Monthly Archives: May 2023

CBDT GUIDLINES FOR COMPULSORY SELECTION OF RETURNS FOR SCRUTINY FY 2023-24 

By | May 31, 2023
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GUIDELINES FOR COMPULSORY SELECTION OF RETURNS FOR COMPLETE SCRUTINY DURING FINANCIAL YEAR 2023-24  CIRCULAR F.NO.225/66/2023/ITA-II, DATED 24-5-2023 1. Kindly refer to the above. 2. The parameters for compulsory selection of returns for Complete Scrutiny during Financial Year 2023-24 and procedure for compulsory selection in such cases are prescribed as under: s. No. Parameter Procedure for Compulsory Selection 1… Read More »

Income-tax (7th Amendment) Rules 2023 Section 80G : Provisional approval effective date

By | May 31, 2023
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Income-tax (7th Amendment) Rules 2023 Section 80G : Provisional approval effective date MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, 30th May, 2023 INCOME-TAX G.S.R. 399(E).— In exercise of the powers conferred by clauses (i), (ii), (iii) and (iv) of the first proviso to sub-section (5) of section 80G and… Read More »

Seller can not ask Mobile number of Customer to Generate Bills : New Advisory

By | May 31, 2023
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Seller can not ask Mobile number of Customer to Generate Bills : New Advisoryadvisory on mobile number In order to safeguard consumers privacy, the Ministry of Consumer Affairs has come up with an advisory for retailers. Under the new advisory, shopkeepers can no longer compel customers to provide their personal contact details for generating bill… Read More »

GSTIN Advisory on Filing of Declaration In Annexure V by Goods Transport Agency (GTA) opting to pay tax under forward charge mechanism

By | May 30, 2023
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Advisory on Filing of Declaration In Annexure V by Goods Transport Agency (GTA) opting to pay tax under forward charge mechanism 30/05/2023   The GTAs, who commence business or cross registration threshold on or after 1st April, 2023, and wish to opt for payment of tax under forward charge mechanism are required to file their… Read More »

Category: GST

Cash Limit in Income tax

By | May 30, 2023
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Cash Limit in Income tax Limit on payments in cash for expenses/ liability (Subject to certain conditions and exceptions) 40A(3) 1) Rs. 10,000 (total payment to a person in a day) 2) Rs. 35,000 (total payment to a person in a day) for payments made for plying, hiring or leasing of goods carriage.   Limit… Read More »

Income-tax (Sixth Amendment) Rules 2023. Notification No. 32/2023

By | May 30, 2023
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Income-tax (Sixth Amendment) Rules 2023. Notification No. 32/2023 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th May, 2023 INCOME-TAX G.S.R. 396(E).—In exercise of powers conferred by sub-section (1) of section 249 read with section 295 of  the Income-tax Act, 1961 (43 of 1961), the Central Board of… Read More »

E-Appeals Scheme 2023 Notified by CBDT I Notification No. 33/2023 Income Tax

By | May 30, 2023
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E-Appeals Scheme 2023 Notified by CBDT MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th May, 2023 (INCOME-TAX) S.O. 2352(E).—In exercise of the powers conferred by sub-section (5) of section 246 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme, namely:__… Read More »

Govt made income proof mandatory for Rs 10 lakh investments in small savings schemes :

By | May 27, 2023
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Govt made income proof mandatory for Rs 10 lakh investments in small savings schemes SBOrderNo. 12 12023 The government has now made it mandatory for those investing over Rs 10 lakh in post office schemes to provide proof of source of funds. It has also brought all investments in post office schemes under stricter KYC/PMLA… Read More »

Increased limit for tax exemption on leave encashment for non-government salaried employees notified

By | May 27, 2023
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Increased limit for tax exemption on leave encashment for non-government salaried employees notified Posted On: 25 MAY 2023 5:56PM by PIB Delhi The tax exemption on leave encashment of non-government salaried employees (in respect of the period of earned leave at his credit at the time of his retirement, whether on superannuation or otherwise) was… Read More »