The Central Board Trustees of EPF recommends 8.25 % rate of interest to EPF subscribers for FY2023-24
The Board has recommended a distribution of historic income amount of Rs. 1,07,000 crores to EPF members’ accounts on a total principal amount of about Rs. 13 lakh crores, which was Rs. 91,151.66 crores and Rs. 11.02 lakh crores in the financial year 2022-23, respectively.
Exemption of Income Tax for Dairy Cooperative Society
The Government provide interest subvention to make short-term crop loans up to ₹3 lakh available to farmers at the interest rate of 7% per annum and in case of prompt repayment, additional 3% interest subvention is given and effective rate of interest gets reduced to 4%.
CBDT clarifications regarding ITR filings
Individuals and HUFs not having income from business or profession [and not eligible for filing ITR Form-1 (Sahaj)] can file ITR-2, while those having income from business or profession can file ITR Form- 3. ITR-4 (SUGAM) is for resident individuals, HUFs and Firms (other than LLP) having total income up to Rs. 50 lakh and having income from business and profession computed under section 44AD, 44ADA or 44AE. Persons other than individual, HUF and companies i.e. partnership firm, LLP etc. can file ITR Form- 5. The companies other than those claiming exemption under section 11 can file ITR Form-6.
Interim Budget 2024-25: Steering India Towards Sustainable Growth
The same tax rates for direct taxes, indirect taxes and import and export duty shall be retained. The tax benefits on investments made by sovereign wealth or pension funds, income of some IFSC units and start ups shall be valid till 31.03.2025. Outstanding direct tax demands up to twenty-five thousand rupees (₹ 25,000) pertaining to the period up to financial year 2009-10 and up to ten-thousand rupees (₹ 10,000) for financial years 2010-11 to 2014-15 is withdrawn.
Income-tax (First Amendment) Rules, 2024
The amendment has revised the Form ITR 6 for companies for filing income tax returns
CBDT extends income tax exemption to certain non-profit entities
This notification shall be deemed to have been applied for assessment years 2020-21 to 2023-2024 relevant for the financial years 2019-20 to 2022-2023 respectively.
Karnataka Commercial Taxes Department (Recruitment) (Amendment) Rules, 2023
The Finance Department of Karnataka, outlined the issuance of the Karnataka Commercial Taxes Department (Recruitment) Rules, 2023, specifically focusing on the qualifications and requirements for the positions of Commercial Tax Inspector and First Division Assistant.
CBDT extends income tax exemption to certain non-profit entities
This notification shall be deemed to have been applied for assessment years 2020-21 to 2023-2024 relevant for the financial years 2019-20 to 2022-2023 respectively.
CBDT issues guidelines under section 194-O of the Income-tax Act, 1961
The Circular details several types of situations with examples & provides clarity on multiple issues. Having received representations from various quarters, the CBDT Circular incorporates FAQs on varied issues.
Income-tax (Thirtieth Amendment) Rules, 2023
The requirement to use revised Form ITR-1 SAHAJ for reporting salary by a person being an individual who is a resident other than not ordinarily resident shall be applicable with effect from 01.04.2024 as extended by this amendment.
