Category: Direct Tax Laws

The Income Tax Department has launched a Mobile app, namely, ‘AIS for Taxpayer’ to facilitate taxpayers to view their information as available in the Annual Information Statement (AIS) / Taxpayer Information Summary (TIS). ‘AIS for …

Read More "Ministry of Finance clarifies on Roll out of ‘AIS for Taxpayer’ Mobile App"

For claiming ITC, genuineness of the transaction and actual physical movement of the goods are the sine qua non and the aforesaid can be proved only by furnishing the name and address of the selling …

Read More "SC orders that for claiming Input Tax Credit, genuineness of the transaction and actual physical movement of the goods has to be proved by the dealer"

With a view to effectively utilize the data collected from various sources, the entire information is now displayed to the taxpayer through the Annual Information Statement (AIS). The AIS provides a facility to the taxpayer …

Read More "CBDT issues further measures to facilitate voluntary tax compliance"

It may be recalled that the CBDT had issued a Circular dated 03.11.2022 putting forth the Explanatory notes to the Finance Act, 2022. These explanatory notes explained the amendments made in direct tax laws vide …

Read More "CBDT issues Corrigendum to its earlier Circular on Finance Act, 2022"

This notification shall be deemed to have been applied for the financial year 2020-2021 (for period from 01- 06-2020 to 31-03-2021) and for the financial year 2021-2022 and shall be applicable with respect to the …

Read More "Karnataka State Building and Other Construction Workers Welfare Board directed to file return of income"

IBBI shall not engage in any commercial activity.

The amendment provides that the report of audit of the accounts of a trust or institution which is required to be furnished in Form 10B or 10BB as per revised criteria.

A new functionality has been made available on the common portal which allows unregistered persons to take a temporary registration and apply for a refund under the category ‘Refund for Unregistered person’’.

CBDT has appointed the ‘Secretary (Information Technology & Digital Service Department), Directorate of e-Governance, Government of Tamil Nadu’ as the proper officer for Proper implementation of all the Centrally sponsored schemes and welfare schemes of …

Read More "CBDT appoints proper officer for implementation of IT schemes in Tamil Nadu"

The Central Board of Direct Taxes (CBDT) has issued the Income-tax (Second Amendment) Rules, 2023. These Rules seek to further amend the Income-tax Rules, 1962. These Rules were issued on 14th February, 2023. These Rules …

Read More "Income-tax (Second Amendment) Rules, 2023"