CBDT, Foreign Tax & Tax Research Division has issued vide F. No. 500/34/2019-FT&TR-III(Pt.)/1 dated July 26, 2023 issued clarification in respect of Rule 114F (5) of the Income Tax Rules, 1962. India has signed the Multilateral Competent Authority Agreement (MCAA) for exchanging information automatically under the Common Reporting …
The e-advance rulings (Amendment) Scheme, 2023 was notified by the Central Board of Direct Taxes (CBDT) on June 12, 2023. The amendment aims to improve the efficiency and effectiveness of the e-advance rulings (EAR) scheme. Official copy of the notification has been attached herewith MINISTRY OF …
CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities In the Finance Act, 2023, an amendment has been introduced to bring the consideration received from non-residents for issue of shares within the ambit of section 56(2)(viib) of the …
G.S.R 91(E).—In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. Short title and commencement.— …
1. The Central Board of Direct Taxes (CBDT) has issued the instructions regarding uploading information on Verification Report Upload (VRU) functionality on Insight portal for implementation of risk management strategy for issuance of notice. As per the amended provisions of section 148 of the Income-tax Act, …
1. The Central Board of Direct Taxes (CBDT) has reduced the Time limit to re-open Income Tax assessment from 6 years to 3 years. The assessment can be reopened upto 10 yrs, only when there is evidence of concealment of income of more than Rs. 50 …
1. The Central Board of Direct Taxes (CBDT) has issued the order extending the period for admitting applications for settlement up to September 30, 2021 (filed after January 31, 2021) on behalf of the Interim Board and treat such applications as valid and process them as …
1. The e-Filing portal of the Income Tax Department (www.incometax.gov.in) was launched on 7th June 2021. Taxpayers and professionals have reported glitches and difficulties in the portal since then. The Ministry of Finance has been regularly monitoring the resolution of issues with Infosys Ltd which is …
1. The government on Wednesday has appointed Jagannath Bidyadhar Mohapatra as a new Chairman of the Central Board of Direct Taxes (CBDT). “The Appointments Committee of the Cabinet has approved the appointment of Shri J.B. Mohapatra, IRS (IT:85031), Member, Central Board of Direct Taxes as Chairman, …
