Category: Taxation

The due date of furnishing of Return of Income in Form ITR-7 for the Assessment Year 2023-24 in the case of assessees whose accounts are required to be audited, is extended from 31st October, 2023 …

Read More "Extension of timelines for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24"

This notification shall be deemed to have been applied for the assessment year 2023-2024 relevant for financial year 2022-2023.

In addition to the prescribed documents required to be submitted with the bill of entry, the importer shall also produce — (i) Test Certificate of the product; (ii) Manufacturer’s Invoice; (iii) Purchase Order or Contract; …

Read More "CBIC directions for import of Linear Alkyl Benzene"

Gains from transfer of units of investment trusts and IFSCA traded funds is not chargeable to income-tax under the head “Capital gains”.

There are several cases in which the ITRs have been processed and refunds have also been determined but the Department is unable to issue them as taxpayers have not yet validated their bank account in …

Read More "CBDT instructions for speedy processing of Income Tax Returns"

The exemption is provided considering the nature and type of work carried out by the income tax inspector.

The amendment has issued the revised method for calculation of value of residential accommodation provided by the employer to employee for levy of income tax

For the purpose of deduction of tax at source on any income payable in foreign currency, the rate of exchange for the calculation of the value in rupees of such income payable shall be the …

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

While registering the documents in the name of the purchaser of the flat in the Sub-Registrar office, the deed of sale of proportionate undivided share (UDS) of the land and the construction agreement were being …

Read More "T.N. registration department issues clarification on registration charges"

The Central government is empowered to provide relaxation to the bar against filing GST returns after 3 years from due date. The Government shall, on the recommendations of the Council, by notification, establish with effect …

Read More "CBIC commences relaxations provided by Finance Act, 2023"

CBIC waives late fee for default in filing Form GSTR 10 & GSTR 9 subject to filing the same by 31 August, 2023.

Directors of companies registered in Karnataka and nominated by financing agencies owned or controlled by the State Government or other statutory bodies are eligible for tax relief, supporting their roles in public service and governance. …

Read More "Karnataka government allows Tax exemptions under Professions, Trades, Callings, and Employments Act"