Category: Income Tax
 CBDT issues Guidelines / FAQs on TDS u/s 194S on transfer of a virtual digital asset (VDA) applicable from 1st July 2022 Circular No. 13 of 2022 F. No. 370142/29/2022-TPL (Part-I) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) …
CBDT guidelines / FAQs on TDS u/s 194R for providing any benefit or perquisite to a resident CBDT has issued Circular No. 12/2022 detailing guidelines / FAQs on applicability of TDS u/s 194R for providing any benefit or perquisite to a resident w.e.f 01.07.2022 Finance Act 2022 inserted …
Expression ‘without making inquiries or verification’ in Section 263 to be read in conjunction with the words ‘which should have been made’. ABCAUS Case Law CitationABCAUS 3602 (2022) (06) ITAT The Appellant/Assessee had challenged the Order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 …
CBDT makes more changes in jurisdiction of Income tax Authorities. CBDT, in supersession of Notification No.23/2021 has specified 3827 Income Tax Authorities of Assessment Units that shall exercise the powers and functions of Assessing Officers concurrently, to facilitate the conduct of Faceless Assessment proceedings under section 144B of …
CBDT modifies guidelines/criteria for compulsory selection of Income Tax returns for Complete Scrutiny during the Financial Year 2022-23 Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2022-23- procedure for compulsory selection in such cases. CBDT vide guidelines issued on 11th May 2022 has …
CBDT Clarification regarding Form No 10AC issued till 03.06.2022 for provisional registration/Approval u/s 12AB or 10(23C) CBDT Clarification regarding Form No 10AC issued till 03.06.2022 The Finance Act, 2022 has inserted sub-section (4) in section 12AB of the Income-tax Act, 1961 (the Act) allowing the Principal Commissioner or …
Notice u/s 148 – at this stage what is required is a reason to believe and not to establish fact of escapement of income – Supreme Court upholds High Courts order ABCAUS Case Law CitationABCAUS 3600 (2022) (06) SC Important case law relied referred:Alliance Filaments Ltd. v. The …
Form and manner of filing appeal to the High Court on ruling pronounced or order passed by the Board for Advance Rulings under sub-section (1) of section 245W MINISTRY OF FINANCE(DEPARTMENT OF REVENUE)(CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 31st May, 2022 INCOME-TAX G.S.R. 404(E).—In exercise …
CBDT exempts income of National Biodiversity Authority u/s 10(46) from FY 2022-2023 to 2025-2026 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 58/2022 New Delhi, the 31st May, 2022 S.O. 2501(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax …
Revised Instruction for constitution and functioning of ‘Local Committees to deal with Taxpayers’ Grievances from High-Pitched Scrutiny Assessment CBDT has issued revised instruction for constitution and functioning of ‘Local Committees to deal with Taxpayers’ Grievances from High-Pitched Scrutiny Assessment The Central Board of Direct Taxes (‘CBDT’) had issued …
