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CBDT launches the revamped National Website of the Income Tax Department www.incometaxindia.gov.in CBDT has launched a revamped Website of the Income Tax Department. In order to enhance taxpayer experience and keep pace with new technology, the Income Tax Department has revamped its National website www.incometaxindia.gov.in with a user-friendly interface, …
ITAT allows profits from sale of plots earlier converted into stock in trade as capital gain with indexation benefit ABCAUS Case Law Citation:ABCAUS 3796 (2023) (08) ITAT Important Case Laws relied upon:P.M. Mohammed Meerakhan vs. CIT (1969) 73 ITR 735 In the instant case, the Income Tax Department …
GSTN launches Mera Bill Mera Adhikaar scheme to win lucky draw prizes up to one crore GSTN has developed and launched a mobile application (available on iOS and Android platforms) and also a web portal for the “Mera Bill Mera Adhikaar” scheme. This scheme is to be implemented from 1st …
MCA condones delay in filing of Form-3, Form-4 & Form-11 by Limited Liability Partnerships General Circular No. 08/2023 F. No. Policy-01/2/2021-CL-V-MCA-Part(3) GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS 5th Floor, ‘A’ Wing Shastri Bhawan, Dr. R.P. Road, New Delhi Dated: 23.8.2023 To, DGCOA All Regional Directors/ All Registrar …
RBI issues revised penal interest guidelines for lending institutions w.e.f. 1st January 2024 As per the existing guidelines issued by RBI, lending institutions had the operational autonomy to formulate Board approved policy for levy of penal rates of interest. RBI observed that many Lending Institutions use penal rates …
Redemption of ULIP not exempt u/s 10(10D) taxable as capital gains not income from other sources, ITAT allows benefit of indexation ABCAUS Case Law Citation:ABCAUS 3795 (2023) (08) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in sustaining the addition made …
ICAI clarifies level of authority attached to Guidance Notes, Accounting Standards’ and ‘Standards on Auditing issued by it and degree of compliance required. Clarification Regarding Authority Attached to Documents Issued by ICAI 1. The Institute has, from time to time, issued ‘Guidance Notes’ on a number of matters. …
CBDT amends income tax rules for determining value of residential accommodation provided to the assessee by the employer CBDT notifies Rule for determination of value of perquisite in respect of residential accommodation provided by employer. The categorization and the limits of cities and population have now been based …
ITAT refused to admit additional evidence when were available with assessee before the completion of the assessment and no reasons was given as to why those were not filed before AO or CIT(A). ABCAUS Case Law Citation:ABCAUS 3794 (2023) (08) ITAT In the instant case, the assessee had …
Facility of income tax challan correction launched through e-filing portal The income tax department has launched facility of income tax challan correction through e-filing portal. Now corrections to income tax challans (ITNS 280) can be made by e-filing portal The steps required for making correction in challans are …
