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“In cases of dissenting opinions among the members of the Board for Advance Rulings, the matter shall be referred to the PCCIT (International Taxation), who will designate a member from another Board for Advance Rulings. The final decision on the matter shall be based on the majority opinion of the members involved.” “Appoint an additional…
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The Central Board of Direct Taxes(CBDT) has notified 3 new special courts for Black Money and Income Tax Provisions via issuing Notification. The Central Board of Direct Taxes (CBDT) has issued a notification announcing the establishment of three new special courts to handle cases related to black money and income tax provisions. The notification states…
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In a recent decision, the Calcutta High Court clarified that an order under Section 148A(d) of the Income Tax Act, 1961 does not constitute a final assessment order, thereby negating any income tax demand. The petitioner, Rachna Singhi, challenged the disputed order related to the assessment year 2019-20, arguing against the reasoning provided by the…
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Dear Investor, As per the Press release by Government of India dated March 28, 2023 it is mandatory to link your “Permanent Account Number” (PAN) with your “Aadhaar” by June 30, 2023. If PAN is not linked with Aadhar by June 30, 2023, then the PAN shall become inoperative. You are requested to ensure that…
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The payroll departments of companies have started mailing their employees about the availability of Form 16 for FY 2022-23. It is an important document for Income Tax Return (ITR) filing, containing details of income and tax deductions in the previous financial year. While employees can get Form 16 directly from the payroll departments of their…
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Taxpayers can view the Annual Information Statement (AIS) or Taxpayer Information Summary (TIS) on their mobile phones using the newly launched ‘AIS for Taxpayers’ application. It is available on Google Play and Apple App Store. “AIS for Tax Efficiency” What is the Annual Information Statement (AIS)? The Annual Information Statement (AIS) is a comprehensive statement…
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Income Tax authorities are requesting all taxpayers to provide comprehensive information regarding their Chartered Accountant (CA), Tax Return Preparer (TRP), or any other professional who filed their Income Tax Returns (ITR). Furthermore, they are seeking confirmation regarding whether the taxpayer has submitted the necessary documentary evidence to support claimed deductions and if the taxpayer personally…
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In the realm of love’s delicate dance, let your heart be guided by a divine reminder: “God sent you to heal, not hurt.” Like a gentle breeze that carries the whispers of compassion, let this truth envelop your every intention Sent by God, an instrument of divine intervention. In the tapestry of human connections, each…
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Form 16 (All Form 16s in case of more than one employer/ change in employment during the year) Form 26AS, AIS and TIS for the AY 2023-24 (if you are a new client) If you have a house property/ propertiesInterest certificate in case of home loan during FY 2022-23 (whether rented / self-occupied/ Vacant) Details…
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The Reserve Bank of India (RBI) announced on May 19th that it will be withdrawing Rs 2,000 notes from circulation following a thorough review. Despite this move, it’s important to note that the banknotes in Rs 2,000 denomination will remain valid as legal tender, as clarified by the RBI in an official statement. In accordance…
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