Income tax benefits for retired employees under Indian Income Tax Act 1. Higher Basic Exemption Limit: – Out of numerous income tax benefits available for the retired employees, first and foremost benefit is the basic tax exemption limit. For ordinary individual taxpayers, the basic exemption limit, up to which he is not required to pay
Deduction of tax at source from payment on transfer of certain immovable property 1 Provisions of Section 194-IA: (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall,
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 High Court of Delhi in the case of M/s Prem Brothers Infrastructure LLP Vs National Faceless Assessment Centre & Anr [W.P.(C) 7092/2022] quashed the penalty under section 270A of the Income Tax Act 1961 and directed to grant immunity under section 270AA of the Act. The Court held that under-reporting of income due to
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
The Central Board of Direct Taxes (CBDT) vide its Notification No 57/2022 [G.S.R. 404(E)] dated 31st May 2022 notifies the form and manner of filing an appeal to the High Court on ruling pronounced or order passed by the Board for Advance Rulings under section 245W(1). MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF
The Central Board of Direct Taxes (CBDT) vide its Notification No 56/2022 dated 28th May 2022 authorises the Assistant Commissioner of Income Tax / Deputy Commissioner of Income Tax (International Taxation), Circle -1(1)(1), Delhi to act as the ‘Prescribed Income-tax Authority’ for the purpose of issuance of notice under sub-section (2) of section 143 of
