Angel Tax: No assessment of startups registered with DPIIT

Angel Tax: No assessment of startups registered with DPIIT

The Central Board of Direct Taxes (CBDT) has clarified to the field formations that assessing officers will not pick up cases for scrutiny for startups registered with the Department for Promotion of Industry and Internal Trades (DPIIT) if the cases are related to the valuation of angel tax. This means startups registered by the DPIIT … Read more

CBDT processed 88% ITR, refunds over Rs 2.45 crore issued till September 5

CBDT processed 88% ITR, refunds over Rs 2.45 crore issued till September 5

The Income Tax Department has processed refunds of over Rs 2.45 lakh crore for 6.84 crore verified Income tax returns (ITRs), bringing down the average processing time to 10 days for the assessment year 2023-24. Total 6.98 crore ITR were filed for the Assessment Year 2023-24. “More than 6 crore ITRs of AY 2023-24 have … Read more

After new directives, Income Tax department may reopen a large number of past cases

After new directives, Income Tax department may reopen a large number of past cases

In line with a Supreme Court (SC) order issued in April, the Central Board of Direct Taxes (CBDT) has sent comprehensive directives to tax officials concerning the reopening of past cases under the Income-tax (I-T) Act. As per a TOI report, these instructions, dated August 23, are aimed at establishing a standardized approach. Notably, the … Read more

Final Cost Inflation Index for FY24 to be fixed at 348

Final Cost Inflation Index for FY24 to be fixed at 348

Finance Ministry has notified the final Cost Inflation Index (CII) for FY24 (Assessment Year 2024-25) at 348, same as the provisional index notified in April. “This notification shall come into force with effect from the 1st day of April 2024 and shall, accordingly, apply in relation to the assessment year 2024-25 and subsequent assessment years” … Read more

CBDT signs 95 Advance Pricing Agreements in FY23

CBDT signs 95 Advance Pricing Agreements in FY23

The Central Board of Direct Taxes (CBDT) has entered into 95 Advance Pricing Agreements (APAs) in FY 2022-23 with Indian taxpayers, the highest ever APA signings in any financial year since the launch of the APA programme. This includes 63 Unilateral APAs (UAPAs) and 32 Bilateral APAs (BAPAs). With this, the total number of APAs … Read more

Non-resident taxpayers without PAN can file Form 10F manually till September 30

Non-resident taxpayers without PAN can file Form 10F manually till September 30

New Delhi: The non-resident taxpayers who do not have a permanent account number or are not required to have one are exempted from mandatory electronic filing of Form 10F till September 30, 2023. This will bring some relief to the difficulties faced by non-residents in claiming benefits of the tax treaty as well as to … Read more

Non-resident taxpayers without PAN can file Form 10F manually till September 30

Non-resident taxpayers without PAN can file Form 10F manually till September 30

The non-resident taxpayers who do not have a permanent account number or are not required to have one are exempted from mandatory electronic filing of Form 10F till September 30, 2023. This will bring some relief to the difficulties faced by non-residents in claiming benefits of the tax treaty as well as to the resident … Read more

Compliance date for capital gains tax exemption extended to March 31

Compliance date for capital gains tax exemption extended to March 31

The government Friday extended the last date for making compliance required to claim capital gains tax exemption for April 1, 2021 to February 28, till March 31. The relaxation was announced following representations and in view of hardships faced by taxpayers due to Covid-induced restrictions. “In exercise of its power under Section 119 of the … Read more

Trust-based taxation system resulting in improved collections: FM Nirmala Sitharaman

Trust-based taxation system resulting in improved collections: FM Nirmala Sitharaman

Finance minister Nirmala Sitharaman on Sunday said that the trust-based taxation system introduced by the government has resulted in improved collections and increase in the number of return filings. In her message on the 163rd Income Tax Day, the finance minister complimented the department for achieving the highest-ever revenue collection of over Rs 14 lakh … Read more