63 Legal Updates in Central Board of Direct Taxes

Income-tax (8th Amendment) Rules, 2019

Sep 20, 2019

The Central Board of Direct Taxes (CBDT) on September 17, 2019, has published the Income-tax (8th Amendment) Rules, 2019 to further amend the Income-tax Rules, 1962. They shall come into force from the date of its publication in the Official Gazette that is September 17, 2019. The amendments made in the Income-tax (8th Amendment) Rules, 2019 are a

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Income-tax (7th Amendment) Rules, 2019

Sep 17, 2019

The Central Board of Direct Taxes (CBDT) on September 16, 2019, has published the Income-tax (7th Amendment) Rules, 2019 to further amend the Income-tax Rules, 1962. The amendment in the Income-tax Rules, 1962 is as under: Under Rule 2F(5) which specifies the Guidelines for setting up an Infrastructure Debt Fund for the purpose of exemption under

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E-assessment Scheme, 2019

Sep 13, 2019

The Central Board of Direct Taxes (CBDT) on September 12, 2019, has issued a Scheme called ‘E-assessment Scheme, 2019’. The assessment under this Scheme shall be made in respect of such territorial area, or persons or class of persons, or incomes or class of incomes, or cases or class of cases, as may be specified by the CBDT. Ø

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CBDT clarifies on applicability of Tax Deduction at Source on cash withdrawals

Sep 09, 2019

The Central Board of Direct Taxes on August 30, 2019, has clarified on applicability of Tax Deduction at Source (TDS) on cash withdrawals. However, a new section 194N has been inserted in the Income-tax Act, 1961, to provide for levy of TDS @2% on cash payments in excess of one crore rupees in aggregate made during the year, by a banking company o

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Income-tax (Sixth Amendment) Rules, 2019

Sep 09, 2019

The Central Board of Direct Taxes (CBDT) on September 05, 2019, has published the Income-tax (Sixth Amendment) Rules, 2019 to further amend the Income-tax Rules, 1962. The following amendments in the Income-tax Rules, 1962, are as under: Ø  Rules 2C and 2CA has been substituted, namely: Application for the purpose of grant of approva

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Income–tax (Fifth Amendment) Rules, 2019

Sep 04, 2019

The Central Board of Direct Taxes (CBDT) on August 30, 2019, has published the Income–tax (Fifth Amendment) Rules, 2019 to further amend the Income-tax Rules, 1962. The following amendments in the Income-tax Rules, 1962 are as under: Under Rule 114 which specifies the procedure for application for allotment of a permanent account number: &

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CBDT clarifies in respect of filling-up of the ITR forms for the Assessment Year 2019-20

Aug 29, 2019

The Central Board of Direct taxes (CBDT) on August 27, 2019, has clarified in respect of filling-up of the ITR forms for the Assessment Year (AY) 2019-20. In ITR Form-2 and ITR Form-3, in Part-A General, at column (h), the taxpayer is required to state whether he was Director in a company at any time during the previous year. In case of an affirma

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CBDT clarifies on eligibility of small Start-ups to avail tax holiday

Aug 23, 2019

The Central Board of Direct Taxes on August 22, 2019, has clarified that small startups with turnover up to Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961, which provides deduction for 100 per cent of income of an eligible start-up for 3 years out of 7 years from the year of its

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CBDT exempts certain class of persons from furnishing a return of income from Assessment Year 2019-20

Jul 29, 2019

The Central Board of Direct Taxes (CBDT) on July 26, 2019, has exempted the following class of persons, from the requirement of furnishing a return of income under section 139(1) of the Income Tax Act, 1961 from Assessment Year (AY) 2019-20 onwards. The Class of persons, namely: (i)           

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