12 Mar GSTN Issues Important Advisory on GSTR-1/IFF: Introduction of New Tables 14A and 15A
An advisory, Advisory No. 627 dated March 12, 2024, has been issued by the GSTN regarding the introduction of new Tables 14A and 15A in GSTR-1/IFF....
Tax Planning Tag
12 Mar Income Tax Exemption Announced for Specific Trusts and Institutions Under Conditions
The Income Tax Department recently released guidelines on March 8, 2024, specifying conditions under which certain trusts, institutions, universities, educational entities, hospitals, or medical institutions can be exempted from income tax....
12 Mar CBDT Releases Guidelines for Expedited Appeal Disposal
The Central Board of Direct Taxes (CBDT) has issued guidelines, dated March 07, 2024, under F.No.279/Misc/M-102/2021-ITJ, aimed at expediting the handling of appeals by Commissioners of Income Tax (Appeals/Assessment Unit) or Additional/Joint CIT(A)....
09 Mar Update on Option to File ITR-U Under Section 139(8A) of IT Act
The Income Tax Department has released a recent update, dated March 7, 2024, regarding the provision to submit an Updated Income Tax Return (ITR) under section 139(8A) of the Income Tax Act, 1961....
06 Mar CBDT Introduces Key Changes to Income-tax Rules: Fourth Amendment Rules, 2024
In a move aimed at streamlining tax compliance and ensuring transparency, the Central Board of Direct Taxes (CBDT) has issued Notification No. 27/2024 dated March 05, 2024, notifying the Income-tax (Fourth Amendment) Rules, 2024. These amendments, made to the Income-tax Rules, 1962, bring significant updates...
30 Jun Concept of telescoping and peak credit & Telescoping in Income Tax assessments
During the course of assessment of income, the AO may discover cash receipts in the books, or cash deposits in the bank...