Alternate Minimum Tax (AMT) for Non-corporate Taxpayers (AY 2024-25)
Explore the concept of Alternate Minimum Tax (AMT) which ensures fair share of tax liability for non-corporate taxpayers availing deductions and exemptions.
Second & Third Phase Peer Review Mandate Further Deferred by ICAI
ICAI has announced on 16/03/2024 that the second and third phase of the Peer Review Mandate has been further deferred/postponed to 01/07/2024 and 01/01/2025 respectively.
CBDT Allows Modified ITR Filing to Companies Reorganized Before April 2022
CBDT has issued Order dated 1/03/2024 which allows filing of modified income tax return (ITR) to companies reorganized before 1 April 2022 pursuant to orders from authorities like NCLT.
GSTN Advisory on Amendments in GSTR-1/IFF (New Tables 14A & 15A)
The GSTN has issued an advisory on the introduction of new tables 14A and 15A in GSTR-1/IFF forms for amending supplies made through e-commerce operators liable for tax collection/payment.
CBDT Notifies TDS Exemption for Certain Payments to IFSC Units from April 1, 2024
CBDT has notified that no TDS is required to be deducted on specified payments made to IFSC Units effective from April 1, 2024, vide Notification 28/2024
Form 26QE Due Date Extended for TDS on Virtual Digital Assets: Circular 4/2024
CBDT extends Form 26QE filing due date to 30.05.2023 for TDS on virtual digital asset transfers from 01.07.2022 to 28.02.2023, vide Circular 4/2024.
CBDT clarifies tax exemption for trusts/institutions on donations: Circular 3/2024
CBDT issued circular clarifying tax exemption provisions for trusts/institutions donating to others under Income Tax Act, addressing concerns over 85% application rule.
CBDT Amends Form 3CD, 3CEB and 65 through 4th Amendment Rules, 2024
CBDT notifies Income-tax (4th Amendment) Rules, 2024, updating Form 3CD & 3CEB, introducing new reporting for specified domestic transactions u/s 115BAE, and revising Form 65 requirements for IFSC units.
CBDT Extends Timeline for Trusts/Institutions to File Audit Report in Correct Form (10B or 10BB)
CBDT has extended the timeline up to 31st March 2024 to furnish the audit report in the applicable Form 10B or 10BB for AY 2023-24 in the case of …
CBDT Notifies Revised Form ITR-7 for AY 2024-25
CBDT notifies revised Income Tax Return Form (ITR 7) under Section 139 of the Income Tax Act, 1961, in respect of AY 2024-25, vide Notification 24/2024.