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- CBDT releases notifications easing constraints of Angel Tax
- Leave Encashment Exemption Limited Increased to Rs.25 Lakh
- Proposed Changes in Rule 11UA
- SC ruling on ‘Incriminating material’ in block assessments us 153A-153C
- CBDT clarifies Employer’s TDS obligation under New ‘default’ Tax Regime us 115BAC
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Category Archives: Direct Tax
CBDT releases notifications easing constraints of Angel Tax
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
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
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
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
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