Category Archives: Direct Tax

CBDT releases notifications easing constraints of Angel Tax

Posted on May 29, 2023

Pursuant to Press Release dated 19.05.2023 proposing changes with respect to Angel Tax, CBDT has issued notification no. 29 dated 24.05.2023. CBDT notifies the class or classes of persons for inapplicability of Section 56(2)(viib) which are: Government and Government related … Continue reading →

Posted in Direct Tax |

Leave Encashment Exemption Limited Increased to Rs.25 Lakh

Posted on May 26, 2023

CBDT increased limit of Leave Encashment exemption u/s 10(10AA) to Rs. 25 Lakhs for Non- Government Employees CBDT vide Notification No. 31/2023 dated 24.05.2023 has notified Rs. 25 Lakhs as exemption limit under Section 10(10AA) with regard to Leave Encashment … Continue reading →

Posted in Direct Tax |

Proposed Changes in Rule 11UA

Posted on May 23, 2023

Central Board of Direct Taxes (CBDT), in a press release dated 19 May 2023, proposed changes to Rule 11UA for the purpose of the valuation of shares. It is proposed to include 5 more valuation methods available for non-resident investors … Continue reading →

Posted in Direct Tax |

SC ruling on ‘Incriminating material’ in block assessments us 153A-153C

Posted on April 25, 2023

Hon’ble Supreme Court in the case of PCIT vs Abhisar Buildwell P. Ltd. [Civil Appeal No. 6580 of 2021] dated 24.04.2023 upholds the ratio of Hon’ble Delhi High Court’s ruling in Kabul Chawla [(2016) 380 ITR 573] and Hon’ble Gujarat … Continue reading →

Posted in Direct Tax |

CBDT clarifies Employer’s TDS obligation under New ‘default’ Tax Regime us 115BAC

Posted on April 6, 2023

CBDT vide Circular No. 4/2023 dated 5th April, 2023 has issued clarifications regarding employer’s liability w.r.t. TDS on salary in the light of new default personal tax regime introduced by the Finance Act, 2023 u/s 115BAC(1A). CBDT has issued the … Continue reading →

Posted in Direct Tax |