub-rule (4) and its…
Continue Reading
New e-Form 71 for TDS Credit
The CBDT has notified the *Form No 71* to e- file rectification u/s 155(20) to allow TDS in cases were…
Continue Reading
Amendment in Rule 3 for Determination of value of Perquisite.
Finance Act, 2023 brought in an amendment for the purposes of calculation of “perquisite” with regard to the value of…
Continue Reading
New Rule 6ABBB in Income Tax Rules,1962.
Download PDF:-
Continue Reading
CBDT proposes changes to Rule 11UA in respect of Angel Tax.
In the Finance Act, 2023, an amendment has been introduced to bring the consideration received from non-residents for the issue…
Continue Reading
TCS on International Credit Card Transactions
International Credit Card transactions are now covered under the Liberalised Remittance Scheme (LRS). Accordingly, any payments made through International Credit Card of…
Continue Reading
Cost Inflation Index for FY 2023-24
Download PDF:-
Continue Reading
Partial Relaxation with respect to electronic submission of Form 10F
The Central Board of Direct Taxes (CBDT) has given partial relief to non-resident taxpayers by exempting them from mandatory electronic filing of Form 10F until September 2023. Filing…
Continue Reading
Highlights of the Maharashtra state Budget Speech dated: 09 March 2023.
Announcement of an Amnesty Scheme, ‘Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late fees Act, 2013’ in respect…
Continue Reading
Partial Relaxation with respect to electronic submission of Form 10F
The Central Board of Direct Taxes (CBDT) has given partial relief to non-resident taxpayers by exempting them from mandatory electronic filing of Form 10F until March 2023. Filing…
Continue Reading