Boards for Advance Rulings established by CBDT in Mumbai and Delhi is now operational via email and video conferencing for proceedings

The Central Board of Direct Taxes (CBDT) has operationalized the Boards for Advance Rulings (BAR) in Mumbai and Delhi. These Boards will now function through e-mail-based procedures and conduct hearings through video conferencing. This is in line with the CBDT’s...

August 19, 2023

Income Tax

CBDT Amends Income Tax Rule 26 to Ensure Accurate TDS on Foreign Currency Payments

New Telegraphic Transfer Buying Rate to be Used for TDS on Foreign Currency Payments The Central Board of Direct Taxes (CBDT) has amended Income Tax Rule 26, which sets the rate of exchange for the calculation of the value in...

August 19, 2023

Income Tax

Income Tax India Introduces New Challan Correction Functionality

How to Correct Errors in Income Tax Challans The Income Tax Department of India has introduced a new functionality to allow taxpayers to correct errors in challans pertaining to advance tax, self-assessment tax, and demand payment as regular assessment tax....

August 18, 2023

CBDT Notifies Rule 11UACA to Clarify Taxation of Life Insurance Policies

Income Tax

CBDT Notifies Rule 11UACA to Clarify Taxation of Life Insurance Policies

What You Need to Know About the New Tax Rules for Life Insurance Policies The Central Board of Direct Taxes (CBDT) recently notified Rule 11UACA under Section 10(10D) of the Income Tax Act, 1961. This rule provides for the computation...

August 16, 2023

CBDT Invites Comments on Draft Form No.6C for Inventory Valuation

Income Tax

CBDT Invites Comments on Draft Form No.6C for Inventory Valuation

New Inventory Valuation Rules: What You Need to Know Introduction The Central Board of Direct Taxes (CBDT) has issued a notification inviting comments on the draft Form No.6C for implementing the amendment made by the Finance Act 2023 to subsection-2A...

August 16, 2023

Income Tax

ITAT Dehradun Upholds Taxpayer’s Rights: AO Cannot Reopen Assessment Without Material Evidence

Uttarakhand Poorv Sainik Kalyan Nigam Ltd. v. ITO: AO Cannot Reopen Assessment Without Material Evidence Introduction The Income Tax Appellate Tribunal (ITAT) Dehradun recently decided a landmark case that has important implications for taxpayers. In the case of Uttarakhand Poorv...

August 16, 2023

Income Tax

Safe Harbour Rules Extended to AY 2023-24: A Guide for Taxpayers

CBDT Extends Applicability of Safe Harbour Rules to AY 2023-24 The Central Board of Direct Taxes (CBDT) has issued a notification dated August 09, 2023, to extend the applicability of Safe Harbour rules to Assessment Year (AY) 2023-24. The Safe...

August 10, 2023

Income Tax

How Will the New Income Tax Circular Affect Your Virtual Digital Assets?

Income Tax Notification CG-DL-E-09082023-247974: What You Need to Know The income tax CG-DL-E-09082023-247974 is a new circular issued by the Central Government on August 9, 2023. The circular provides guidance on the taxation of digital assets, such as crypto currencies...

August 9, 2023

Category: Income Tax

Boards for Advance Rulings established by CBDT in Mumbai and Delhi is now operational via email and video conferencing for proceedings

CBDT Amends Income Tax Rule 26 to Ensure Accurate TDS on Foreign Currency Payments

Income Tax India Introduces New Challan Correction Functionality

CBDT Notifies Rule 11UACA to Clarify Taxation of Life Insurance Policies

CBDT Invites Comments on Draft Form No.6C for Inventory Valuation

ITAT Dehradun Upholds Taxpayer’s Rights: AO Cannot Reopen Assessment Without Material Evidence

Safe Harbour Rules Extended to AY 2023-24: A Guide for Taxpayers

How Will the New Income Tax Circular Affect Your Virtual Digital Assets?

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