Income Tax Updates posters list
Note: Only one Filter can be used at a time
| Appl Date | Subject | Details | Period | Link |
|---|---|---|---|---|
| 2025-04-10 | Guidelines for Rightful Claim of Income Tax Refunds | The Income Tax Department has issued detailed guidelines to help taxpayers claim refunds correctly while filing Income Tax Returns (ITR). It stresses the importance of entering accurate income details, taxes paid (including TDS and advance tax), and valid bank account information.
Taxpayers are advised to reconcile their ITR with Form 26AS, AIS, and TIS to prevent mismatches. Common causes of refund delays-such as errors in data, non-verification, or pending responses-are also highlighted. The department urges regular tracking of refund status and timely replies to any compliance notices. | ||
| 2025-04-10 | Notification of HUDCO Bonds as Long-Term Specified Asset under Section 54EC | Notification No. 31/2025 (S.O. 1644(E)) dated 7th April 2025 declares that bonds issued on or after 1st April 2025 by Housing and Urban Development Corporation Limited (HUDCO) are notified as long-term specified assets under section 54EC of the Income-tax Act, 1961.
These bonds must be redeemable after five years. HUDCO is authorized to use the proceeds only for infrastructure projects that can repay debt from project revenues without State Government dependency. The notification defines infrastructure as per updated harmonised master list guidelines issued by the Department of Economic Affairs. This provides tax exemption benefits for capital gains reinvestment. | ||
| 2025-04-09 | Deadline Declared for Filing Under Direct Tax Vivad se Vishwas Scheme, 2024 | Notification No. 32/2025 (S.O. 1650(E)) dated 8th April 2025, issued under section 89 of the Finance (No. 2) Act, 2024, specifies that declarations under the Direct Tax Vivad se Vishwas Scheme, 2024 must be filed on or before 30th April 2025.
The declaration, pertaining to tax arrears, must be submitted to the designated authority in line with section 90 of the said Act. This notification formalizes the last date for availing benefits under the scheme aimed at resolving direct tax disputes, providing taxpayers with a clear compliance timeline and encouraging early resolution of pending cases. | ||
| 2025-04-04 | Deadline Announced for Aadhaar Linking by PAN Holders with Enrolment ID | Notification No. 26/2025 (S.O. 1605(E)) dated 3rd April 2025 mandates that individuals who received their PAN based on an Aadhaar Enrolment ID (application form filed before 1st October 2024) must inform their Aadhaar number to the Income-tax Department.
This intimation must be made to the Principal Director General or Director General of Income-tax (Systems), or an authorized person, on or before 31st December 2025. The aim is to ensure proper identification and compliance under Section 139AA(2A) of the Income-tax Act, 1961. Failure to comply may result in consequences as prescribed by the Central Board of Direct Taxes (CBDT). | ||
| 2025-03-29 | Finance Bill 2025 Passed and Signed by President | The Finance Bill 2025 has been passed by both houses of Parliament and has received the Presidents assent.
With this, all budget proposals for the financial year, including tax changes and compliance updates, are now officially law. Tax professionals and taxpayers should review the new provisions and prepare for implementation. | ||
| 2025-03-29 | Key Amendments to Tax Audit Report Form 3CD under Income-tax Rules | Notification G.S.R. 207(E) dated 28th March 2025 introduces significant amendments to Form 3CD under the Income-tax (Eighth Amendment) Rules, 2025, effective from 1st April 2025. Key changes include the insertion of clause 44BBC, removal of deductions under sections 32AC, 32AD, 35AC, and 35CCB, and new reporting for MSME dues under section 15 of the MSMED Act.
Additional disclosure is required for expenditure on legal contraventions, buyback of shares, and restructured loan/deposit classifications. A dropdown-based coding system is added for tracking the nature of loan receipts and repayments, improving audit trail clarity and ensuring better statutory reporting. | ||
| 2025-03-26 | Half-Yearly Return Mandated for Delayed Payments to MSMEs | The Ministry of Micro, Small and Medium Enterprises (MSME), via notification dated 25th March 2025, has mandated that all companies procuring goods or services from micro and small enterprises (MSEs) must submit a half-yearly return to the Ministry of Corporate Affairs if payments to MSEs exceed 45 days from the date of acceptance or deemed acceptance.
The return must disclose (a) the amount due and (b) reasons for the delay, as per Section 9 and 15 of the MSME Development Act, 2006. | ||
| 2025-03-26 | Income Tax Offices to Remain Open on 29th, 30th & 31st March 2025 | To ensure completion of pending departmental work for FY 2024-25, CBDT has directed all Income Tax Offices across India to remain open on 29th (Saturday), 30th (Sunday), and 31st March 2025 (Monday), despite 31st being a closed holiday.
This order, issued under Section 119 of the Income-tax Act, 1961, is for administrative convenience as the financial year ends on a holiday, with the preceding two days being a weekend. | ||
| 2025-03-25 | CBDT Expands Safe Harbour Rules under Income-tax Rules, 1962 | CBDT has amended the Income-tax Rules, 1962, expanding the scope of safe harbour provisions under Section 92CB for arm's length price determination.
Key changes include raising the threshold for availing safe harbour from Rs. 200 crores to Rs. 300 crores and adding lithium-ion batteries for use in electric or hybrid electric vehicles to the definition of core auto components. These changes apply to assessment years 2025-26 and 2026-27, offering greater tax certainty to qualifying taxpayers. | ||
| 2025-03-25 | Key Clarifications on Finance Bill 2025 - Supplementary FAQs Released | The supplementary FAQs on the Finance Bill 2025 clarify major amendments including easing investment limits under Section 9A for Indian residents in eligible funds, presumptive taxation for tech services by non-residents under Section 44BBD, exemptions for IFSC-issued insurance policies under Section 10(10D), and tax-neutral relocation for ETFs and retail schemes under Section 47(viiad).
Significant updates to Chapter XIV-B redefine "undisclosed income" for block assessments, aligning legal definitions and procedures with the evolving tax framework. | ||
| 2025-03-18 | CBDT Issues Clarification on Circular 01/2025 Regarding Principal Purpose Test (PPT) in DTAAs | CBDT clarifies that Circular 01/2025 provides guidance on applying the Principal Purpose Test (PPT) in India's Double Taxation Avoidance Agreements (DTAAs) where such a provision exists.
It does not interfere with other DTAA provisions, anti-abuse rules like GAAR, SAAR, or JAAR, or introduce new legal interpretations. The Circular strictly applies to the PPT provision, ensuring consistency in tax law interpretation while upholding the existing legal framework. | ||
| 2025-03-18 | CBDT Issues FAQs on Compounding of Offences Under Income-Tax Act | CBDT has issued revised guidelines for compounding offences under the Income-Tax Act, 1961, effective from 17.10.2024.
Key changes include the removal of offence categorization, no limit on the number of applications, permission for fresh applications after curing defects, and inclusion of compounding under sections 275A and 276B. The previous 36-month time limit for application filing has been eliminated. These changes provide taxpayers with greater flexibility while ensuring legal compliance and procedural transparency. | ||
| 2025-03-13 | Correction statements for TDS/TCS cannot be filed after six years | The Finance (No. 2) Act, 2024, introduced an amendment to Section 200(3) of the Income-tax Act, stipulating that correction statements for TDS/TCS cannot be filed after six years from the end of the financial year in which the original statement was due. Consequently, correction statements for Financial Years 2007-08 to 2018-19 will be accepted only up to March 31, 2025. | ||
| 2025-02-28 | Form 13 Filing Deadline for FY 2024-25 | The filing application in Form 13 for obtaining a lower or nil deduction certificate under section 197 of the Income Tax Act for the financial year 2024-25 must be completed by 15th March 2025. | ||
| 2025-02-28 | Form 15E Filing for FY 2025-26 Now Available | Starting 28th February 2025, you can file an application in Form 15E for the lower or nil deduction certificate under section 195(2) of the Income Tax Act for the Financial Year 2025-26. | ||
| 2025-02-28 | Form 15E Filing Deadline for FY 2024-25 | The deadline to file an application in Form 15E for obtaining a lower or nil deduction certificate under section 195(2) of the Income Tax Act for the financial year 2024-25 is 15th March 2025. | ||
| 2025-02-21 | Income-Tax Deduction from Salaries for Financial Year 2024-25 | CBDT has issued Circular No. 3/2025, dated February 20, 2025, providing guidelines for income-tax deduction from salaries under Section 192 of the Income-tax Act, 1961 for Financial Year 2024-25.
It incorporates amendments introduced by Finance (No.2) Act, 2024, Finance (No.1) Act, 2024, and Finance Act, 2023. Key highlights include: 1. Updated surcharge rates under the Old Tax Regime for individuals earning above ?50 lakhs. 2. New Tax Regime slabs remain unchanged. 3. Changes in perquisites valuation, including employer-provided accommodation. 4. Revised Form 16 and 24Q under amended Income-tax Rules. | ||
| 2025-02-09 | CBDT Notification: Income-tax (Third Amendment) Rules, 2025 | The Income-tax (Third Amendment) Rules, 2025 revise regulations for Infrastructure Debt Funds (IDFs). IDFs must be Non-Banking Financial Companies (NBFCs) regulated by RBI and can invest only in post-operation infrastructure projects or toll-operate-transfer projects. IDFs can raise funds via rupee/foreign bonds, zero-coupon bonds (Rule 8B), or ECB.
ECBs must have a minimum five-year tenure and cannot be sourced from Indian banks' foreign branches. IDFs cannot invest in projects where a specified shareholder (holding 30% or more voting power) has a substantial interest. These changes enhance financial oversight and investment norms for infrastructure financing. | ||
| 2025-01-22 | Six-year limitation for filing TDS/TCS correction statements |
Starting from April 1, 2025, an amendment to Section 200(3) of the Income-tax Act introduces a six-year limitation for filing TDS/TCS correction statements. This means corrections can only be made within six years from the end of the relevant financial year.
For financial years up to 2018-19, correction statements must be submitted by March 31, 2025. | ||
| 2025-01-21 | Removal of Difficulties in Direct Tax Vivad Se Vishwas Scheme, 2024 | The Ministry of Finance has issued an order to resolve issues in implementing the Direct Tax Vivad Se Vishwas Scheme, 2024, effective from 1st October 2024. For cases where appeals were filed after 22nd July 2024, the order ensures that:
1) The appeal will be considered pending as of 22nd July 2024. 2) The individual will be treated as an appellant under the Scheme. 3) Disputed taxes will be calculated based on the appeal. This order aims to streamline the process for those affected. | ||
| 2025-01-06 | TDS Exemption for IFSC Unit Purchases | Effective 1st January 2025, no TDS under Section 194Q is required on purchases from IFSC Units, provided:
1) The seller submits a verified declaration for claiming deductions under Section 80LA for ten consecutive years. 2) The buyer refrains from deducting TDS after receiving the declaration and reports such payments in their TDS statements. This exemption supports compliance ease and boosts IFSC operations. | ||
| 2024-12-31 | Extension of Due Date for Furnishing Belated/Revised Return of Income for AY 24-25 | CBDT, in its Circular No. 21/2024 dated 31st Dec 2024, has extended the deadline for submitting belated or revised returns of income for the AY 24-25.
The revised due date for resident individuals is now set for 15th Jan 2025, instead of the earlier deadline of 31st Dec 2024. This extension applies to the filing of belated returns under section 139(4) and revised returns under section 139(5) of the Income-tax Act, 1961. The extension provides additional time for taxpayers to fulfill their filing obligations for the given assessment year. | ||
| 2024-12-30 | Extension of Due Date for Determining Amount Payable under the Direct Tax Vivad Se Vishwas Scheme, 2024 | CBDT has extended the due date for determining the payable amount under column (3) of the Table specified in section 90 of the Direct Tax Vivad Se Vishwas Scheme, 2024.
The new deadline is now set to 31st January 2025, extended from the previous deadline of 31st December 2024. In cases where the declaration is filed on or before 31st January 2025, the payable amount will be determined as per column (3) of the Table. If the declaration is filed on or after 1st February 2025, the amount will be determined as per column (4) of the said Table. | ||
| 2024-11-30 | Introduction of Safe Harbour Rules for Diamond Businesses | The CBDT has notified amendments to Income-Tax Rules, 1962, introducing Safe Harbour Rules for eligible businesses under Section 92CB. Who Benefits? - Foreign companies in diamond mining. - Raw diamond sellers in special zones. Key Points: - Profits 4% or more of gross receipts to qualify. - Submit application using Form 3CEFC. Notification No. 124/2024, effective retrospectively from 1st April 2024 for AY 2024-25. | ||
| 2024-11-30 | Extended Due Date for AY 2024-25 Filing with Section 92E Report | The CBDT has extended the due date for filing Income Tax Returns under Section 139(1) for Assessment Year 2024-25. - Applicable to taxpayers furnishing reports under Section 92E. - New deadline: 15th December 2024 (previously 30th November 2024). Ensure timely compliance to avoid penalties. For details, refer to CBDT Circular No. 18/2024 dated 30th November 2024. | ||
| 2024-11-30 | CBDT Seeks Suggestions for Income-tax Act Review | CBDT has formed an internal committee to review the Income-tax Act, 1961. The aim is to simplify the language, reduce litigation, enhance compliance efficiency, and remove outdated provisions.
Stakeholders and the public can share their inputs under these categories: 1) Simplification of Language 2) Litigation Reduction 3) Compliance Reduction 4) Removal of Redundant Provisions Suggestions can be submitted via the Income Tax e-filing portal. | ||
| 2024-11-22 | Mandatory Electronic Filing of Forms under Income Tax Rules | CBDT has issued Notification No. 06/2024, mandating electronic filing of the following forms under Rule 131, effective 22nd November 2024: Form 42: Appeals for provident fund recognition issues. Form 43: Appeals for superannuation fund approval issues. Form 44: Appeals for gratuity fund approval issues. Ensure compliance by filing these forms electronically. | ||
| 2024-11-20 | CBDT Allows Delay Condonation for Forms 10-IC and 10-ID | The Central Board of Direct Taxes (CBDT) has issued Circular No. 17/2024, permitting condonation of delays in filing Forms 10-IC and 10-ID for Assessment Years 2020-21, 2021-22, and 2022-23 under Section 119(2)(b) of the Income-tax Act.
Applications must meet specific conditions, including filing returns on time and showing genuine hardship. Delays up to 365 days will be addressed by Pr. Commissioners of Income Tax, while longer delays will be handled by higher authorities. No applications will be accepted beyond three years from the end of the relevant assessment year. | ||
| 2024-11-18 | CBDT Launches Campaign for Foreign Assets Reporting | The CBDT has launched a compliance campaign to assist taxpayers in disclosing foreign assets and income in their ITR for AY 2024-25. Targeting residents holding foreign accounts or receiving foreign income, the campaign uses SMS and emails to guide taxpayers in completing Schedule FA and FSI.
Non-compliance may lead to penalties of up to Rs. 10 lakh and revocation of DTAA benefits. Taxpayers are encouraged to visit the Income Tax Department website for details and file revised returns if needed before December 31, 2024. | ||
| 2024-11-05 | Updated Rules on Interest Waiver for Tax Delays | CBDT new circular revises limits for waiving interest on delayed tax payments under Section 220(2).
Key limits: Pr. CIT / CIT: up to Rs. 50 lakhs CCIT/DGIT: Rs. 50 lakhs to Rs. 1.5 crore Pr. CCIT: above Rs. 1.5 crore Effective immediately, waivers apply only if hardship is proven, delay is uncontrollable, and taxpayer cooperation is shown. | ||
| 2024-10-26 | Extended Deadline for Filing Income Tax Returns for Audit Cases for FY 2023-24 | The due date for filing Income Tax Returns (ITR) for audit cases for the Financial Year 2023-24 has been extended to 15th November 2024.
This extension applies to corporate assessees, non-corporate assessees whose accounts require auditing, and partners of firms whose accounts require auditing, as well as their spouses in cases covered by section 5A. This update follows Circular No. 13/2024 dated 26th October 2024. | ||
| 2024-10-21 | New Income Declaration Form 12BAA: A Must for Accurate Tax Deduction! | The Income Tax Department has introduced Form 12BAA, now compulsory for all employees to report income from sources beyond their salary, like interest, dividends, commissions, or rental income.
This form ensures that taxes deducted or collected at source (TDS/TCS) are properly accounted for, adjusting your total tax liability more accurately. It is a crucial step to avoid discrepancies and penalties. Employees should make sure to submit Form 12BAA to employer and declare full income for precise tax deductions on salary. | ||
| 2024-10-17 | New CBDT Guidelines for Compounding Offences Under IT Act | CBDT has released updated guidelines for compounding offences under the Income-Tax Act, effective from 17th October 2024. These changes simplify the application process by eliminating offence categorization and removing the 36-month time limit for filing applications.
Companies and HUFs can now compound offences without the main accused filing the application. Additionally, compounding charges have been rationalized, reducing interest for late payments and standardizing TDS defaults at 1.5% per month. These revisions aim to ease compliance and promote the government's "ease of doing business" initiative. | ||
| 2024-10-15 | Income Tax Amendment Rules: Clarification on Section 12A and 80G | The Ministry of Finance has issued Notification No. 111/2024, amending the Income Tax Rules, 1962, effective from 1st October 2024. This amendment clarifies various provisions under Section 12A and Section 80G of the Income Tax Act, 1961.
It updates the registration process for trusts and non-profit organizations, simplifying the application forms (Form 10A and 10AB) and removing outdated codes. The amendment is aimed at streamlining the process for obtaining tax exemptions and ensuring proper compliance with the updated guidelines. | ||
| 2024-10-15 | Guidance on Direct Tax Vivad Se Vishwas Scheme, 2024 | The Central Board of Direct Taxes (CBDT) has issued Circular No. 12 of 2024, providing a detailed guidance note on the provisions of the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV Scheme, 2024).
This scheme aims to resolve pending income tax litigation and facilitate quicker tax dispute settlements. The circular addresses frequently asked questions and clarifies the eligibility criteria, payment timelines, and procedural aspects of the scheme. It ensures taxpayers gain a better understanding of how to benefit from the scheme before the deadlines. | ||
| 2024-10-08 | Extension for Resubmission of Audit Reports in Form 10B/10BB for AY 23-24 | CBDT has issued an order under section 119 of the Income-tax Act, 1961, allowing trusts, institutions, and funds that had already submitted their audit reports in Form 10B/10BB on or before 31st October 2023 to resubmit the audit report in the correct prescribed form by the revised deadline of 31st October 2024.
This extension aims to provide relief to those entities that initially submitted their reports but did not use the proper format, ensuring compliance with the requirements of clause (b) of the tenth proviso to clause (23C) of section 10 and clause (b) of sub-section (1) of section 12A of the Income-tax Act, 1961. | ||
| 2024-09-29 | Extension of Time for Filing Tax Audit Reports for AY 2024-25 | The Central Board of Direct Taxes (CBDT) has issued Circular No. 10/2024, dated 29th September 2024, extending the deadline for filing various audit reports for Assessment Year 2024-25. Due to difficulties faced by taxpayers and other stakeholders in the electronic filing process, the CBDT has extended the deadline from 30th September 2024 to 7th October 2024 for furnishing audit reports under the Income-tax Act, 1961, for the Previous Year 2023-24. This circular is relevant for assessees covered under section 139(1), including those requiring tax audit reports. | ||
| 2024-09-20 | Commencement of Direct Tax Vivad Se Vishwas Scheme, 2024 from October 1, 2024 | The Ministry of Finance, through a notification published in the Gazette of India on September 19, 2024, has announced that the Direct Tax Vivad Se Vishwas Scheme, 2024 will come into effect from October 1, 2024. This scheme, introduced under the Finance Act, 2024, aims to resolve pending tax disputes efficiently. Taxpayers will be able to settle their disputes with the tax authorities by paying the applicable taxes and obtaining relief from interest, penalty, and prosecution. The notification marks the official commencement of the scheme, which is expected to facilitate quicker resolution of tax-related litigations. | ||
| 2024-08-30 | CBDT Introduces e-Dispute Resolution Scheme, 2022 to Streamline Tax Dispute Resolution | CBDT has rolled out the e-Dispute Resolution Scheme (e-DRS) 2022, under Section 245MA of the IT Act, 1961. This initiative aims to reduce litigation by providing eligible taxpayers an electronic platform to resolve disputes through Dispute Resolution Committees (DRCs) established across all Principal Chief Commissioner of Income Tax (Pr. CCIT) regions.
The scheme applies to specified orders where the tax variation does not exceed ?10 lakh, and the returned income is within ?50 lakh. The DRCs can modify orders, reduce or waive penalties, and must pass resolutions within six months. Taxpayers can file applications using Form 34BC on the Income Tax Department's e-filing portal, with a final deadline of 30th September 2024 for specified appeals. | ||
| 2024-08-21 | Clarification on the Requirement for Income-Tax Clearance Certificate (ITCC) | The Central Board of Direct Taxes (CBDT) has issued a clarification regarding the Income-Tax Clearance Certificate (ITCC) requirement, following misinformation that all Indian citizens must obtain an ITCC before leaving the country. This is incorrect. The clarification states that only in specific circumstances such as involvement in serious financial irregularities or pending direct tax arrears exceeding Rs. 10 lakh, is the ITCC necessary. These provisions have been in place since 2003, and the recent amendment in 2024 has not changed the general applicability of the rule. | ||
| 2024-08-12 | Upcoming Expansion of TCS Under Sec 206C(1F) to Luxury Goods Starting Jan 25 | The Central Government has announced a significant amendment to Section 206C(1F) of the Income Tax Act, effective from January 1, 2025. Previously limited to motor vehicles, the scope of TCS (Tax Collected at Source) under this section will be broadened to include other notified luxury goods where the transaction value exceeds ?10 lakh. This change aims to enhance tax compliance and better track high-value transactions involving luxury items. The specific goods falling under this expanded TCS provision will be notified by the Central Government in due course. | ||
| 2024-08-06 | The Centre may offer an option to calculate LTCG tax on property and pay a lower tax under certain conditions. | In a significant relief for taxpayers, government proposed amendments to the Finance Bill 2024 on Tuesday, allowing assessees to choose between computing taxes at 12.5% without indexation or 20% with indexation on real estate transactions under specific conditions. According to the amendments, individual taxpayers or Hindu Undivided Families (HUF) who purchased residential property before 23rd July 24 can select either tax computation method. FM Nirmala Sitharaman is expected to present the amended Bill in Parliament on Thursday. | ||
| 2024-08-06 | Non-applicability of Higher Rate of TDS/TCS in Case of Deceased Taxpayers | CBDT Circular No. 08/2024, issued on August 5, 2024, states that higher rates of TDS/TCS will not apply if a taxpayer died before May 31, 2024, and couldn't link their PAN with Aadhaar. Standard tax deduction/collection rules will apply to transactions made before March 31, 2024. | ||
| 2024-06-28 | File tax audits with Aadhaar OTP | You can now complete the whole process of acceptance of 3CB-3CD & the ITR filing with only Aadhaar OTP verification. You Can Now file tax audits with Aadhaar OTP. There is no need of digital signature. | ||
| 2024-06-23 | NEW TAX REGIME is the default regime | For A.Y. 2024-25, NEW TAX REGIME is the default regime for Individual, HUF, AOP (other than co-operative society), BOI, and Artificial Juridical Person.
If you want to opt for the "OLD TAX REGIME" and you are: (i) Eligible to file a return of income in ITR 1 & 2, then select the relevant option directly in ITR and file the return within the applicable due date. (ii) Eligible to file a return of income in ITR 3, 4 & 5, then you MUST file Form 10-IEA before the due date mentioned u/s 139(1). Please compare the tax liability under the New Tax and Old Tax regime before filing the return. | ||
| 2024-06-18 | Provisional figures of Direct Tax collections for the Financial Year 2024-25 | Gross Direct Tax collections for the Financial Year (FY) 2024-25 register a growth of 22.19%. Net Direct Tax collections for FY2024-25 grow at over 20.99%. Advance Tax Collections for FY2024-25 stand at Rs. 1,48,823 crore with a growth of 27.34%. Refunds aggregating to Rs. 53,322 crore issued in the current fiscal. - Posted On: 18 JUN 2024 5:59PM by PIB Delhi | ||
| 2024-06-06 | Outstanding Demands and Response Popup | The "Outstanding Demand" popup feature has been activated on the Income Tax Portal. Now, whenever you log in, a popup will appear notifying you of any outstanding demands and will directly redirect you to the "Response to Outstanding Demand" page. Popup reads as - "Outstanding Demand There are outstanding demand(s) in your case. You are requested to provide your response(s) immediately. Please ignore this message if you have already given your response(s)." | ||
| 2024-05-24 | Cost Inflation Index for FY 2024-25 | The Department of Revenue and Central Board of Direct Taxes under The Ministry of Finance , has issued a notification numbered S.O. 2103(E) that adds the Cost Inflation Index (CII) value for the Financial Year 2024-25. The newly added CII value is set at 363. This notification, effective from April 1, 2025, applies to the assessment year 2025-26 and subsequent years. This document is an amendment to the initial notification published on June 5, 2017, under S.O. 1790(E), specifically adding a new entry to the series of indices previously published in the Gazette of India. | ||
| 2024-05-13 | Enhanced Transparency and Taxpayer Services through New AIS Functionality | CBDT has announced a new functionality in the Annual Information Statement (AIS) that will significantly increase transparency and improve services for taxpayers. This update allows taxpayers to provide feedback on each financial transaction displayed in AIS, which may have tax implications. If any discrepancies are found, feedback can be communicated to source of information for confirmation.
It will display status of the information confirmation process, including whether the feedback has been shared with the reporting source, the date on which the source responded, and the source's response, which may require further corrections. This aims to facilitate better compliance and enhance quality of taxpayer services by ensuring that all financial data reflected in AIS is accurate and verified. | ||
| 2024-05-03 | Guidelines for Compulsory Selection of Income Tax Returns for Complete Scrutiny in FY 2024-25 | The document from the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, issued on May 3, 2024, outlines the guidelines for the compulsory selection of income tax returns for complete scrutiny for the financial year 2024-25.
The document is issued to all Principal Chief Commissioners of Income-tax, Chief Commissioners of Income-tax, Principal Director Generals of Income-tax, and Director Generals of Income-tax. | ||
| 2024-04-25 | CBDT Extends Deadline for Form 10A/10AB Filing | The Central Board of Direct Taxes (CBDT) has officially extended the deadline for filing Form 10A and Form 10AB to June 30, 2024, according to Circular No. 07/2024. This extension is to alleviate hardships faced by taxpayers, following multiple prior extensions. Trusts, institutions, and funds that had not filed for AY 2022-23 can use this opportunity to adjust their filings or reapply. The extension applies to provisions under sections 10(23C), 12A, 80G, and 35 of the Income-tax Act. All relevant applications must be filed electronically via the e-filing portal of the Income Tax Department. This announcement aims to address issues faced due to late or incorrectly filed applications in the past. | ||
| 2024-04-23 | Easing TDS Compliance for Transactions with Inoperative PANs | CBDT issued Circular No. 6 on April 23, 2024, offering relief to deductors/collectors who faced challenges due to the requirement of collecting TDS/TCS at a higher rate for inoperative PANs not linked to Aadhaar by April 1, 2023. The circular states that for transactions up to March 31, 2024, there will be no liability for deductors/collectors who deducted at the normal rate, provided the deductees PAN is linked to Aadhaar by May 31, 2024, making it operative. This provides respite from notices issued for tax shortfall due to inoperative PANs. For future transactions starting April 1, 2024, deductors are advised to ensure the deductees PAN is linked to Aadhaar to avoid the higher tax rate. The circular also encourages prompt action in response to any notices received for short deduction due to this issue. | ||
| 2024-04-23 | Relief Measures for Tax Deductors and Collectors with Inoperative PANs | The Ministry of Finance issued Circular No. 6/2024 on April 23rd, modifying Circular No. 3/2023 regarding the consequences of having an inoperative PAN under Income-tax Rules. It clarifies transactions from March 28th, 2023, to March 31st, 2024, won't incur liability if the PAN becomes inoperative. The circular addresses grievances from taxpayers about penalties while their PANs were inoperative. It specifies no penalty for default in such cases, easing the burden on deductors/collectors. The circular ensures no liability for TDS/TCS default related to inoperative PANs in the specified period. A Hindi version of the circular will follow. | ||
| 2024-04-05 | Updated Verification Process for Income Tax Returns | The Income Tax Department has issued a corrigendum to Notification No. 02 of 2024, clarifying the verification process for Income Tax Returns (ITRs). Initially, taxpayers were given a 30-day window from the date of electronically transmitting their ITR data for verification. As per the corrigendum, the verification will be considered valid if it is not done within 30 days from the date of uploading but is completed by the due date for furnishing the return of income as per the Income-tax Act, 1961, whichever is later. Returns not verified within these time frames will be treated as invalid due to non-verification. | ||
| 2024-04-05 | ITR Verification - Date on which Duly Verified ITR-V is RECEIVED | Verification of ITR - 30 Days from submitting ITR. Important Change in 30 Days time in case of ITR-V! As per Law earlier DATE OF DISPATCH was to be considered for 30 Days time period - NNo. 05/2022 Now the DATE ON WHICH DULY VERIFIED ITR-V IS RECEIVED BY CPC shall be considered for determining 30 Days - NNo. 2/2024 dt. 31/03/2024 | ||
| 2024-03-21 | Be ready as No rollback of 43B(h) | There has been no rollback of Income Tax Section 43B(h) as might have been expected. This means that for AY starting from April 1, 2024, businesses engaging in transactions with enterprises registered under the MSMED Act, 2006, need to adhere strictly to the provisions of this section. Thus, every businessman should prepare to comply with these rules, ensuring timely payments for purchases or services from Micro and Small Enterprises (MSMEs) to avoid disallowance of such expenses for income tax purposes. This development underscores the importance of financial discipline. | ||
| 2024-03-18 | Income Tax Offices Open During Year-End: CBDT Directive | The Central Board of Direct Taxes (CBDT) has issued a directive, as per the order under section 119 of the Income-tax Act, 1961, stating that all Income Tax Offices throughout India will remain operational on 29th, 30th, and 31st March 2024. This decision has been taken to facilitate the completion of pending departmental work as the Financial Year 2023-24 draws to a close on 31st March, which is a Sunday. Moreover, 29th March is a closed holiday and 30th March is a Saturday. The directive ensures administrative convenience and the proper closing of the financial year. | ||
| 2024-03-13 | SMEs should get printed the MSE status on their letter heads | OM No. 2(28)/2007-MSME(Pol), dated 26-8-2008 had stated that it is advisable that the Micro or Small Enterprises should mention/get printed on their letter heads, supply order sheets, invoices, bills and relevant documents, the Entrepreneurs Memorandum (EM) number.., so that there always remains an identification of being an MSE supplier.
This will be helpful for compliance of section 43B(h) of IT Act, 1961. | ||
| 2024-03-12 | Delhi Court Sentences Woman to Jail for non-filing of ITR | In a significant judgment, a Delhi Court has sentenced Savitri to a six-month imprisonment for not filing her tax return on an income amounting to Rs. 2 crores. This verdict comes after the Income Tax Office filed a complaint, emphasizing the serious consequences of evading taxes. The court, led by ACMM Mayank Mittal, aimed to set an example to underscore the importance of adhering to tax deadlines. Despite arguments made regarding her being a widow and uneducated, the court maintained that adherence to the law takes precedence. This ruling serves as a stark reminder of the importance of fulfilling tax obligations in society. | ||
| 2024-03-07 | Guidelines for Priority Disposal of Appeals by Income Tax Authorities | CBDT has issued revised guidelines for the expedited disposal of pending appeals by Chief Commissioners of IT (CCsIT), Principal Director Generals of IT (Pr.DGsIT), and other relevant authorities. These guidelines replace a previous directive dated December 29, 2021. The new framework allows for out-of-turn disposal of appeals under specific circumstances, including cases with demands exceeding Rs. 1 crore, appeals accompanied by VIP/PMO references, those directed by courts, appeals from senior citizens, and instances of genuine hardship. Additionally, appeals within the purview of faceless Chief Commissioners of IT (Appeals) Units (CsIT(AU)) will be referred to the Principal Chief Commissioner of IT (National Faceless Assessment Centre) (Pr.CCIT (NFAC)) for further action. These guidelines are enacted with the approval of the Chairman of the CBDT, aimed at streamlining the appellate process and ensuring fairness and efficiency in tax administration. | ||
| 2024-03-10 | Advance Tax E-Campaign for FY 2023-24 | The Income Tax Department of India is initiating an e-campaign for the financial year 2023-24 to ensure proper tax payment. They have identified individuals and entities whose tax payments do not match their financial transactions. This campaign will inform these taxpayers via email and SMS to encourage correct advance tax payment by March 15, 2024. Information about taxpayers' transactions is sourced to improve transparency and compliance. Taxpayers can view these significant transactions in the Annual Information Statement (AIS) module. To access this, taxpayers must log in to their e-filing account and visit the Compliance Portal. Unregistered users must first sign up on the e-filing website to utilize these services. | ||
| 2024-03-05 | Introduction of the Income-tax (Fourth Amendment) Rules, 2024 | The Ministry of Finance, through the CBDT, announced the IT (Fourth Amendment) Rules, 2024, effective from their publication in the Official Gazette. This amendment modifies various clauses in the IT Rules, 1962, including adjustments to the written down value under different sections for specific assessment years and the introduction of new provisions related to expenditure in violation of the law. Additionally, it updates Form No. 3CD, 3CEB, and introduces changes in Form No. 65, particularly in relation to international financial services centre units and the determination of arm's length price in specified domestic transactions. This notification ensures compliance and clarity in tax reporting and deductions, reflecting ongoing updates in tax legislation. | ||
| 2024-03-05 | Circular No 2/2024: Audit Report Submission Guidelines for Trusts and Institutions | Circular No. 2/2024 issued by CBDT outlines the revised guidelines for audit report submissions by trusts and institutions claiming exemption under various clauses of the IT Act, 1961. Effective from the AY 2023-24, trusts and institutions with certain income thresholds or receiving foreign contributions are required to submit their audit reports in newly specified forms (Form No. 10B or 10BB), as per the IT (Third Amendment) Rules, 2023. This marks a change from the previous requirements and aims to streamline audit reporting. Due to instances of non-compliance with these new form requirements, the CBDT has granted a one-time relief allowing those affected to submit the correct form by 31 March 2024, ensuring they can still claim exemption for the A.Y. 2023-24. | ||
| 2024-03-04 | Enhancing Tax Compliance with E-Verification Initiative | The Indian Income Tax Department is enhancing transparency and compliance by integrating financial transaction data into the AIS module for taxpayer review. Discrepancies identified between filed returns for the financial year 2021-22 and financial transaction information are addressed through the e-Verification Scheme-2021. Taxpayers are being notified via email to reconcile any mismatches and file updated returns or submit them as non-filers if necessary, as per section 139(8A) of the Income-tax Act, 1961. The deadline for updated submissions for A.Y. 2021-22 is set for 31st March 2024. | ||
| 2024-02-26 | Press release on Implementation of e-Verification Scheme-2021 - Part 2 | Following the implementation of the e-Verification Scheme-2021, CBDT has provided a significant clarification for taxpayers concerning the disclosure of interest income. Taxpayers who have reported their interest income under the 'Others' category in the Schedule OS of their Income Tax Return (ITR) are not required to take any action in response to mismatches related to interest income. This aspect of the scheme ensures that such mismatches will automatically be corrected and updated as 'Completed' on the e-filing portal. This measure is designed to simplify the reconciliation process, allowing taxpayers to easily comply with tax regulations without the need for additional documentation or correction submissions for certain types of income discrepancies. | ||
| 2024-02-26 | Press release on Implementation of e-Verification Scheme-2021 - Part 1 | CBDT has introduced the e-Verification Scheme-2021 to address mismatches in interest and dividend income reported by third parties and the Income Tax Returns (ITR) filed by taxpayers. This initiative, aimed at reconciling discrepancies for the Financial Years 2021-22 and 2022-23, utilizes an on-screen functionality on the Compliance portal of the e-filing website. Taxpayers are informed about mismatches through SMS and emails and can directly reconcile these discrepancies on the portal without needing to submit additional documents. The scheme simplifies the process for taxpayers to correct their filings and encourages the use of an Updated Income Tax Return for any underreported income. | ||
| 2024-02-20 | CBDT Sanctions Waiver of Outstanding Tax Demands | The Central Board of Direct Taxes (CBDT) has issued an order following the Finance Minister's budget announcement to waive certain outstanding tax demands. This waiver applies to demands under the Income-tax Act, Wealth-tax Act, and Gift-tax Act, as of January 31, 2024. For Assessment Years up to 2010-11, tax demands up to Rs. 25,000 are waived, while for years 2011-12 to 2015-16, the limit is Rs. 10,000 per demand. The total relief for a taxpayer won't exceed Rs. 1 lakh, covering principal tax components, interest, penalty, fees, cess, or surcharge. However, this waiver does not apply to tax deducted at source (TDS) or tax collected at source (TCS) related demands. | ||
| 2024-01-16 | Section 43B (h): New MSME 45 Days Payment Rule | The newly added clause (h) states that any sum payable by the assessee to a MSME beyond the time limit set in Section 15 of the MSMED Act, 2006, is NOT eligible for deduction. Business enterprises are required to pay MSMEs within 45 days, as per section 15 of the MSMED Act, 2006, depending on the presence of a written agreement. In the absence of a written agreement, payment should be made within 15 days. In case there is a written agreement, payment shall be made as per the agreed-upon timeline, not exceeding 45 days. | ||
| 2024-02-08 | New TDS/TCS Rates for Inoperative PANs: A Crucial Update | IT Dep has notified about increased TDS and TCS rates for 'Inoperative' PANs, as per Section 206AA/206CC of the IT Act. This move aims to encourage compliance and maintain active PAN status among taxpayers. The notice refers to CBDT's Notification No. 15/2023 and Circular No. 3/2023 for detailed information on the revised rates and provisions. Tax Deductors and Collectors are provided with a quick verification process to check PAN status, emphasizing the importance of keeping PANs operative to avoid higher tax deductions. The department urges stakeholders to verify PANs promptly to ensure smooth tax deduction processes and prevent financial discrepancies. This critical update serves as a reminder of the consequences of having an inoperative PAN. | ||
| 2024-02-01 | New Details Required in ITR FY 23-24 | Following details are added in ITR for FY 2023-24:
1) Legal Entity Identifier (LEI) details 2) Details of contributions made to political parties, if claimed (Date, Mode of payment and transaction/Cheque number/IFSC Code), and 3) Details of deduction in respect of maintenance including medical treatment of a dependent who is a person with disability (Type of dependent, PAN, Form 10IA details). An LEI (Legal Entity Identifier) is a unique code, consisting of 20 symbols, that allows for identification within the global financial system. This is required for credit of refunds exceeding Rs 50 crore. | ||
| 2024-01-16 | Deductions for Payment to Micro or Small Enterprises | The newly inserted clause 43B(h) in the Finance Act 2023, pertaining to the Income Tax Act 1961, is specifically applicable to MICRO and SMALL enterprises. It mandates that deductions for payments to these enterprises can only be claimed if the payments are made within the time limit set in Section 15 of the Micro Small and Medium Enterprises Development Act 2006. This clause does not apply to medium enterprises.
Furthermore, it becomes effective for outstanding sums payable to micro and small enterprises from the last day of the financial year 2023-24 onwards, with non-compliance leading to disallowance and addition back to income from AY 24-25. | ||
| 2024-01-08 | New Insertion Section 43B(h)- Payment to Micro or Small Enterprises | The Finance Act 2023 introduces a significant amendment, adding clause (h) to Section 43B of the Income Tax Act, 1961. This amendment aims to promote timely payments to MSMEs. According to the new clause, deductions for sums payable to these enterprises are eligible only if paid within the time limit specified in Section 15 of the MSME Development Act, 2006. Failure to adhere to this timeframe results in consequences, including compensatory interest and disallowance of related expenditures. The amendment is applicable from AY 2024-25 impacting outstanding sums payable to micro and small enterprises beyond the specified time limit. | ||
| 2023-12-28 | Guidelines for TDS under Section 194-O for E-Commerce Transactions | Circular No. 20 of 2023 clarifies the deduction of tax at source for transactions involving e-commerce operators (ECOs). It addresses situations with multiple ECOs and the treatment of various fees and taxes like GST when calculating the gross amount for TDS. It also outlines the process for adjusting TDS against purchase returns within the same financial year, and the treatment of discounts offered by sellers or ECOs in determining the gross amount for tax deduction purposes. | ||
| 2023-12-23 | CBDT notifies Forms ITR 1 and 4 | CBDT notifies Forms ITR 1 and 4 vide Notification No. 105/2023 in G.S.R. 908(E) dated 22nd December, 2023. The Forms are available at https://incometaxindia.gov.in. Other Income Tax Return forms will be notified in due course. | ||
| 2023-11-27 | Discard feature for unverified ITR filed under sections 139(1), 139(4), or 139(5) | The Income Tax Portal now includes a "Discard ITR" feature for unverified original, belated, or revised ITRs, effective from the Assessment Year 2023-24.
Discarding an ITR is treated as if the return was never filed. After discarding an ITR, taxpayers can file a new one. However, filing after the due date will attract late fees and other implications. Once chosen, the discard option cannot be undone, so it should be used with caution. The option to discard an ITR is available up until the filing deadline, which is December 31 of the year following the financial year. Prompt decision-making is recommended to avoid complications. | ||
| 2023-11-15 | Revised Guidelines for Mutual Fund Transaction Reporting | The Corrigendum to Notification No. 4 of 2021 updates the reporting rules for mutual fund transactions. Key changes include: Reporting is now half-yearly, starting April 1, 2023. Submission deadlines are October 31 for the first half and April 30 for the second half of the financial year. It specifies how mutual funds are classified based on their equity share investment proportions. It emphasizes compliance with the Income Tax Act's Section 285BA and Rule 114E sub-rule 5A. It details minimum holding periods for different mutual fund asset classes. This aims to streamline reporting and ensure compliance with tax regulations. | ||
| 2023-10-23 | CBDT Issues Relief Circular for Lower Tax Rate under Form 10-IC for AY 21-22 | Circular No. 19/2023 Date: 23rd October 2023 The CBDT has released a circular to provide relief to companies that opted for a 22% tax rate for AY 2021-22 but failed to file Form 10-IC, resulting in a higher 30% tax rate and MAT. The delay in filing Form 10-IC is condonable for AY 2021-22, subject to three conditions: 1) ITR must be filed by the Section 139(1) due date. 2) Assessees must opt for item (e) under 'Filing Status' in 'Part A - Gen' of ITR-6. 3) Form 10-IC should be e-filed by January 31, 2024. | ||
| 2023-10-09 | Audit Reports under Section 119 of the Income-tax Act, 1961 | The Circular No. 17/2023, dated October 9, 2023, clarifies audit report requirements under Section 119 of the Income-tax Act. It focuses on providing details of 'substantial contributors' in Form No. 10B or 10BB for the assessment year 2023-24. The circular states that details should include contributors whose yearly contribution exceeds Rs. 50,000, along with information on their relatives and related concerns if available. | ||
| 2023-09-18 | Extension of timelines for filing of Form 10B/10BB and Form ITR-7 | On consideration of difficulties reported by the taxpayers and other stakeholders, the CBDT provides following relaxation for AY 23-24: 1) The due date of furnishing Audit report in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution in Form 10B/Form 10BB, which was 30 September, 2023, is extended to 31 October, 2023. 2) The due date of furnishing of Return of Income in Form ITR-7 which was 31 October, 2023, is extended to 30 November, 2023 - Vide Circular No. 16/2023 | ||
| 2023-08-30 | Claiming credit for tax deducted at source (TDS) under Section 155(20) | The Ministry of Finance has issued a new notification amending the Income-tax Rules, 1962. Effective from October 1, 2023, the amendment introduces Rule 134. This rule outlines the process for assessees to claim credit for tax deducted at source (TDS) under Section 155(20) of the Income-tax Act. Assessees must submit Form No. 71 electronically to the designated Income-tax Systems Directors. The form can be submitted either through a digital signature or an electronic verification code. The Systems Directors are also responsible for setting the procedures and security measures for this form. | ||
| 2023-08-18 | New Functionality for "Challan Correction" by Income Tax India | New Functionality is launched for "Challan Correction" by Income Tax India. Path: Dashboard > Services > Challan Correction Using this Functionality you can Change Assesment Year, Major Head and Minor Head for Advance Tax, Self-Assessment Tax and Demand Payment as Regular Assessment Tax for Challan pertaining to A.Y. 2020-21 onwards | ||
| 2023-07-09 | Time limits for the submission of Form 26Q, 27Q & 27EQ | The revised file formats are applicable for Form 26Q, 27Q & 27EQ for Q1 of F.Y. 2023-24 and accordingly statements prepared using updated RPU & validated with updated FVU versions will only be accepted. The updated RPU & FVU are expected to be made available on TIN website (www.protean-tinpan.com) by September 1, 2023.
In view of the above, all the deductors/collectors are hereby advised to file statements (i.e. 26Q, 27Q & 27EQ) for the period of Q1 of FY 2023-24 (using updated RPU & FVU) during the period from September 1, 2023 to September 30, 2023. | ||
| 2023-06-30 | FAQ on issues pertaining to TCS on LRS and purchase of overseas tour program package | Earlier, Finance Act,2023 amended sub-section (1G) of section 206C of the lT Act, 1961. Subsequently, the Government had notified Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023. Comments were received about the practical difficulties in implementation of changes. So now CBDT issued Circular No. 10/2023 dated 30/06/2023. It provides guidelines to address practical difficulties and clarifies various questions related to the implementation of the TCS provisions on LRS. | ||
| 2023-06-28 | Filing of Form 26Q, 27Q & 27EQ - first quarter of FY 23-24 extended. | CBDT extends the time limits for submission of certain TDS/TCS Statements.
Due date for filing of TDS/TCS statements in Form Nos. 26Q, 27Q & 27EQ for first quarter of FY 2023-24 has been extended to 30th September, 2023. - Vide CBDT Circular No.9/2023 in F.No. 370149/109/2023-TPL dated 28.06.2023 | ||
| 2023-06-12 | CBDT Notifies Final Cost Inflation Index for FY 23-24 | CBDT in the exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), has notified the Cost Inflation Index (CII) of FY 2023-24.
In the last notification, the board notified the provisional Cost Inflation index. This time Final CII has been notified. The Cost Inflation index (CII) of FY 2023-24 is 348. It is same as Provisional. | FY 2023-24 | |
| 2023-05-29 | e-Appeals Scheme, 2023 | This notification about e-Appeals Scheme, 2023 dt 29 May, 23 outlines various procedures and guidelines for filing appeals under different laws and regulations in India, including the Income Tax Act. It also discusses the consequences of non-compliance with the guidelines and the role of the appellate authority in resolving disputes. It covers the process of filing appeals electronically, including the e-Appeals Scheme 2023 and the Faceless Appeal Scheme. The schemes aim to reduce physical interaction between taxpayers and tax authorities, streamline the appeals process, and establish a National Faceless Appeal Centre. | ||
| 2023-05-22 | Guidelines for Taxation of Online Gaming Winnings | The Indian government has issued guidelines in Circular 5 of 2023 dated 22 May, 23 for the deduction of income tax on winnings from online games. The guidelines clarify how "net winnings" should be computed for users with multiple wallets, how bonuses and incentives should be treated, and when tax should be deducted on withdrawals. Taxpayers were expected to deduct tax at source even before the guidelines were issued, but if there is a shortfall in deduction due to the time lag, it can be deposited with the tax deduction for the following month without penalty. The circular also provides a concession for insignificant withdrawals and clarifies how tax should be deducted on winnings in kind. | ||
| 2023-05-25 | PRESS RELEASE on Increased limit for tax exemption on leave encashment for nongovernment salaried employees | The Indian Ministry of Finance's Department of Revenue has announced an increase in the tax exemption limit for leave encashment for non-government salaried employees. Previously, the exemption limit was set at Rs. 3 lakh under section 10(10AA)(ii) of the IT Act, 1961. However Central Government has raised the limit to Rs. 25 lakh, effective from April 1, 2023. If a non-government employee receives such payments from multiple employers within the same year, the total exempted amount under section 10(10AA)(ii) should not exceed Rs. 25 lakh. Additionally, the tax exemption already allowed in previous years' total income must be subtracted from the Rs. 25 lakh limit. The notification for this change, numbered 31/2023 and dated May 24, 2023, has been published. | ||
| 2023-05-24 | Indian Government increases Limit for Leave Encashment for Retiring Employees. | The notification number 31/2023/F. No. 200/3/2023-ITA-I, dated May 24, 2023, issued by the Central Board of Direct Taxes specifies the maximum amount receivable by employees as cash equivalent of leave salary in respect of the period of earned leave at their credit at the time of their retirement, whether superannuation or otherwise. The limit in relation to employees mentioned in sub-clause (ii) of clause (10AA) of section 10 of the Income-tax Act, 1961 is set at Rs. 25,00,000 (twenty-five lakhs rupees only). The notification is deemed to have come into force with effect from April 1, 2023. | ||
| 2023-05-24 | Clarification on Provisions for Charitable and Religious Trusts | The circular 6 of 2023 dt 24 May, 23 provides clarification on provisions related to charitable and religious trusts under the Income-tax Act, 1961. It outlines the amended provisions related to registration and approval of trusts and extends the due date for making an application for registration/approval in certain cases. The circular also extends the due date for furnishing of statement of donation and certificate of donation in Form No. 10BD and Form No. 10BE, respectively. The Indian government has issued clarifications regarding the applicability of provisional registration for trusts seeking approval and revised audit reports have been notified for trusts. The clarification also includes a list of electronic modes of payment for audit reports. | ||
| 2023-04-24 | Excel utility released for ITR 1 and ITR 4 for AY 23-24 | Excel utility has been released for ITR 1 and ITR 4 for AY 23-24. | AY 23-24 | |
| 2023-04-10 | Cost Inflation Index for FY 23-24 | Cost Inflation Index for FY 23-24 notified to be '348'
vide [Notification No. 21 /2023/F.No.370142/5/2023-TPL] dated 10th April, 2023
Cost Inflation Index for FY 22-23 was '331' | FY 23-24 | |
| 2023-04-05 | Clarification regarding TDS u/s 192 | 1. Each year, the employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New u/s 115BAC) and deduct tax accordingly. 2. If intimation is not made by the employee, it shall be presumed that the employee continues to be in the default tax regime and has not exercised the option to opt out of the new tax regime. 3. It is also clarified that the intimation would not amount to exercising option in terms of sub-section (6) of section 115BAC of the Act and the person shall be required to do so separately in accordance with the provisions of the sub-section. -vide Circular 4 of 2023 | ||
| 2023-03-28 | CBDT notifies consequences that will apply if PAN becomes inoperative | A person, whose PAN has become inoperative, shall be liable for consequences
for the period commencing from the date as specified under sub-rule(4) of Sec 114AAA till the date it becomes operative, namely:-
(i)Refund due under the provisions of the Act shall not be made;
(ii)Interest shall not be payable on refund for the period, beginning with the date specified under sub-rule(4) and ending with the date on which it becomes operative;
(iii)where tax is deductible under Chapter XVIIB in case of such person, such tax shall be deducted at higher rate,
in accordance with sec 206AA;
(iv)where tax is collectible at source under Chapter XVII-BB in case of such person, such tax shall be collected at Mb>higher rate, in accordance with sec 206CC - vide Notification No. 15/2023 F. No.370142/14/2022-TPL | NA | |
| 2023-02-17 | Changes in Display of Form 26AS/Annual Tax Statement for the Year 2023-24 | As per the new modified forms, from the AY 23-24 onwards, PART-III contains details of Transactions under Proviso to section 194B/First Proviso of section 194R/ Proviso to sub-sec(1) of 194S. Part IV including the details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA/ 194IB/194IM. Part VII contains details of TDS u/s 194IA/194IB/194M/194S (For Buyer/Tenant of property/Payer of Resident Contractors and Professionals/Payer of Virtual Digital Assets). | ||
| 2023-02-17 | New ITR forms require details of virtual digital assets, share trading | The CBDT has notified the IT return forms for AY 2023-24. In order to facilitate taxpayers and to improve ease of filing, no significant changes have been made to the ITR Forms. The notification of the forms well before the end of FY23 will help in filing of returns right from the beginning of the AY. | AY 23-24 | |
| 2023-01-10 | Abolishment of Limit of Rs 5,000/- for submission of SFT | Section 285BA of Income Tax Act, 1961 and rule 114E requires specified persons to furnish statement of financial transactions (SFT). As per Notification No. 1 of 2023 dated 5th Jan 2023, CBDT has amended the limit specified in Notification No. 2 of 2021 dated 20th April 2021. As per current notification, "The information is to be reported for all account/deposit holders where any interest exceeds zero per account in the financial year excluding Jan Dhan Accounts." | ||
| 2023-01-06 | Extension of time limit for exemption under Sec 54 to 54GB of IT Act, 61 | CBDT vide Circular No 1 of 2023 dated 6 Jan, 23 provides that the compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase, construction or such other action, by whatever name called, for the purpose of claiming any exemption under the provisions contained in Section 54 to 54 GB of the Act, for which the last date of such compliance falls between 01 April, 2021 to 28th February, 2022 (both days inclusive), may be completed on or before 31 March 2023. | 01 April, 2021 to 28th February, 2022 | |
| 2023-01-30 | Cash receipt taken by Co-operative Society - 269ST | Cash receipt taken by Co-operative Society from dealers across multiple days not to be aggregated for the purpose of Section 269 ST - Circular 25/2022 | ||
| 2022-12-14 | Partial Relaxtion wrt Electronic Submission of Form 10F | As per F. No. DGIT(S)-ADG(S)-3/e-filing Notification/Forms/2022/9227 dated 12th Dec, 2022, On consideration of the practical challenge being faced, Non-resident taxpayers who are not having PAN and not required to have PAN are exempted from mandatory electronic filing of Form 10F till 31st March 2023. Instead they may file Form 10F till 31st March 2023 in manual form. Form 10F is the Information of Non Resident regarding his Tax Residency of his home country for claiming DTAA benefit. | Till 31st March, 2023 | |
| 2022-11-01 | Condonation of delay in filing of Form No 10A | Representations have been received by the Board stating that Form No.10A in some of such cases could not be filed by 31/03/2022. On consideration of the matter, with a view to avoid genuine hardship to such cases, the Board, in exercise of the powers conferred under section 119(2)(b) of the Act, hereby condones the delay in filing Form No. 10A upto 25/11/2022 in filing Form No.10A, which was required to be made electronically on or before 31/03/2022. | ||
| 2022-09-13 | Guidelines to remove difficulties wrt Section 194R | CBDT issues Circular No. 18 dt 13/09/2022 containing additional guidelines to remove difficulties wrt Section 194R, which came into effect from 1st July, 2022. This Circular is in continuation of Circular No. 12 issued earlier on 16/06/2022. 194R mandates a person, who is responsible for providing perquisite to resident, to deduct TDS @10%. | ||
| 2022-09-13 | Guidelines to remove difficulties wrt Section 194R | CBDT issues Circular No. 18 dt 13/09/2022 containing additional guidelines to remove difficulties wrt Section 194R, which came into effect from 1st July, 2022. This Circular is in continuation of Circular No. 12 issued earlier on 16/06/2022. 194R mandates a person, who is responsible for providing perquisite to resident, to deduct TDS @10%. | ||
| 2022-09-07 | Discontinuance of NHAI 54 EC bonds with immediate effect. | It has been decided to close the 54 EC capital gain bond issue 2022-23 of NHAI with immediate effect. Accordingly, please ensure that no fresh application/money is accepted for these bonds on or after 3rd September 2022. Bank are requested to freeze the credit in the bank accounts opened for NHAI 54 EC bonds collection from 03 Sept 2022 | ||
| 2022-08-19 | Foreign Tax Credit | The CBDT has issued an amendments in Rule 128 of the Income-tax Rules, to provide major relief to taxpayers in claiming Foreign Tax Credit ("FTC"). The Statement in Form No. 67 can now be furnished on or before the end of the relevant Assessment Year ("AY"). The pre-amended Rule required the FTC claim to be filed by the due date of furnishing the Income Tax Return ("ITR"). | ||
| 2022-08-19 | Notification No 100/2022/F- No 370142/35/2022-TPL | Amendment in Rule 128(9) of Income Tax Rules, 1962.
The statement in Form No. 67 needs to filed before the end of the Assessment Year for which Return is filed u/s 139 (1) or u/s 139(4), provided that where the Updated Return has been furnished under sub-section (8A) of section 139, the statement in Form No. 67 shall be furnished on or before the date on which such return is furnished to the extent of the Income included in the Updated Return. | ||
| 2022-08-18 | Utility for ITR-3 and Form 3CA-3CD and 3CB-3CD | Excel Based Utility Released by Income Tax India for ITR 3 for Individuals and HUFs having income from profits and gains business or profession.
Offline Utility of Form 3CA-3CD & 3CB-3CD updated by Income Tax India. | FY 21-22 | |
| 2022-08-12 | CBDT Notified books of accounts for charitable institutions. | CBDT has notified the books of accounts and a comprehensive list of other documents which includes documents pertaining to projects undertaken, voluntary contributions received, loan taken, investment made etc to be maintained by all charitable institutions and trusts.
Source: Notification No. 94/2022 (F. No. 370142/34/2022-TPL) / GSR 622(E): Income-tax (24th Amendment) Rules, 2022 dated 10/08/2022 | ||
| 2022-08-11 | Income taxpayers not to apply for the APY scheme | The Ministry of Finance has now decided not to allow income taxpayers to apply for the APY scheme. The new order issued by FinMin will come into effect from October 1, 2022. According to the gazette notification issued by the Ministry of Finance on August 10, any citizen who is or has been an income tax payer according to the Income Tax Act will not be eligible to join the Atal Pension Yojana from October 1, 2022. | From 1st Oct, 22 | |
| 2022-07-29 | ITR Verification reduced from 120 to 30 Days - Part 2 | Cont. from Part 1
1. Only speed post mode is allowed for manual verification. 2. Returns filed till 31.07.22 can be verified within 120 days. For ITR Filed from 01/08/22 reduced time limit of 30 days would be applicable. | ||
| 2022-07-29 | ITR Verification reduced from 120 to 30 Days - Part 1 | Vide Notification No. 05 of 2022 dated 29.7.22, CBDT Reduces time limit for verification of ITR from 120 days to 30 days of transmitting the data of ITR electronically. In cases where ITR data is electronically transmitted but e-verified or ITR-V submitted beyond the time-limit of 30 days of transmission of data, the date of e-verification/ITR-V submission shall be treated as the date of furnishing the return of income and all consequences of late filing of return under the Act shall follow. Cont in part 2.. | ||
| 2022-06-27 | ITR-U enabled for ITR 1 and ITR 4 | E-filing of updated ITR u/s 139(8A) has been enabled for AY 2020-21 and AY 2021-22 using Excel utility for ITR 1 and 4. | AY 2020-21 and AY 2021-22 | |
| 2022-06-22 | TDS Deduction for Virtual Digital Assets u/s 194S | Form No. 26QE (for TDS u/s 194S) & Form No.16E (TDS Certificate u/s 194S) notified by
@IncomeTaxIndia
for TDS Deduction for Virtual Digital Assets u/s 194S. It will be effective from 1 Jul, 22. | ||
| 2022-06-16 | Guidelines for Section 194R of the Income Tax Act | Circular No. 12 of 2022 dated 16th June 2022 has provided Guidelines for removal of difficulties under sub section (2) of section 194R of the Income Tax Act, 1961.
Finance Act, 2022 inserted a new Section 194R wef 1st July, 2022. As per this section, person providing any benefit or perquisites to resident (other than employee) has to deduct TDS @10% of the value or aggregate of value of such benefit or perquisites before providing such benefit or perquisites if value crossed Rs. 20,000/- during the Financial year. | ||
| 2022-06-14 | Cost Inflation Index for AY 23-24 | As per Notification No. 62/2022/F. No. 370142/20/2022-TPL, Cost Inflation Index for FY 2022-23 (AY 2023-24 is notified to be 331.
This notification will come into force with effect from 1st day of April, 2023 and shall accordingly apply to Assessment Year 2023-24 and subsequent years. | FY 2022-23 | |
| 2022-05-31 | Timeline to update UDINs Extended Again by CBDT | The Central Board of Direct Tax (CBDT) has again extended the timeline to update Unique Document Identification Number (UDIN) on Income Tax Portal. The timeline to update UDINs is extended till 30th June 2022 to give more time to Chartered Accountants (CAs) to correctly verify and upload UDINs. | ||
| 2022-05-11 | CBDT amends rules related to quoting of PAN in relation to certain Banking Transactions | Income-tax (Fifteenth Amendment) Rules, 2022. Every person who intends to enter into a transaction of: (a) cash deposit or deposits aggregating to 20 lakh rupees or more in a FY. (b) cash withdrawal or withdrawals aggregating to 20 lakh rupees or more in a FY. (c) opening of a current account or cash credit account, should file Application for allotment of a PAN at least seven days before. | ||
| 2022-05-05 | Tax Audit Offline Utilities Released | Offline Utilities for filing Statutory Income Tax Form 3CA-3CD & 3CB-3CD for FY 21-22 released. Audit report under section 44AB [Audited under any other law] Statement of particulars under section 44AB [FORM No. 3CA-3CD] and Statement of particulars under section 44AB [FORM No. 3CB-3CD] can be filed now. | AY 2022-23 | |
| 2022-05-02 | Updated Return return u/s 139(8A) | CBDT Notifies Form and Manner for filing Updated Return in Notification No. 48/2022 dated 29-04-22. Updated Return can be filed from the AY 2020-21 onwards. Return shall be filed in form no. ITR-U alongwith applicable IT form from ITR-1 to ITR-7. Return Can be updated on account of Below: 1) Return Previously not filed 2) Income not reported correctly 3) wrong heads of income chosen 4) Reduction of Carried forward Loss 5) Reduction of Unabsorbed Depreciation 6) Reduction of Tax Credit 7) Wrong rate of tax 8) others | AY 2021 onwards | |
| 2022-04-29 | Updated Return Forms | Updated Return Form notified vide gazette notification dated 29.04.22 Rule 12AC notified ITR - U for Updated return u/s 139(8A). Updated return can be filed for A.Y. 20-21 onwards alongwith ITR 1 to 7 | AY 2021 onwards | |
| 2022-04-29 | UDIN Timeline Extended to 31 May | The timeline to update UDIN is extended to 31st May, 2022 to give more time to CAs to correctly verify and update UDINs | ||
| 2022-04-22 | ITR Mandatory | In case of person other than Company/Firm, ITR Filing made compulsory even if your Taxable Income is less than Slab Limit if: 1) T/O exceeds Rs 60 L 2) Professional Receipts Exceed Rs 10 L 3) TDS/ TCS of Rs 25000 or more is deducted/ Collected [Other Than Senior Citizen] 4) TDS/ TCS of Rs 50000 or more is deducted/ Collected in case of Senior Citizen 5) Deposit in Saving is Rs 50 L or more | ||
| 2022-04-22 | ITR Compulsory if TDS/TCS Rs.25000 during previous year | Central Board of Direct Taxes (CBDT) vide Income Tax Notification dated 21st April 2022 has made Income Tax Return - ITR filing compulsory for a person other than a company or a firm whose aggregate of Tax Deducted at Source - TDS and Tax Collected at Source - TCS during the previous year, in the case of the person, is Twenty-Five Thousand Rupees - Rs.25,000 or more. | ||
| 2022-04-22 | ITR Compulsory If Turnover Exceeds 60 Lakhs. | Central Board of Direct Taxes (CBDT) vide Income Tax Notification dated 21st April 2022 has made Income Tax Return - ITR filing compulsory for a person other than a company or a firm whose sales, turnover or gross receipts, as the case may be, in the business exceeds rupees sixty lakh during the previous year. | ||
| 2022-04-09 | UDIN Updation for IT | UDIN Updation has been enabled for Form 3CB-3CD on Income Tax Portal . Last Date to Update UDIN is 30/04/22 . | ||
| 2022-04-09 | IT Portal not accessible | IT Portal will not be accessible from Saturday 9th April 8.00 PM to Sunday 10th April 10.00 AM IST. | ||
| 2022-04-05 | Utilities for ITR released. | CBDT Released Utility for E Filing Income Tax Returns for Form ITR-1 to ITR-4. | FY 21-22 | |
| 2022-03-31 | PAN Aadhar Linking | PAN will not become inoperative if it is not linked with Aadhaar up to 31st March 2023. BUT as per section 234H, Penalty of Rs 500 if linked within 3 months up to 30.06.2022 and Penalty of Rs 1000 if linked after 30.06.2022 | ||
| 2022-04-01 | THE FINANCE ACT 2022 | THE FINANCE ACT 2022 received the assent of President on 30/03/22. | ||
| 2022-03-16 | Income Tax Department To Issue Notices To 700 Crypto Investors | Nearly a month and a half after India’s Finance Minister announced tax on crypto during Budget 2022, the IncomeT ax department seems set to issue notices to about 700 investors involved in high-value crypto transactions, as per ET report. These 700 investors have come under the scanner of the income tax department, which is now proposing to issue notices to them. These individuals or entities could face 30% tax, penalty and interest, as per the report. | FY 21-22 | |
| 2022-03-15 | CBDT Circular on TDS from Salary under 192 for FY 2021-22 | CBDT has issued a Circular on TDS from Salary under 192 for FY 2021-22 (AY 2022-23) vide Circular No. 04-2022 dated 15th March 2022 detailing the procedure to be followed by an employer for deducting TDS from the salary income of employees paid during FY 2021-22 or (AY 2022-23). | FY 21-22 | |
| 2022-03-11 | New Facility to File various IT forms | Income Tax Department enabled New Facility to file various IT forms on the E-filing Portal The Income Tax Department released an update addressing the ability to file IT forms 10AB, 10IG, 10IH, and 5C after logging in to e-file -> Income Tax Forms -> File Income Tax Forms. | FY 22-23 | |
| 2022-02-01 | Budget 22 Highlights for Startups | Period of incorporation extended by one year, up to 31.03.2023 for eligible start-ups to avail tax benefit. Previously the period of incorporation valid up to 31.03.2022. | FY 2022-23 | |
| 2022-02-01 | Budget 2022 Highlights for Income Tax | Introducing new 'Updated return' - Provision to file an Updated Return on payment of additional tax. - Will enable the assessee to declare income missed out earlier. - Can be filed within two years from the end of the relevant assessment year. Alternate Minimum Tax paid by cooperatives brought down from 18.5 per cent to 15 per cent to provide a level playing field between cooperative societies and companies. Surcharge on cooperative societies reduced from 12 per cent to 7 per cent for those having total income of more than Rs 1 crore and up to Rs 10 crores. | FY 2022-23 | |
| 2022-02-01 | Budget Highlights for Crypto Currency | A clarity on taxation of cryptocurrencies was a long pending demand of players involved in the crypto industry. 1) Specific tax regime for virtual digital assets introduced. 2) Any income from transfer of any virtual digital asset to be taxed at the rate of 30 per cent. 3) No deduction in respect of any expenditure or allowance to be allowed while computing such income except cost of acquisition. 4) Loss from transfer of virtual digital asset cannot be set off against any other income. 5) To capture the transaction details, TDS to be provided on payment made in relation to transfer of virtual digital asset at the rate of 1 per cent of such consideration above a monetary threshold. 6) Gift of virtual digital asset also to be taxed in the hands of the recipient. | FY 2022-23 | |
| 2022-01-21 | Gujarat High court - writ petition by THE SOUTHERN GUJARAT INCOME TAX BAR ASSOCIATION | Writ disposed off with observations- 1. CBDT has assured that all necessary steps have been taken to assure smooth filing of Income tax return and Tax audit report, also in case of any glitches are faced by users same shall be attended at the earliest. 2. The court also requested CBDT to roll out a specific e-mail id for issues faced in filing Income tax return as they created one for Tax audit report. 3. A team of six members or if need be more are to examine and resolve the E mails received at this E-mail ID. 4. With regard to the issue of interest levied under section 234A it was said that a writ is already pending before this court in this relation and hence this matter will be covered in that writ. | FY 2021 | |
| 2022-01-23 | Possibility of Reintroduction of Wealth and Inheritance Tax | Economists also want the re-introduction of wealth and inheritance tax to address rising inequality in Covid. A joint study by Ashoka University and think tank CBGA pitches for reintroduction of these taxes, while providing incentives for charitable donations. Indian richest families saw their wealth reach a record high in 2021, even as 84 per cent Indian households saw an income decline amid the pandemic, said a report from Oxfam India. | FY 2122 | |
| 2022-01-21 | STT mopup target for FY23 likely to be raised to ₹21,000 crore | Banking on the continuing buoyancy in the capital markets, the government is expected to sharply increase its target for security transaction tax (STT) collections next fiscal year. The Budget is likely to peg STT collections for fiscal 2023 at more than 21,000 crore, compared with the 12,500 crore it had targeted for the ongoing FY22. The actual STT collections for this year, in fact, are expected to be double of the budget estimate, officials in the finance ministry told ET. These had already reached 19,860 crore as on January 10. The STT levy, introduced in 2004, is a direct tax levied on every purchase and sale of securities that are listed on recognised stock exchanges in India. Government data suggest that the collections have seen healthy growth in the last three years, on account of increasing retail participation in the stock markets. | ||
| 2022-01-16 | 5 Most Expected Tax Reliefs or Benefits from Budget 2022 | 1. Expansion of Sec 80C limit ELSS should have a separate limit of Rs 5 lakh over the current limit of Rs 1.5 lakh. More mutual fund categories choices should be offered to investors. 2. Increase 80D deduction for health insurance premium Under Section 80D, current deduction of Rs 50,000 should be raised to Rs 1 lakh. For senior citizens, the deduction limit of Rs 50,000 should be hiked to Rs 75,000. 3. Reduce GST on health insurance If the GST on health insurance premium is lowered from 18% to 5%, it will help people to opt for better health coverage during Covid times. 4. Increase Salary standard deduction With big pay cuts and unemployment, a substantial hike in standard deduction from Rs 50,000 to Rs 1 lakh will bring relief the working class. 5. Increase tax deduction on housing loan interest Housing loans getting bigger, existing exemption of Rs 3.5 lakh is not at all sufficient. It should be raised to Rs 5 lakhs. | ||
| 2022-01-14 | HC ask Income Tax department will they accept Audit Report and ITR in the physical form? | In the recent decision of HC in Southern Gujarat Income Tax Bar Association Vs Union of India (Gujarat High Court), The court said, Try to ascertain whether the department would be agreeable to accept the filing of the TAR / ITR in the physical form. We request the authority concerned to take a practical view of the problems which the assessees are facing as on date on account of the technical glitches in the portal. The authority should not overlook this fact and try to solve the problems or rather ease the difficulties which the assessees are facing. If the technical glitches are going to continue, then even extension of further three months would not solve the problems. | FY 2021 | |
| 2022-01-13 | Income Tax Dept. issues Clarification on Form 10CCB. | In case a CA needs to file multiple forms for the same Assessment Year, taxpayers must assign the form to the same CA from “My CA” functionality again. The assignment can only happen when there are no forms which are active for action either by CA or taxpayer. In case the taxpayer needs to assign Form 10CCB to different CAs for the same Assessment Year, the taxpayer must assign the form to a different CA from “My CA” functionality again. The assignment can only happen when there are no forms which are active for action either by CA or taxpayer. | ||
| 2022-01-11 | Extension of Due Dates of Audit and ITRs | ITR & Audit Dt. Extension for AY21-22 TAR-15/02/22 Transfer Pricing Audit-15/02/22 Audited ITR-15/03/22 TP Audit ITR-15/03/2022 Belated/Revised ITR-31/03/22-Cir 17 Subject to Interest u/s 234A if Self Assessment Tax is more than Rs. 1 lac | FY 2021 | Circular 01/2022 dated 11.01.2022 |
| 2022-01-08 | Tax Bar Association Requests an extension of the Tax Audit and other audit-related Due dates | Tax Bar Association Jodhpur has requested Smt. Nirmala Sitharaman (Hon’ble Finance Minister) to extends the due dates for submitting of various Audit Reports & Income Tax Returns for Tax Audit cases under the Income Tax Act. | FY 2020-21 | |
| 2021-12-29 | Faceless Appeal Scheme, 2021 | CBDT notifies Faceless Appeal Scheme, 2021; in supersession of the earlier Faceless Appeal Scheme, 2020 - applicability date will be declared in official Gazette. | ||
| 2021-12-28 | One-time relaxation for verification of all income tax-returns e-filed for the AY 2020-21 | One-time relaxation for verification of all income tax-returns e-filed for the Assessment Year 2020-21 which are pending for verification and processing of such returns - | AY 2020-21 | https://www.incometaxindia.gov.in/communications/circular/circular-no21-2021.pdf |
| 2022-03-31 | Filing of belated/revised return of income for the assessment year 2021-22 | The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22, which is 31st December, 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, as extended to 31st January, 2022, vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st March, 2022; | AY 2021-22 |
