The CBDT issued notification in respect of Insolvency and Bankruptcy Board of India for th...e sake of the section 10(46) of the Income-tax Act, 1961. The exemption will apply to grants-in-aid, fines and fees received under IBC, as well as interest money earned on those amounts show more

The CBIT notified Income-tax Amendment (3rd Amendment) Rules, 2023 which has brought certain amendme...nts related to fund or trust or institution or any university or other educational institution or any hospital or other medical institution. It includes changes in the audit report for the following show more

  The Central Government approves ‘Indian Institute of Science Education and Research,... Tirupati (PAN: AAAAI9820P)’ under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ for the purposes of Section 35(1)(ii) of the Income-tax Act, 1961 read with Rules 5C and 5E of the Income-tax Rules, 1962. 2. This Notification shall apply with effect from the date of publication in the Official Gazette (i.e., from the Previous Year 2022-23) and accordingly shall be applicable for Assessment Years 2023-2024 to 2027-2028.   show more

The DGFT has provided for an amendment in the existing entry at Sl.no. 10 of Appendix 4J in Foreign ...Trade Policy (FTP), 2015-2020 excluding the import item Shea Nut or Shea Butter from all items covered under Chapter 7 and Chapter 15 of ITC (HS) Classification. It also states for 90 days of Export Obligation Period with pre import condition from the date of clearance of each import consignment by Customs Authority. show more

CBDT notifies OdishaElectricity Regulatory Commission u/s 10(46) in respect of the income Government... grants, licence fees & Fines and Interest earned thereon. The notification shall be deemed to be applied for the FY 2021-2022 and will be applicable with respect to FYs 2022-2023, 2023-2024, 2024-2025 and 2025-2026 show more

Central Government specifies the CPPIB CreditInvestments VI Inc. as the specified personfor the purp...oses of the section 10(23FE) in respect of the eligible investment made by it in India on or after thedate of publication of this notification in the Official Gazette but on or before the 31st day of March, 2024 show more

CBDT directs that where there is delay of beyond 365 days upto three years in filing Form No. 10B fo...r AY 2018-19 or for any subsequent AYs, the Pr. Chief Commissioners of Income-tax / Chief Commissioners of Income-tax are authorized to admit such applications of condonation of delay u/s 119(2) and decide onmerits. Such application should preferably disposed within three months of receipt of the application show more

CBDT directs that where there is delay of beyond 365 days upto three years in filing Form No. 9A and... FormNo. 10 for AY 2018-19 or for any subsequent AYs, the Pr. Chief Commissioners of Income-tax / Chief Commissioners of Income-tax are authorized to admit such applications of condonation of delay u/s 119(2) and decide onmerits. Such application should preferably disposed within three months of receipt of the application show more

CBDT issues corrigendum with regard to notification no. 67/2022 dated 21st June, 2022 which notifies... CBDT, vide Income-tax (Seventeenth Amendment), Rules, 2022. show more

CBDT directs that where there is delay of beyond 365 days upto three years in filing Form No. 10BB f...or AY 2018-19 or for any subsequent AYs, the Pr.Chief Commissioners of Income-tax / Chief Commissioners of Income-tax are authorized toadmit such applications of condonation of delay u/s 119(2) and decide onmerits. Such application should preferably disposedwithin three months of receipt of theapplication show more

Income Tax Department issues Frequently asked questions on AIS (Annual Information Statement). AIS i...s comprehensive view of information for a taxpayer displayed in Form 26AS. AIS additionally includes savings account interest, dividend, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, GST turnover etc. show more

CBDT notifies 12 forms , returns , statements, reports , orders etc. to be furnished electronically ...under sub-rule 1 and 2 of rule 131 of Income Tax rules, 1962 and shall be verified in the manner specified under sub-rule 1 to rule 131 of Income Tax Rule, 1962.   show more

Central Government appoints Shri Jayanti Prasad, as a Whole time member of the Insolvency and Bankru...ptcy Board of India for a period of five years with effect from the 5th July, 2022 or upto the age of sixty-five years or until further orders, whichever is the earliest. show more

CBDT notifies the Income-tax (Twenty Second Amendment) Rules, 2022 to renumber the Rule 16 as Rule 1...5A and insert new rule 16 - Application under section 158AB to defer filing of appeal before the Appellate Tribunal or the jurisdictional High Court. CBDT also amends Form No. 8 to this effect and introduce new Form 8A pertaining to new rule 16. show more

CBDT notifies Bihar Electricity Regulatory Commission u/s 10(46) in respect of the income Government... grants, licence fees & Fines and Interest earned thereon. The notification shall be deemed to be applied for the FY 2021-2022 and will be applicable with respect to FYs 2022-2023, 2023-2024, 2024-2025 and 2025-2026 show more