Form 10B (A.Y. 2023-24 onwards) FAQs

Form 10B (A.Y. 2023-24 onwards) FAQs

Question 1: From which Assessment Year re-notified Form 10B is applicable? Resolution: Form 10B notified vide Notification No. 7/2023 dated 21st February 2023 is applicable from Assessment Year...
Madras HC Set Aside Demand Order Since Notice Was Not Sent on Email of Petitioner

Madras HC Set Aside Demand Order Since Notice Was Not Sent on Email of...

Case Details: R. Soundararajan & Co. v. Deputy Tax Officer - 155 taxmann.com 385 (Madras) Judiciary and Counsel Details Mrs S. Srimathy, J. N. Viswanathan for the...
Income Tax commences 360 degree profiling of HNI tax evaders

Income Tax commences 360 degree profiling of HNI tax evaders

Introduction The Income Tax Department (ITD) of India has commenced a 360-degree profiling of high net worth individuals (HNIs) to identify and crack down on...
Books of Account and Vouchers are not required in 44AD return – ITAT Deletes Addition u/s 69A

Books of Account and Vouchers are not required in 44AD return – ITAT Deletes...

(2023) 10 ITAT CK 0027 In The Income Tax Appellate Tribunal (Delhi E Bench) Case No : Income Tax Appeal No. 1186/DEL/2023 M/S. Economical Credit & Construction Co....
Payment by Builder for Damages to Allottees is not Interest, No TDS – Analyzing Two ITAT Judgements

Payment by Builder for Damages to Allottees is not Interest, No TDS – Analyzing...

Referring Two Cases Case Details: Sawhney Builders (P.) Ltd. v. ACIT (TDS) - 151 taxmann.com 97 (Delhi-Trib.) M/s Pratibha Housing Pvt. Ltd. Vs Commissioner...
No angel tax scrutiny for DPIIT-recognised start-ups: CBDT tells officers

No angel tax scrutiny for DPIIT-recognised start-ups: CBDT tells officers

In a directive issued to its field officials, the Central Board of Direct Taxes (CBDT) has instructed them not to carry out scrutiny of...
CBDT

CBDT Issues Clarification on Reporting of Substantial Contributors in Form 10B/10BB

Circular No. 17/2023, dated 09-10-2023 One of the conditions for availing exemptions under Sections 11/12 or Section 10(23C) is a requirement to get the audit...
OECD convention on Pillar One digital tax released

OECD convention on Pillar One digital tax released

The OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (Inclusive Framework) has released the text of a new multilateral convention that updates the international...
Cash Limits under Income Tax Act

Cash Limits under Income Tax Act

The Income Tax Act, 1961 (the Act) imposes certain restrictions on cash transactions. These restrictions are in place to curb tax evasion and black...
Income Tax Refund for AY 2023-24 Still Not Received ?

Income Tax Refund for AY 2023-24 Still Not Received ?

Most Common Reasons for Not Receiving Income Tax Refund If you filed your income tax return (ITR) for the assessment year 2023-24 and have...
Singapore’s tax residency certificate is Valid proof for tax treaty Benefits 

Singapore’s tax residency certificate is Valid proof for tax treaty Benefits 

Introduction The Income-tax Appellate Tribunal (ITAT) is a quasi-judicial body in India that hears appeals against orders passed by the Commissioner of Income-tax (CIT). The...
Sum Received for Giving Up Rights to Buy a Property is Taxable under Head Capital Gains

Sum Received for Giving Up Rights to Buy a Property is Taxable under Head...

Introduction The Income Tax Appellate Tribunal (ITAT) has held in the case of Sukhwant Singh v. Income-tax Officer - 154 taxmann.com 369 (Chandigarh -...
How to Save Taxes on Capital Gains from Sale of Residential Property: A Comprehensive Guide

How to Save Taxes on Capital Gains from Sale of Residential Property: A Comprehensive...

Introduction Selling a residential property can be a major financial transaction, and it is important to be aware of the tax implications. Capital gains tax...
REC Launches New Mobile App for 54EC Bonds Investors: SUGAM REC

REC Launches New Mobile App for 54EC Bonds Investors: SUGAM REC

REC Limited, a leading public sector enterprise in India, has launched a new mobile app called "SUGAM REC" for investors of its 54EC Capital...
Good news for non-residents: Claiming treaty benefits to become easier

Good news for non-residents: Claiming treaty benefits to become easier

Non-resident taxpayers in India will soon have an easier time claiming treaty benefits. The Central Board of Direct Taxes (CBDT) is proposing a number...
Power to survey granted only to Investigation Directorates and TDS Comissionerates: CBDT.

Rule 11UA Amended to Broader Horizons for Non Resident Investors

The Finance Act, 2023, brought in an amendment to bring the consideration received from non-residents for issue of shares by an unlisted company within...
How to Apply for Instant PAN on basis of Aadhaar

Aadhaar-Pan Linking

PAN-Aadhaar Linking Deadline Not Extended after 30th June'2023 - Income Tax Department Comes Out To Help PAN Holders The deadline for linking PAN with Aadhaar...

Employees Deposit Linked Insurance Scheme 1976

The Employees’ Deposit-Linked Insurance Scheme (EDLI) is an insurance scheme launched by the Employees Provident Fund Organisation (EPFO) of India in 1976. It provides...

E-Appeal Scheme 2023

Notification No. 33/2023, dated 29-05-2023 The Finance Act 2023 introduced a new designated income tax authority of Joint Commissioner (Appeals) vide amendment in section...
Gold Hallmarking to be Made Mandatory Soon

Comprehensive Guide to gold purchases, possession limits and taxation in India

The withdrawal of Rs 2000 notes from circulation by the Reserve Bank of India (RBI) has allegedly caused a surge in individuals purchasing gold...
Free Samples, business trips and vouchers to Customers Are All Liable for TDS u/s 194R

Free Samples, business trips and vouchers to Customers Are All Liable for TDS u/s...

Engagement in the form of free samples, business trips and vouchers is perceived as a freebie under Section 194 R Compliance with the strict Section...
ITAT: Long Term Capital Gain Tax (LTCG) does not apply to indirect transfer of Indian Assets

Arms Length Price Decided by ITAT Can be Scrutinized Further

"There cannot be any absolute proposition of law that in all cases where the Tribunal has determined the arm’s length price the same is...
Next Time You Make NGO Donation u/s 80G - Don't Forget to Seek Your Donation Certificate

Next Time You Make NGO Donation u/s 80G – Don’t Forget to Seek Your...

With advancements in technology, the Income-tax department has standardised the process to ensure that donations received by charitable institutions are matched one-to-one with the...
MCA relaxed the Deposit Norms for Startup Companies

Income Tax Department Sends Notices to Startups Eyeing New Angel Tax on Foreign Investors

The Income Tax Department is working on the guidelines for applicability of the “angel tax” provisions which were extended to foreign investors effective April...
TDS

Income Tax Dept enabled Download Statement option for Form 26QB Payment for TDS Against...

The Income Tax Department has enabled the Download Statement option for Form 26QB Payment on the income tax e-filing portal. Form 26QB is a return-cum-challan form for the payment...
Depreciation Allowable on Luxury Car of A Company Used by Director for Personal Use Also

Depreciation Allowable on Luxury Car of A Company Used by Director for Personal Use...

There was one more aspect of the matter which required to be considered. The assessee, which was a private limited company, was a distinct...
The IPO of Embassy Office Park Real Estate Investment Trust (REIT) has marked a Landmark in Indian Inc with launch of First REIT in the Country. This REIT issue plans to raise around 4.7K Crores and backed by Blackstone group and Bengaluru Builder Embassy. We will discuss, what is a REIT, how you can benefit from it, the Risks involved and Tax advantages of REIT in this post.

Interest on Capital Borrowed for Acquisition of Land for Business is Allowable Expenditure under...

Section 36(1)(iii) of The IT Act provides as under- (iii) the amount of the interest paid in respect of capital borrowed for the purposes of the business or...
How to Face Transfer Pricing Audits with Preparation & Perseverance

How to Face Transfer Pricing Audits with Preparation & Perseverance

Introduction: Transfer pricing audits can be a daunting experience for multinational companies. With tax authorities around the world becoming increasingly aggressive in their enforcement...

How to Download Income Tax Department’s AIS App for Taxpayers – Android and iPhone

The Income Tax Department has launched a Mobile app for Taxpayers to view Annual Information Statement (AIS). AIS App is a free mobile application, provided by the...

How to file ITR of past years?

ITR filing comes with a due date, if we do not file the ITR within the due date, we can file a belated ITR...