Home Highlights February 2023 Year 2023 This

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1. RATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals] - Notes In the new tax regime increase the...

2. Notification issued u/s 10(46) of Income Tax Act, 1961 exempting specified income of Uttaranchal Board of Technical Education, Roorkee (PAN: AAALU0281D) from income tax,...

3. Tax deducted at source (TDS) credit was denied in the intimation u/s 143(1) to the assessee. The Commissioner of Income Tax (Appeals) upheld the Centralized Processing...

4. Notification exempting specified income of 'Kalyan Karnataka Region Development Board' (PAN AAAGH0732F), a Board constituted by Karnataka Government, from income tax u/s...

5. This circular relates to condonation of delay under clause (b) of sub-section (2) of section 119 of the Income-tax Act, 1961 for returns of income claiming deduction u/s...

6. The assessee failed to file the original return of income, and the Assessing Officer initiated penalty proceedings for underreporting income. The assessee's authorized...

7. Notification grants exemption from specified income u/s 10(46) of Income Tax Act 1961 to Unique Identification Authority of India (UIDAI), a statutory body under Aadhaar...

8. Rate of Tax Deduction at Source (TDS Chart) with Threshold Limit for the Financial Year 2018-19 - Rates of TDS and TCS

9. The High Court addressed the validity of a certification issued u/s 197 for FY 2023-24, where a "Nil" withholding tax certificate was sought but a 15% withholding tax...

10. Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

11. Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

12. The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

13. Income from license fees - income under the head ‘Income from other sources’ OR 'business income' - AT

14. The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

15. Categorization of income - Undisclosed income surrendered during survey - Charging of tax rate u/s. 115BBE - CIT(A) granted relief to the assessee by charging income at...