Income Tax Update: CBDT enables New Functionality for Correcting Tax Challan Online
A new functionality has been introduced by the Central Board of Direct Taxes (CBDT) on the Income Tax portal on 18th August 2023, allowing taxpayers...
![CBDT amends Rule of Rate of Exchange for Purpose of TDS on Income Payable in Foreign Currency [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/08/CBDT-Rule-of-Rate-of-Exchange-Rate-of-Exchange-TDS-Income-Payable-in-Foreign-Currency-Income-Payable-Foreign-Currency-taxscan.jpg "CBDT amends Rule of Rate of Exchange for Purpose of TDS on Income Payable in Foreign Currency [Read Notification]")
![Tax Calculation Error in Form No 5 issued by PCIT cannot be Rectified by AO invoking Provision of Section 154 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Tax-Calculation-PCIT-AO-invoking-Provision-Income-Tax-Act-ITAT-TAXSCAN.jpeg "Tax Calculation Error in Form No 5 issued by PCIT cannot be Rectified by AO invoking Provision of Section 154 of Income Tax Act: ITAT [Read Order]")
![Assessment Order for Addition on account of unexplained money u/s 69A of Income Tax Act not followed by mandate DIN is invalid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Assessment-Order-account-unexplained-money-Income-Tax-Act-mandate-DIN-ITAT-TAXSCAN.jpeg "Assessment Order for Addition on account of unexplained money u/s 69A of Income Tax Act not followed by mandate DIN is invalid: ITAT [Read Order]")
![CBDT invites Comments on Form 6C for Inventory Valuation till 31st August 2023 [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/08/CBDT-CBDT-invites-Comments-Form-6C-Inventory-Valuation-Form-6C-for-Inventory-Valuation-taxscan-.jpg "CBDT invites Comments on Form 6C for Inventory Valuation till 31st August 2023 [Read Notification]")
Tax Effect Less than Threshold Limit Fixed by CBDT: Calcutta HC Dismisses Appeal by Income Tax Department [Read Order]
The Calcutta High Court dismissed an appeal by the Income Tax Department as the tax effect was less than the threshold limit fixed by the Central Board of Direct Taxes (CBDT). The present case is...
![Tax Effect Less than Threshold Limit Fixed by CBDT: Calcutta HC Dismisses Appeal by Income Tax Department [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Tax-Effect-Less-Threshold-Limit-Fixed-by-CBDT-Calcutta-HC-Dismisses-Appeal-by-Income-Tax-Department-TAXSCAN.jpg "Tax Effect Less than Threshold Limit Fixed by CBDT: Calcutta HC Dismisses Appeal by Income Tax Department [Read Order]")
CBDT notifies Extension of Safe Harbour Rule u/s 92CB of Income Tax Act for Acceptance of Transfer Pricing Declared by Assessee [Read Notification]
The Central Board of Direct Taxes (CBDT) vide notification number G.S.R. 595(E) issued on 9th August 2023 has notified the Income-tax (Fifteenth Amendment) Rules, 2023 and the extension of safe...
![CBDT notifies Extension of Safe Harbour Rule u/s 92CB of Income Tax Act for Acceptance of Transfer Pricing Declared by Assessee [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/08/CBDT-notifies-Extension-of-Safe-Harbour-Rule-Income-Tax-Act-Income-Tax-Extension-of-Safe-Harbour-Rule-Transfer-Pricing-Declared-by-Assessee-taxscan.jpg "CBDT notifies Extension of Safe Harbour Rule u/s 92CB of Income Tax Act for Acceptance of Transfer Pricing Declared by Assessee [Read Notification]")
Madras HC directs Centre to consider Exempting Agricultural Cooperative Credit Societies from TDS Deduction [Read Order]
Recently the Madras High Court directed the Centre which includes the Finance Ministry and Central Board of Direct Taxes (CBDT) to take consider the exemption on primary agricultural cooperative...
![Madras HC directs Centre to consider Exempting Agricultural Cooperative Credit Societies from TDS Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Madras-High-Court-Exempting-Agricultural-Cooperative-Credit-Societies-Agricultural-Cooperative-Credit-Societies-TDS-Deduction-TDS-Taxscan.jpg "Madras HC directs Centre to consider Exempting Agricultural Cooperative Credit Societies from TDS Deduction [Read Order]")
![CBDT Amends and Inserts Rule 6ABBB in Income Tax Rules, 1962 [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/CBDT-Amends-Inserts-Rule-Income-Tax-Rules-taxscan.jpg "CBDT Amends and Inserts Rule 6ABBB in Income Tax Rules, 1962 [Read Order]")
![CBDT Notifies Amendment on Section 80LA of Income Tax Act, 1961 [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/08/CBDT-Amendment-Income-Tax-Act-taxscan.jpg "CBDT Notifies Amendment on Section 80LA of Income Tax Act, 1961 [Read Notification]")
Income Tax Growth of 16.1%: Record ITR Filing of over 6.77 Crores and 3.44 ITRs Processed within Due Date
The Central Board of Direct Taxes (CBDT) has informed that the Income Tax Returns (ITR) filing has witnessed a record growth of 16.1% year on year. Also 6.77 crores ITRs were filed within 31st July...
