CBDT CIRCULAR

The Income Tax Department has urged taxpayers to link PAN with Aadhaar by May 31, 2024, to avoid higher tax deducted at source (TDS) or tax collected at source (TCS). The TDS is deducted at a higher rate when a deductee’s (whose tax has been deducte...

Income tax return: The tax department has released a circular which outlines the criterias and procedure to be followed if a particular income tax return (ITR) is to be selected for scrutiny. These guidelines also includes the procedure and criteria...

Income tax return: The Supreme Court of India has refused to accept a petition wherein the tax department's assessing officer (AO) contested that a individual be denied the benefit of exempted income which he claimed by filing a revised ITR. The rea...

The Central Board of Direct Taxes (CBDT) has clarified that tax deductors will not be treated as defaulters for failures in deduction of tax at a higher rate on transactions between July 1, 2023, and March 31, 2024, if the Permanent Account Number (...

Rent HRA: The Central Board of Direct Taxes (CBDT) has clarified that there is no special drive to identify fake HRA claims from previous years. However this communication from CBDT should not be taken lightly, because if you have claimed false HRA ...

Change income tax regime: At the start of the financial year, an individual is required to select one tax regime - old or new- for deducting of taxes on salary by employer. However, it may happen that an individual wants to switch the tax regime fro...

Penny stocks: The income tax department can now file appeal in tribunals and court if you are found to be using penny stocks or accommodation entries or both to evade taxes. Earlier the tax department could file such appeals only if the tax effect c...

CBDT has revised the situations when a individual or income tax assessing officer (AO) can file a request for expedition of tax appeal cases. "Cases where a VIP/PMO reference is received for expeditious disposal," said the Central Board of Direct Ta...

Tax experts advocate for a cautious "wait-and-watch" approach, emphasizing that the extensive list of exceptions introduced could potentially result in heightened litigation for individuals, Indian corporations, and overseas entities.

CBDT broadens appeal scope for tax authorities without monetary limits for specific cases, including TDS/TCS and undisclosed foreign income, covering various law enforcement agencies. The circular aims to reduce unnecessary litigation and ensure tax...

Income tax refund from outstanding tax demand waiver: The interim budget 2024 announced the waiving off old outstanding tax demands for a specified amount upto specified financial years. However, many taxpayers are wondering if they will get income ...

The income tax department will send notices to individuals who have not filed tax returns despite tax deduction at source. The department is using vast amounts of data to detect mismatches and is reaching out to taxpayers to update their returns. Th...

Income tax refund: Individuals who have pending income tax refund due to the fact that their income tax return (ITR) was not processed by the income tax department would now get their income tax refund by April 30, 2024. However not all individuals ...

The Delhi high court had to decide the validity of the notices issued to petitioners under section 148, keeping in view the ‘period of limitation’ (time within which notices for re-opening of cases can be issued). The court was responding to a bunch...

The Central Board of Direct Taxes (CBDT) has granted an extension for filing Form 10-IC, which is required for domestic companies opting to pay tax at a concessional rate of 22%. This provision was introduced in the Income Tax Act from the financial...

The form ITR 7 is filled by Charitable and Religious Trusts, Political Parties, Scientific research institutions, University, college or other institutions.

Nitin Gupta, Chairman, Central Board of Direct Taxes (CBDT), has launched a revamped national Income Tax Department website at the ‘Chintan Shivir’, an event organised by the Directorate of Income Tax (Systems) at Udaipur, Rajasthan on August 26, 20...

The income tax dept has issued a circular on April 5, 2023, clarifying how employers can deduct taxes on the salary payments made to an employee. Budget 2023 has made the new tax regime as default tax regime for the financial year 2023-24. An indivi...

A bench led by Justice Surya Kant made these observations while deciding the tax department's appeal against a 2017 order of the Customs, Excise and Service Tax Appellate Tribunal, Chandigarh that set aside a show cause notice issued to Merino Panel...