Highlights of Finance Bill, 2024: Tax Rate Changes, Deductions, Faceless Scheme, TCS, and Outstanding Tax Demand Amendments HIGHLIGHTS OF FINANCE BILL, 2024 1. Proposed Changes in Tax Rates No changes in tax rates are proposed by Finance Bill, 2024 Note: View PDF for Finance Bill, 2024 ‘PART I INCOME-TAX for details. 2. Proposed amendments w.r.t….
Option under Income Tax Section 115BAC – Old vs. New Tax Regime: CPWD Circular dated 09.10.2023 Directorate General Central Public Works Department Nirman Bhawan, New Delhi (Cash Section) Dated 09.10.2023 CIRCULAR Section 115BAC of the Income Tax Act, 1961 inserted by the Finance Act 2020 has introduced a new income tax regime that comprises a…
Procedure, format and standards for filling an application for grant of certificate under sub-rule (4) and its proviso of Rule 28AA of Income Tax Rules, 1962, for deduction of Income-tax at any lower rate or no deduction of Income-tax under sub-section (1) of section 197 of the Income-tax Act, 1961 through TRACES F. No. CPC(TDS)/…
Pension in respect of Gallantry Awardees – Income Tax at source is not be deducted: CPAO writes to Bank dated 22.08.2023 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF EXPENDITURE CENTRAL PENSION ACCOUNTING OFFICE TRIKOOT-II, BHIKAJI CAMA PLACE, NEW DELHI-110066 PHONES : 261 74596, 26174456, 26174438 CPAO/IT&Tech/ Misc. Corres/35 (Vol-II) (PF)/10370/2023-24/ 109 22.08.2023 OFFICE MEMORANDUM…
Income tax Amendment (Sixteenth Amendment) Rules, 2023: Computation of income tax for sum received under the life insurance policy: CBDT Notification dated 16.08.2023 MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 16th August, 2023 G.S.R. 604(E).—In exercise of the powers conferred by clause (xiii) of sub-section (2) of…
Increased limit for tax exemption on leave encashment for non-government salaried employees to Rs. 25 lakh w.e.f. 01.04.2023: CBDT Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes **** New Delhi, 25th May, 2023 PRESS RELEASE Increased limit for tax exemption on leave encashment for non-government salaried employees notified The…
Deduction of TDS under section 192 read with sub-section (1A) of section 115BAC of the Income-tax Act, 1961: IT Circular dated dated 05.04.2023 Circular No. 04 of 2023 F. No.370142/06/2023-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated: 5th April, 2023 Sub: Clarification regarding deduction of…
Clarification on the provisions under Income Tax Act’ 1961 pertaining to National Pension System (NPS) FOOD CORPORATION OF INDIA HEADQUARTERS 16-20, BARAKHAMBA LANE NEW DELHI – 110001 No. DCPS / 1 / Wage Revision / 2017-2018 Dated: 13th Feb, 2023 Circular No. FCIDCPS-02/2023 Subject: Clarification on the provisions under Income Tax Act’ 1961 pertaining to…
Income Tax on GPF accumulation beyond threshold limit: CGDA Clarification order dated 27.02.2023 र्यालय, रक्षा लेखा महानियंत्रक उलान बटा रोड, पालम, दिल्ली छावनी – 110010 Office of Controller General of Defence Accounts Ulan Batar Road, Palam, Delhi Cantt.- 110010 ABFU-4052/7/2020-PAYC-Part(1) Dated: 27.02.2023. To All Regional PCSDA/CsDA PCDA (QO) Pune PCDA (Navy) PCDA’s (AF) CDA (IT&SDC)…
Extension of time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the Income-tax Act, 1961 (‘Act’) in view of the then-Covid-19 pandemic: CBDT Circular No 1 of 2023 F. No. 225/ 49/2021-ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes *****…
Explanatory Notes to the provisions of the Finance Act, 2022 – Income Tax Circular No. 23/2022 dated 03.11.2022 CIRCULAR NO. 23/2022 F. No. 370142/48/2022-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) Dated the 3rd of November , 2022 EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2022…
Forms and Declaration for amount received from any person for Tax Relief in the repercussion of Covid-19 under Section 56 (2)(x): IT Notification No. 91/2022 dated 05.08.2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th August, 2022 S.O. 3704(E).—In exercise of the powers conferred by clause (XII)…