Income Tax News

Form-10B Utility Released by Income Tax Department

25 August 2023 at 08:45

Income Tax Department has released the Form 10B utility on August 24, 2023.

Posted in Income Tax | 9816 Views

5.5 Crore Taxpayers Likely to Have Opted for New Tax Regime in FY24: A Comparative Analysis

23 August 2023 at 08:46

Taxpayers have the flexibility to choose between the new and old tax regimes based on their financial circumstances and tax-saving preferences. If individuals find that the new regime is more beneficial for them, they can switch to it.

Posted in Income Tax | 1 comments | 6477 Views

CBDT | Rent-Free Accommodation Taxed as Perquisite

22 August 2023 at 08:50

The Income tax (Eighteenth Amendment), Rules, 2023 was notified by the Central Board of Direct Taxes (CBDT) on August 18, 2023. These rules amend the Income-tax Rules, 1962, with effect from September 1, 2023.

Posted in Income Tax | 4656 Views

CBDT Issues Exchange Rate Notification for Foreign Currency TDS Deductions

22 August 2023 at 08:49

The Income-tax (Seventeenth Amendment) Rules, 2023 was notified by the Central Board of Direct Taxes (CBDT) on August 17, 2023. The amendment has made changes to the Income-tax Rules, 1962

Posted in Income Tax | 7323 Views

CBDT operationalises Advance Rulings in Delhi and Mumbai

21 August 2023 at 08:40

The Central Board of Direct Taxes constituted three Boards for Advance Rulings in September, 2021.

Posted in Income Tax | 2409 Views

CBDT notifies Rule for determination of value of perquisite in respect of residential accommodation provided by employer

21 August 2023 at 08:39

The Finance Act, 2023 brought in an amendment for the purposes of calculation of "perquisite" with regard to the value of rent-free or concessional accommodation provided to an employee, by his employer.

Posted in Income Tax | 8433 Views

Income Tax Dept Introduces Challan Correction Facility for Easy Tax Payment Modifications

19 August 2023 at 08:31

The Income Tax India portal has introduced a new feature called "Challan Correction," accessible through the path Dashboard > Services > Challan Correction.

Posted in Income Tax | 13248 Views

CBDT Releases Guidelines on Tax Exemption for Life Insurance Policies u/s 10(10D) of IT Act

18 August 2023 at 08:46

CBDT (Central Board of Direct Taxes) issued guidelines on the applicability of exemption under section 10(10D) of the Income Tax Act, 1961 (IT Act) for life insurance policies on August 16, 2023 vide Circular No. 15 of 2023.

Posted in Income Tax | 20985 Views

CBDT Sets New Rules for Calculating Income from Life Insurance Premiums Above Rs 5 Lakh

17 August 2023 at 08:57

Central Board of Direct Taxes (CBDT) notified Rule 11UACA on August 16, 2023, for tax calculation on life insurance policy amounts under section 56(2)(xiii) of the Income Tax Act, 1961 (the IT Act).

Posted in Income Tax | 18315 Views

CBDT Seeks Public Input on Proposed Changes to Form No. 6C

17 August 2023 at 08:56

CBDT has invited suggestions/comments on the draft Form No. 6C from stakeholders and general public. The deadline for submitting suggestions/comments is August 31, 2023.

Posted in Income Tax | 6867 Views