# cbdt
32 posts in `cbdt` tag
CBDT Exemption Section 10(46) Income Tax Press Council India
The Central Board of Direct Taxes (CBDT) has officially exempted the Press Council of India from income tax under Section 10(46) of the Income Tax Act of 1961 through the issuance of a notification.
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By Krishna
CBDT Relaxation Pan Requirement Foreign Entities Gift IFSC
The decision is beneficial for foreign companies looking to establish treasury management operations, global institutional investors, and non-residents interested in setting up family investment funds or other structures at GIFT IFSC.
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By Krishna
Newly Established Manufacturing Cooperative Societies 15 Percent Reduced Tax Rate CBDT
Starting from the assessment year that begins on April 1, 2024, if you're a cooperative society based in India and you need to choose in line with the requirements of section 115BAE(5), you should use Form No. 10-IFA.
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By Krishna
CBDT Clarifies NBFC Eligibility Income Tax Deductions Actual Payments
The Central Board of Direct Taxes (CBDT) has issued a notification specifying certain categories of Non-Banking Financial Companies (NBFCs) eligible for income tax deductions to be applicable only upon actual payment.
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By Krishna
CBDT Extends Deadline ITR 7 Filing AY 2023-24
The Central Board of Direct Taxes (CBDT) has given people more time to submit their Income Tax Returns using Form ITR-7 for AY 2023-24.
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By Krishna
CBDT Income Tax Department Processes 88 Percent Validated Tax Returns
Taxpayers are firmly encouraged to complete the verification process. Additionally, there are approximately 1.2 million verified Income Tax Returns (ITRs) where the Tax Department requires further information.
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By Krishna
CBDT Average Income Tax Refund Processing Time Slashed To 10 Days
The Income Tax Department is dedicated to swiftly and efficiently processing Income Tax Returns (ITRs) for taxpayers. For the Assessment Year 2023-24, a total of 6.98 crore ITRs were filed, out of which 6.84 crore ITRs have been verified.
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By Krishna
CBDT Fifth Annual APA Report Release
The Advance Pricing Agreement (APA) program by CBDT is a significant effort to create a business-friendly and non-confrontational tax environment in India.
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By Krishna
CBDT Introduces New Income Tax Portal Renovated Website
The newly improved website was introduced by Nitin Gupta, the Chairman of the CBDT, during an event called 'Chintan Shivir' in Udaipur. This event was organized by the Directorate of Income Tax (Systems).
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By Krishna
CBDT notifies rule determination value perquisite residential accommodation
The Finance Act of 2023 made changes to how we calculate the value of perks like free or cheaper housing given by employers to employees. So, the CBDT adjusted Rule 3 of the Income Tax Rules, 1962, to fit these changes.
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By Krishna
CBDT seeks suggestions draft form 6c comments 31st august 2023
As part of the Finance Act 2023, changes were made to Section 142(2A) of the Income Tax Act. This allows the Assessing Officer to instruct the taxpayer to have their inventory valued by a Cost Accountant, selected by higher-level authorities.
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By Krishna
CBDT Clarifies Tax Implications of Offshore Investments through Alternative Investment Fund: Key Insights
The definition of 'investment fund' in the Income-tax Act, of 1961 underwent an amendment through the Finance Act of 2023.
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By Krishna
CBDT Direct Tax Collection Update: Income Tax Department Provides Information for ITR Filers
As of now, Net Direct Tax Collection has increased by 15.87 percent to Rs 4.75 lakh crore on an annual basis during the financial year 2023-24. As per the notification released by the Ministry of Finance, the gross collection is Rs 5.17 lakh crore.
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By Krishna
CBDT Clarifies PAN-Aadhaar Linking Deadline: Stay Informed
The income tax department has provided a clarification regarding PAN-Aadhaar linking for individuals who have paid the penalty but failed to link them by June 30, 2023. It is crucial to remember that June 30, 2023, was the deadline for linking PAN with Aadhaar.
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By Krishna
CBDT Extends Time Limits for TDS/TCS Statement Submission
The initial deadline for submitting the statement of tax deduction for the first quarter of the financial year 2023-24, which was originally set for July 31, 2023, has now been postponed to September 30, 2023.
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By Krishna
CBDT Extends Deadline: Additional 2 Months for Filing Form 26Q, 27Q, & 27EQ
The CBDT has extended the deadline for filing specific TDS/TCS statements to September 30, 2023. In accordance with the authority granted under Section 119 of the Income Tax Act, 1961, the board has granted a waiver for fulfilling the following compliance requirements.
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By Krishna
CBDT Implements Amendments to Regulations for Institutions, Trusts, and Funds
"The Central Board of Direct Taxes notified the Income-tax (Eleventh Amendment) Rules, 2023 on June 23, 2023, with the applicability of the amendments starting from October 1, 2023."
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By Krishna
Introducing Form 10-IEA: CBDT's Latest Addition for Business Owners and Professionals Choosing the Old Tax Regime
As per the CBDT release, individuals with business or professional income who wish to opt out of the new tax regime must submit Form 10-IEA before the due date mentioned in Section 139(1) of the Income-tax Act, 1961, for filing their income tax return for the respective assessment year.
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By Krishna
Direct Tax Alert: CBDT Excludes Cases from E-Appeals Scheme, 2023 Disposal
In line with this, the CBDT recently issued order 2 specifying the cases exempted from the Scheme's provisions. However, we have mentioned below some of the significant instances in which the scheme shall not be applicable.
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By Krishna
CBDT Notifies Scope of e-Appeals Scheme, 2023 u/s 246(6) of Income Tax Act
The Central Board of Direct Taxes (CBDT) notified on June 16, 2023, the scope of the e-Appeals Scheme, 2023, under Section 246(6) of the Income Tax Act, 1961.
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By Krishna
Extension of ITR due date not applicable to assessees subject to audit under other acts
The Income Tax Appellate Tribunal (ITAT) has ruled that the extension of the income tax return (ITR) due date for cases requiring tax audit cannot be applied to assesses who are liable for audit under any other Act.
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By Krishna
Tax exemption limit for leave encashment upon retirement hiked to Rs 25 lakh
Good news for non-govt salaried employees: Income Tax exemption limit for leave encashment upon retirement hiked to Rs 25 lakh
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By Krishna
CBDT proposes changes to Rule 11UA
To bring the consideration received from non-residents for the issuance of shares under the purview of section 56(2)(viib) of the Income-tax Act, 1961 (the Act), which states that if the consideration for the issuance of shares exceeds the Fair Market Value (FMV) of the shares, it shall be chargeable to income-tax under the head “Income from other sources,” an amendment has been made to the Finance Act, 2023.
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By Krishna
CBDT NOTIFIES COST INFLATION INDEX OF FY 2023-24
Central Board of Direct Taxes (CBDT) in the exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), has notified the Cost Inflation index of Financial Year (FY) 2023-24.
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By Krishna
PAN Aadhar Linking Deadline Extended
The Income Tax Department giving the much-needed downtime to the Pan Card holders in India has extended the deadline to link PAN-Aadhaar till 30 June 2023. The deadline for linking PAN and Aadhaar has been extended to June 30, 2023, in order to provide taxpayers more time.
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By Krishna
CBDT Notifies ITR Forms For AY (2023-24) In Advance
Central Board of Direct Taxes CBDT has announced income tax returns forms (ITR-1 to ITR-6) for AY 2023-24 (FY 2023-23). The CBDT has notified ITR-1 to ITR-6 on 10 February 2023 and ITR-7 on 14th February 2023. However, No big amendments are made to ITR forms by the government.
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By Krishna
CBDT : “Sign of Economic Revival” Net direct tax collection
CBDT : “Sign of economic Revival” Net direct tax collection in FY 2022-23 increase 23% at Rs.700,669 crore.
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By Krishna
Cost Inflation Index (CII) | Meaning & Index From 2001-02 To 2020-21
Central Board of Direct Tax (CBDT) is responsible to calculate the Cost Inflation Index, a unique 3-digit number, as defined u/s 48 of IT Act, 1961 and publish as a notification in Official Gazette.
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By Krishna
CBIC to Provide Big Relief for these GST Small Taxpayers
CBIC will provide significant relief to these GST small taxpayers by lowering interest rates for a specified period of time for tax periods ranging from February to July 2020.
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By Krishna
CBDT Notification No. 35/2020
CBDT Notification No. 35/2020 Revised Income Tax Due Dates, Interest on Delayed Payment
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By Krishna
CBDT Issues Press Release on Verification of Applicability
CBDT issues press release on 'Verification of applicability u/s 194N' functionality in e-filing portal.
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By Krishna
CBDT has notified new Income Tax Return
ITR Forms for the Assessment Year 2023–24 have been announced by the CBDT in Notifications Nos. 04 and 05 of 2023, dated February 10 and February 14, respectively.
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By Krishna