Section 56(2)(viib) pertains to the taxation of consideration received for the issuance of shares when the total consideration surpasses the fair market value of the shares. Previously, this section applied exclusively when the consideration came from a resident individual. However, the Finance Act of 2023 made changes to Section 56(2)(viib) by removing the phrase “being
In the budget 2023 Hon’ble Finance Minister had brough up several changes in Income Tax Act , from changes in income tax slabs to tax rebate limit raised, No LTCG tax benefit on some debt mutual funds, taxability of life insurance policies are some of the major changes effective from 1 April 2023. 1) New
1. What is Section 80 IAC of the Income Tax Act for Startup Tax Exemption? Section 80-IAC is a benefit offered by Central government to eligible startups by way of providing tax deduction of an amount equal to 100 percent of the profits and gains derived from eligible business. 2. What is the quantum
The Income Tax Department issued Frequently Asked Questions (“FAQs”) on Aadhaar-PAN Linking. Q 1. Who needs to link Aadhaar and PAN? Ans: Section 139AA of the Income Tax Act provides that every individual who has been allotted a permanent account number (PAN) as on the 1st day of July, 2017, and who is eligible to obtain an
𝘼𝙣𝙣𝙪𝙖𝙡 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚𝙨 𝙛𝙤𝙧 𝙋𝙧𝙞𝙫𝙖𝙩𝙚 𝙇𝙞𝙢𝙞𝙩𝙚𝙙 𝘾𝙤𝙢𝙥𝙖𝙣𝙮? New startups after registering their company is always concerned about what all compliances they need to follow. In this article we would like to highlight all Annual and other compliances which a private limited company should comply with to ensure 100% compliance and in return which helps them in
The Central Board of Direct Taxes (CBDT) vide its Circular No 13 of 2022 dated 22nd June 2022 issues the guidelines for removal of difficulties under sub-section (6) of section 194S of the Income-tax Act, 1961. The Central Government vide Finance Act 2022 in the Budget 2022 inserted a new section 194S in the Income-tax
The Central Board of Direct Taxes (CBDT) vide its Circular No 12 of 2022 dated 16th June 2022 issues the guidelines for the removal of difficulties under section 194R (2) of the Income Tax Act 1961. Finance Act 2022 inserted a new section 194R in the Income-tax Act, 1961 (hereinafter referred to as “the Act”)
The Central Board of Direct Taxes (CBDT) vide its Notification No 62/2022 [S.O. 2735(E)] dated 14th June 2022 notifies the Cost Inflation Index (CII) for FY 2022-23 as “331”. MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONNew Delhi, the 14th June, 2022INCOME-TAX S.O. 2735(E).-In exercise of the powers conferred by clause (v) of the
The Central Board of Direct Taxes (CBDT), Directorate of Income Tax (Systems) vide its Notification No 01 of 2022 dated 09th June 2022 releases the functionality to facilitate the deductor /collector to verify “Specified Person” under section 206AB and 206CCA of the Income Tax Act 1961. Section 206AB and 206CCA of the Income-tax Act1961 (effective
The Central Board of Direct Taxes (CBDT) vide its Notification No 59/2022 [S.O. 2602(E)] dated 06th June 2022 amends the conditions for eligible investment fund under section 9A (8A) of the Income Tax Act 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 6th June 2022 S.O. 2602(E).—In
