The Central Government has made some major amendments to Income Tax Rules in order to provide more clarity on General Anti-Avoidance Rules(GAAR) which is all set to be implemented from 1st April 2017 onwards. As

The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into force on 31st August, 2015. Under the alternative procedure provided in Rule 114H(8) of the Income-tax Rules, 1962, the financial institutions need to

Following the amendment to Rule 114B and Rule 114E of the Income Tax Rules by the CBDT through its Notification, the RBI today directed the Banks to collect a copy of PAN card while accepting

For easing the process of authentication of electronic records in faceless assessment proceedings, the Government has amended Income-tax Rules, 1962 (‘the Rules’) vide notification no G.S.R. 616(E) dated 6th September 2021. The amended Rules provide that

Overview Under an ESOS, a company grants options (right without any obligation) to acquire a certain number of shares in the company or its holding/subsidiary company generally at a predetermined price (exercise price) within a

The Central Board of Direct Taxes (CBDT) has amended the Rule 114 of the Income-tax Rules, 1962 (I.T.Rules) inter alia provides for the manner in which an application for allotment of a permanent account number ( PAN

April 1 will mark the beginning of a new financial year and will bring a slew of income tax changes. Some of the changes were announced by the Union Finance Minister Nirmala Sitharaman while presenting

The Central Board of Direct Taxes (CBDT) has notified conditions for exemption of income accrued or received by, non-resident as a result of transfer of non-deliverable forward contracts. The Board has notified the Income-tax (33rd

On September 25, 2023, the Central Board of Direct Taxes (CBDT) issued Notification No. G.S.R. 685(E), amending Rule 11UA of the Income Tax Rules, 1962. This amendment, known as the Income Tax (Twenty-First Amendment) Rules,

The Central Board of Direct Taxes ( CBDT ) has waived off lock-in period of 3 years on investment made by Non Residents in bonds of Infrastructure Debt Fund. According to Rule 2F of the

The Central Board of Direct Taxes (CBDT) notified the conditions for the pension fund for exemption under section 10(23FE) and substituted Form No. 10BBA. The Board notified the Income-tax (11th Amendment) Rules, 2021 which seeks

Central Board of Direct Taxes (CBDT) has notified the Income-tax (Ninth Amendment) Rules, 2023 amending the Rule 44E of the Income Tax Rules related to Application for obtaining an Advance Ruling. The amendment seeks to

The Finance Ministry has invited comments on proposed Amendments to the Income Tax Rules, 1962. The Income Tax Rules, 1962 prescribe Form No.36 for filing an appeal to the Income Tax Appellate Tribunal (ITAT). Further,

The role of economic arrangements in the promotion of a free society is twofold. On the one hand, freedom in economic arrangements is in itself a component of freedom, in its broad sense. So, economic

In a significant ruling the Allahabad High Court held that the power of Assessing Authority under the Income Tax Act, 1961 to decide application for release of seized assets not automatically abated after 120 days.