CBDT extends due date for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24
Latest Update: Introduction: The Central Board of Direct Taxes (CBDT) has issued Circular No. 16/2023, dated 18th September 2023, addressing concerns raised by taxpayers and stakeholders regarding the filing of Form 10B, Form 10BB, and ITR-7 for the Assessment Year 2023-24. In this article, we’ll delve into the key points of this circular and its […]
Income Tax Audit u/s 44AB: Applicability, Due Date, Form 3CA, 3CB & 3CD 📊💼📅
What is Tax Audit? 🧾🔍 The term “audit” essentially refers to inspection or assessment and under various laws and regulations, different audits are required to be performed, such as company audits, cost audits, etc. Under Section 44AB of the Income-Tax Act, a taxpayer is required to undergo an audit of the business accounts on fulfilling […]
TDS Rate Chart For FY 2023-24 (AY 2024-25) with TDS Section List
Staying compliant with TDS regulations is crucial for businesses as non-deduction, wrong deduction and even deduction under wrong TDS section could attract huge penalties. It’s important that businesses know the applicable rate, TDS section and exempt limit for each nature of payment. Note: Here is the latest income tax slab for AY 2023-24 (FY 2022-23) […]
15th Sept 2023 – 2nd Installment of Advance Income Tax
What is advance tax? As the name suggests, advance tax is the practice of paying taxes in advance rather than paying a lump sum amount at the end of the financial year. Also known as ‘pay as you earn’ scheme, these taxes are supposed to be paid in the same year the income is received. […]
GST Related reporting (Clause 44) in Tax Audit Report.
Form 3CD of Tax Audit Report was amended in July 2018 by Notification No. 33/2018 dated 20.07.2018 Clause 44 on reporting of GST transactions was added. However its implementation was kept in abeyance till 31st March 2022. However, for tax audit reports filed from 1st April 2022 onwards, reporting under this clause will be mandatory. Hence, you […]
CBDT amends Income-tax Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings
For easing the process of authentication of electronic records in faceless assessment proceedings, the Government has amended Income-tax Rules, 1962 (‘the Rules’) vide notification no G.S.R. 616(E) dated 6th September, 2021. The amended Rules provides that electronic records submitted through registered account of the taxpayers in the Income-tax Department’s portal shall be deemed to have been […]
CBDT allows taxpayers an opportunity to file application for settlement
The Finance Act, 2021 has amended the provisions of the Income-tax Act, 1961 (“the Act”) to inter alia provide that the Income-tax Settlement Commission (“ITSC”) shall cease to operate with effect from 01.02.2021. Further, it has also been provided that no application for settlement can be filed on or after 01.02.2021, which was the date on […]
Computation of Fair Market Value (FMV) of Capital Assets for the purposes of Slump Sale under section 50B of the Income Tax Act, 1961
In simple words, ‘slump sale’ is nothing but a transfer of a whole or part of a business concern as a going concern. As per section 2(42C) of Income -tax Act 1961, ‘slump sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values […]
Extension of time limits of certain Direct Tax compliances to provide relief to taxpayers
Dear Readers, Considering the present situation and difficulties faced by the taxpayers, the government has provided the following relief with respect to Direct Tax compliances. The Statement of Financial Transactions (SFT) for the Financial Year 202021, required to be furnished on or before 315tMay 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to […]