Changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on purchase of overseas tour program package

Circular No. 10 of 2023 F. No. 37 014212312023-TPL Government of lndia Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPLDivision) New Delhi, dated 30th June, 2023 Sub: Gircular to remove difficulty in implementation of changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on purchase of […]

Form  for  report  of    inventory  valuation by Cost Accountants under  section  142(2A) of Income Tax Act notified.

NOTIFICATIONNew Delhi, the 27th September, 2023INCOME-TAX G.S.R. 697(E).– In exercise of the powers conferred by sub-section (2A) of section 142 read with section295 of the Income-tax Act, 1961 (hereinafter referred to as the Act), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:–– “14B. Guidelines […]

Income tax due dates September 2023

7 September 2023 – 1.​Due date for deposit of Tax deducted/collected for the month of August, 2023. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan 14 September 2023 – […]

Artificial intelligence (AI)

The Income Tax department is exploring usage of artificial intelligence (AI) to build regression models to identify deviations and errors in tax filing and separate those deviations for further assessment, The income tax department will conduct the strictest scrutiny of tax returns. To facilitate this process, they have implemented a specially designed, automated and enhanced artificial intelligence […]

Clarification on TDS for cash withdrawal above 1 crore

Clarification on applicability of TDS for cash withdrawals above 1 cr Commissioner of Income tax (media& Technical policy) through press release dated 30.08.2019, clarifies that section  194 N inserted in the Act,is to come into effect from 01.09.2019 and any prior period transaction will not be subject to TDS under said section.However the amendment is […]


DIRECT TAX CODE KEY RECOMMENDATIONS In November 2019 the Government constituted a task force to draft new direct tax laws in consonance with economic needs of the country. The task force has submitted following recommendations in respect of new Income Tax law: 1.Incentives for start-ups The report has suggested that the tax treatment for start-ups […]

Extension of date for filing of Income Tax Returns FY 2018-19 AY 2019-20

IT return due date from 31.07.19 to 31.08.2019,press release dated 23.07.2019 The Central Board of Direct Taxes (CBDT) extends the ‘due date‘ for filing of Income Tax Returns from 31st July, 2019 to 31st August, 2019 in respect of certain categories of taxpayers who were liable to file their Returns by 31.07.2019. Link Extension of date for filing of Income Tax […]

Income tax-Points to remember in Financial year 2019-20

Few important Changes applicable from 01.04.2019 as per interim budget 1 Tax Rebate increased Due to rebate allowed for individual with Taxable  income up to Rs 5 lakhs,no tax is payable. 2 .Standared deduction increased to Rs 50,000 The standared deduction for salaried individuals and pensioners is hiked to Rs 50,000 instead of Rs 40,000 […]

Audited ITR AY 2018-19 due date extended to 31.10.2018

Audited ITR AY 2018-19 due date extended to 31.10.2018 Income Tax Return (ITR) along with Tax Audit Report (TAR) Due date for filing has been further extended from 15 Oct. 2018 to 31 Oct. for FY 2017-18/ AY 2018-19 for assessees tax audit is applicable. No change in liability to pay interest u/s 234A even […]