CBDT NOTIFICATION

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CBDT Notifies Faceless Penalty (Amendment) Scheme 2022

Vide Notification No. 54/2022 Dated 27th May 2022, the CBDT has notified Faceless Penalty (Amendment) Scheme, 2022. It shall come into force on the date of its publication in the Official Gazette. In this notification, amendments are made in Faceless Penalty Scheme, 2021. To Download the Notification, Please Click Here

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CBDT Notifies Income Tax (Fourteenth Amendment) Rules 2022

Vide Notification No. 51/2022 Dated 9th May 2022, the CBDT has notified Income Tax (Fourteenth Amendment) Rules 2022. Following forms are changed through this amendment: Form 3CF Form 10A Form 10AB Form 10BD And other sections/ sub-sections/ clauses as notified in the notification. To Download the Notification, Please Click Here

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CBDT Inserted Rule 114BA And 114BB in Income Tax Rules

Vide Notification No. 53/2022 Dated 10th May 2022, the CBDT has inserted rule 114BA and 114BB in the Income Tax Rules. Section 114BA deals with transactions for the purposes of  clause (vii) of sub-section (1) of  section 139A. Section 114BB deals with transactions for the purposes of sub-section (6A) of section 139A and prescribed person …

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CBDT Notifies Mandatory Conditions For Filing Income Tax Return

Vide Notification dated 21st April 2022, the CBDT has notified some more mandatory conditions for filing income tax return (ITR). The conditions for furnishing return of income in respect of persons referred to in clause (b) of sub-section (1) of section 139 in terms of clause (iv) of the seventh proviso to sub-section (1) of …

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CBDT Notifies ITR-1 To ITR-6 For A.Y. 2022-23 (F.Y. 2021-22)

CBDT Notifies ITR-1 To ITR-6 For A.Y. 2022-23 (F.Y. 2021-22)

Vide Notification dated 30th March 2022, the CBDT has notified SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR-4, ITR-5 and ITR-6, ITR-V and ITR- Ack for the Assessment Year 2022-23 (Financial Year 2021-22). Income Tax (Fourth Amendment) Rules, 2022 have been notified for this purpose. To Download the Notification, Please Click Here

CBDT Notifies Annexure For Audit Report To Be Filed By Sovereign Wealth Fund

CBDT Notifies Annexure For Audit Report To Be Filed By Sovereign Wealth Fund

Vide Notification No. 11/2022, Dated 25th January 2022, the CBDT has notified Annexure for Audit report to be filed by the Sovereign Wealth Fund claiming exemption under clause (23FE) of section 10 of the Income-tax Act, 1961. For this purpose, Annexure notified vide Notification No. 89/2020, Dated 2nd November 2020 has been substituted with the …

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CBDT Notifies Provisions For Collection And Payment Of Securities Transaction Tax (STT) in Case Of Insurance Company

CBDT Notifies Provisions For Collection And Payment Of Securities Transaction Tax (STT) in Case Of Insurance Company

Vide Notification No. 9/2022, Dated 18th January 2022, CBDT has inserted rule 5A in the Securities Transaction Tax Rules 2004 which contains provisions related to collection and payment of securities transaction tax in case of Insurance Company. Securities Transaction Tax (1st Amendment), Rules, 2022 have been notified for this purpose. To Download the Notification, Please …

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CBDT Notifies Provisions For Computation Of Capital Gains Under Section 45(1B) Of Income Tax Act

CBDT Notifies Provisions For Computation Of Capital Gains Under Section 45(1B) Of Income Tax Act

Vide Notification No. 8/2022, Dated 18th January 2022, the CBDT has inserted rule 8AD in the income tax rules 1962 which contains provisions for computation of capital gains under section 45(1B) of income tax act. Income Tax (2nd Amendment) Rules 2022 have been notified for this purpose. To Download the Notification, Please Click Here

No Personal Hearing At Faceless Appeal Centres: CBDT

No Personal Hearing At Faceless Appeal Centres: CBDT

Vide Notification Number 139/2021, Dated 28th December 2021, CBDT has notified Faceless Appeal Scheme 2021. It has stated in the notification that: (1) A person shall not be required to appear either personally or through authorised representative in connection with any proceedings under this Scheme before the income-tax authority at the National Faceless Appeal Centre …

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CBDT Notifies Authorities To Perform e-Appeal Functions Under Faceless Appeal Scheme

CBDT Notifies Authorities To Perform e-Appeal Functions Under Faceless Appeal Scheme

Notification Number 141/ 2021, Dated 29th December 2021 In exercise of powers conferred by sub sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961 (hereinafter referred to as the Act) and in supersession of the notification No. 81 of 2020 of Government of India in the Ministry of Finance, …

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CBDT Notifies Bureau of Indian Standards (BIS) For Availing Exemption Under Section 10(46) Of The Income Tax Act

CBDT Notifies Bureau of Indian Standards (BIS) For Availing Exemption Under Section 10(46) Of The Income Tax Act

Vide Notification No. 142/2021, dated 31st December 2021, CBDT has notified BIS to avail exemption under section 10(46) of the Income Tax Act 1961. The notification reads as follows: In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for …

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CBDT Notifies Rules For Claiming Deduction Under Section 10A(1B)(b) Of The Income Tax Act 1961

CBDT Notifies Rules For Claiming Deduction Under Section 10A(1B)(b) Of The Income Tax Act 1961

Vide Notification Dated 29th December 2021, the CBDT has notified rules for claiming deduction under Section 10A(1B)(b) of the Income Tax Act 1961. Income Tax (35th Amendment) Rules 2021 have been notified for this purpose. The amendment reads as under: 2.) In the Income-tax Rules, 1962 (hereinafter referred to as principal rules), after rule 16D, …

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CBDT Notifies Revised Faceless CIT Appeal Scheme. Check Details Here

CBDT Notifies Revised Faceless CIT Appeal Scheme. Check Details Here

Vide Notification Dated 28th December 2021, the CBDT has notified Faceless Appeal Scheme 2021. As per the new scheme, a personal hearing through Video Conference can be requested and when request is made the same shall be allowed. No discretion with the CIT (A) to refuse such request of oral hearing through VC. The relevant …

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Re-open Assessments For Assessment Years 2015-16 To 2018-19: CBDT Asks Tax Officers

Re-open Assessments For Assessment Years 2015-16 To 2018-19: CBDT Asks Tax Officers

By issuing a circular, the CBDT has asked tax officials to re-open assessments under section 148 of the Income Tax Act 1961 for the assessment years 2015-16 to 2018-19. “It is directed that the information pertaining to assessment year 2015-16 and assessment year 2018-19, which requires action under Section 148 of the Income Tax Act …

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CBDT Rolls Out Scheme For E-Verification Of Taxpayer Information. Know About its Scope And Procedure

CBDT Rolls Out Scheme For E-Verification Of Taxpayer Information. Know About its Scope And Procedure

Vide notification dated 13th December 2021, the CBDT has launched E-Verification Scheme 2021. The notification contains following information: Short title and commencement Definitions under the scheme Scope of the scheme Electronic Collection and Verification Random Allocation of Information Issue and service of notice Response to notice No personal appearance Communication exclusively by electronic mode Authentication …

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CBDT Extends Last Date For Updation Of UDINs At Income Tax Portal

CBDT Extends Last Date For Updation Of UDINs At Income Tax Portal

UDIN Directorate The Institute of Chartered Accountants of India 30th November 2021 Last Date of updation of UDINs at e-filing Portal The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 31st January, 2022. For any clarification, please write us at udin@icai.in. UDIN Directorate

CBDT Notifies Income Tax Rules Which Seeks to Withdraw Tax Demands on Indirect Transfer of Indian Assets Prior to 28th May 2012

CBDT Notifies Income Tax Rules Which Seeks to Withdraw Tax Demands on Indirect Transfer of Indian Assets Prior to 28th May 2012

Vide Income Tax (31st Amendment) Rules 2021, the CBDT has inserted Rule 11UE and 11UF in the Income Tax Rules 1962. These rules are notified in order to give effect to The Taxation Laws (Amendment) Bill 2021 which seeks to withdraw tax demands made on indirect transfer of Indian assets prior to 28th May 2012 …

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CBDT clarification – Businesses need not deduct TDS on share/commodity purchases via exchanges

Overview :- The I-T department has introduced a provision relating to Tax Deducted at Source (TDS) from July 1, 2021, which would be applicable to businesses with turnover of Over Rs 10 crore. Such businesses while making any payments for purchase of goods exceeding Rs 50 lakh in a financial year to a resident would …

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Income Tax (CBDT) Due Date Extended beyond May, 2021

Income Tax (CBDT) Due Date Extended beyond May, 2021 [Extension Table]

The Board of Direct Taxes (Income Tax Department) vide circular No. 09/2021, (F. NO.225/49/2021-ITA-1I dated 20.05.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) has issued circular w.r.t. Extension of time limits of certain compliances to provide relief to taxpayers in view of the …

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CBDT AMENDS RULE 10DA AND RULE 10DB

CBDT amends Income Tax  rule 2DB & Form No. 10BBA [Notification No. 32/2021]

CBDT amends Income Tax  rule 2DB which relates to conditions to be satisfied by the pension fund for exemption under section 10(23FE) and substitutes/amends Form No. 10BBA – Application for notification under sub-clause (iv) of clause (c) of Explanation 1 to the clause (23FE) of section 10 of the Income-tax Act, 1961 (Pension Fund) MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT …

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CBDT AMENDS RULE 10DA AND RULE 10DB

CBDT amends Rule 10DA (Requirements in relation to Master File) and Rule 10DB (Procedure and details relating to CbCR) [Read Notification]

CBDT amends Rule 10DA (Requirements in relation to Master File) and Rule 10DB (Procedure and details relating to CbCR) w.e.f. April 1, 2021 vide Notification No 31/2021/F No 370142/19/2019-TPL Amends Rules 10DA and 10DB of the Income-tax Rules dealing with Master file and CbCR reporting for specified transactions of constituent entities of an international group; …

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CBDT interest income of FPIs

CBDT revised Form No. 12BA (Read Notification)

CBDT revised Form No. 12BA (Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu of salary with value thereof), Part B to Form 16 (Details of Salary Paid and any other income and tax deducted) and Annexure II to Form No. 24Q vide Notification No. 15/2021-Income Tax and which shall …

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CBDT clarifies on potential cases for issue of Section 148 notice

Instructions regarding selection of cases for issue of notice u/s 148 of the Income-tax Act, 1961–clarification to CBDT’s letter dated 04.03.2021-reg

F.No.225/40/2021/ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 12th March, 2021 To All Principal Chief Commissioners of Income-tax Madam/Sir, Subject: Instructions regarding selection of cases for issue of notice u/s 148 of the Income-tax Act, 1961–clarification to CBDT’s letter dated 04.03.2021-reg 1. With reference to …

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