#cbdt amends in tax

[acquisory]

CBDT amends Income-Tax Act to simplify TCS credit for Salaried Employees

With this amendment, it may be inferred that various such individuals will now have the option to claim TCS credits against tax liabilities. Thus, it will prove particularly advantageous for individuals encountering expenses pertaining to overseas travel and education.

Key Highlights of the Amendment

Claiming the TCS Credits

The amended tax regulations now permit a different individual to accumulate the TCS Credit, apart from the original payer. This reform will enable parents or legal guardians, who have paid TCS for their children’s tuition fees abroad, to transfer the credit to their own tax returns.

With this move, it will now provide flexibility to lessen the financial burden on families.

This enables employees to claim tax collected for their overseas tour package and reduce the TDS burden on their salary instead to wait for the filling of the income tax return that happens only next year.

How can one claim the TCS Credit?

The collectee who made the payment must provide a declaration to the tax collector (such as a bank or institution collecting the TCS). This declaration should specify that the credit should be applied to another person’s PAN.

Introduction of new Form 12BAA

In the lieu of the above amendment, CBDT has unveiled a new Form 12BAA as per notification No. 112/2024 dated 15th October 2024, designed for the reporting of non-salary income and the inclusion of TCS details. These forms…

Read more: https://www.acquisory.com/ArticleDetails/96/CBDT-amends-Income-Tax-Act-to-simplify-TCS-credit-for-Salaried-Employees

[news365timesindia]

[ad_1] CBDT Notifies Amendments in Income-tax Rules for Ease in Claiming Credit for TCS Collected/TDS Deducted for Salaried Employees and Enabling claiming TCS Credit of Minors in the Hands of Parents [ad_2] Source link

[news365times]

[ad_1] CBDT Notifies Amendments in Income-tax Rules for Ease in Claiming Credit for TCS Collected/TDS Deducted for Salaried Employees and Enabling claiming TCS Credit of Minors in the Hands of Parents [ad_2] Source link

[6nikhilum6]

Clarification Issued on Section 230(1A) of Income-tax Act: No Mandatory Tax Clearance Certificate for All Indian Citizens

New Delhi, 20th August 2024: The recent amendment to Section 230(1A) of the Income-tax Act, 1961, has led to widespread confusion and misinformation, particularly regarding the requirement of obtaining a tax clearance certificate (ITCC) for Indian citizens before leaving the country. Contrary to circulating reports, the Central Board of Direct Taxes (CBDT) has clarified that the amendment does…

[vikram-blogs]

Interim Budget Update: Withdrawal of Outstanding Tax Demands – MCA Consulting

The FY 2024-2025 interim budget introduced a significant relief measure for small taxpayers, with no proposed amendments to the Income-tax law. The government announced the withdrawal of outstanding tax demands of Rs. 25,000/- per year up to FY 2009-10 and Rs. 10,000/- per year for FY 2010-11 to 2014-15. This measure affects a substantial number of disputed tax demands, including income tax, wealth tax, and gift tax, totaling Rs. 35 lakh crores. The Central Board of Direct Taxes (CBDT) clarified that demands under these amounts will be withdrawn, with a cap of Rs. 1,00,000/- per taxpayer, excluding TDS and TCS demands. This move aims to reduce the burden on taxpayers, alleviate the backlog of disputes, and enhance the business environment in India by resolving long-standing tax issues and facilitating withheld tax refunds. Continue reading - https://mcaconsulting.com/blogs/withdrawal-of-outstanding-tax-demands-key-update-from-interim-budget/

[lawyer2ca]

🚀 Exciting Tax Updates for 2024! 🚀

Hello @lawyer2ca community! 🌐

Get ready for a transformative year ahead as we bring you the latest scoop on the 15 game-changing tax amendments for 2023 that are set to redefine your financial landscape in 2024! 💼💸

Here's a quick rundown:

1-New Tax Regime Slabs: Revamped to be more enticing, offering a boon to those unable to invest in tax-saving instruments previously.

2-Hike in Basic Exemption Limit: Save up to Rs 15,000 with the basic exemption limit under the new tax regime raised to Rs 3 lakh.

3-Default Tax Regime: The new tax regime becomes the default choice from April 1, 2023. Opt for the old regime if you seek common tax deductions.

4-Increased Rebate under Section 87A: Enjoy a higher rebate of Rs 25,000 under section 87A for taxable income up to Rs 7 lakh.

5-Standard Deduction in New Tax Regime: Salaried individuals with up to Rs 7.5 lakh taxable income benefit from a Rs 50,000 standard deduction.

6-No LTCG Benefit in Debt Mutual Funds: Post March 31, 2023, investments in debt mutual funds lose Long Term Capital Gains (LTCG) tax benefits.

7-Marginal Tax Relief for Small Taxpayers: A sigh of relief for individuals with slightly exceeding Rs 7 lakh taxable income.

8-Reduced Surcharge Rates: The highest surcharge rate for those earning over Rs 5 crore reduced from 37% to 25%.

9-Increased Tax Exemption on Leave Encashment: Non-government employees can now enjoy tax exemption on leave encashment up to Rs 25 lakh.

10-New Rules for Rent-Free House Salary: The CBDT introduces fresh rules for rent-free accommodations, potentially lowering TDS.

11-Tax on Maturity Amount from Non-ULIP Life Insurance Policies: Maturity amounts exceeding Rs 5 lakh are now taxable for non-ULIP life insurance policies issued after April 1, 2023.

12-Limit on Capital Gains Deductions from Property Sale: A cap of Rs 10 crore on maximum deductions from property sales.

13-Discard ITR Option: Introducing the Discard return option, allowing deletion of unverified ITR submissions.

14-TDS on Online Game Winnings: TDS on online game winnings is now applicable without any threshold, at a rate of 30%.

15-Relief on Higher TDS for Non-ITR Filers: Non-mandatory ITR filers won't face higher TDS on bank FDs, dividend income, and specified incomes.

Stay ahead of the curve and ensure your financial strategy aligns with these changes! 💡💼✨

For detailed insights, connect with our tax experts.

#Tax2024 #FinancialFreedom #TaxChanges #StayInformed #Lawyer2CA 📊🔍

[babatax]

Life Insurance Premium above Rs 5 lakh - Check Income Tax New Rules

Life insurance income tax above Rs 5 lakh: On August 16th, 2023, the Income Tax department prescribed a method for calculating income proceeds from life insurance policies where the total annual premium exceeds Rs 5 lakh. The Central Board of Direct Taxes (CBDT) has published the Income Tax Amendment (Sixteenth Amendment), Rules, 2023, which specifies rule 11UACA for calculating income with…

[shahananasrin-blog]

[ad_1] For premiums beyond this limit, the proceeds will be added to the income.New Delhi: The Income Tax department has prescribed a mechanism for calculating income proceeds from life insurance policies where aggregate annual premium exceeds Rs 5 lakh.The Central Board of Direct Taxes (CBDT) has notified the Income Tax Amendment (Sixteenth Amendment), Rules, 2023, prescribing rule 11UACA for calculating income with respect to sum received upon maturity of life insurance policies wherein the amount of premiums exceed Rs 5 lakh and such policy/policies are issued on or after April 1, 2023.According to the change, for policies issued on or after April 1, 2023, the tax exemption on maturity benefits under Section 10(10D) will only be applicable if the aggregate premium paid by an individual is up to Rs 5 lakh a year.For premiums beyond this limit, the proceeds will be added to the income and taxed at applicable rates.The change in tax provision with regard to life insurance policies, except ULIP, was announced in the Union Budget 2023-24.AMRG & Associates Joint Partner (Corporate & International Tax) Om Rajpurohit said according to the formula, any surplus amount received on maturity would be subject to tax under the head "income from other sources".AKM Global Tax Partner Amit Maheshwari said the provision was introduced to nullify tax advantages given to investments disguised as insurance policies. Since this provision would impact many individuals, especially the rich, CBDT has issued guidelines to remove difficulties, which is a welcome move.The guidelines are elaborate and give various examples on the computation of the consideration eligible for exemption, Maheshwari added.The taxation provision for the amount received on the death of an insured has not been changed and that continues to remain exempt from income tax. PTI JD TRB HVA DRR(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.) [ad_2]

[weelectronicstudentreviewstuff]

Income Tax Department amends TDS form, tds rules, tds rate, income tax department, new tds rule, TDS on cash withdrawal Image Source : PTI Income Tax Department amends TDS form, makes it more comprehensive The income tax department has amended the TDS form, making it more comprehensive and mandating deductors to state reasons for non-deduction of tax.

[educationaltip]

SSC Exam Preparation- 2023

SSC CGL 2022 Notification

Released is the notice for SSC CGL 2022. On September 17, 2022, the Staff Selection Commission published the SSC CGL 2022 Notification PDF, which included all the pertinent information, including the syllabus, exam date, open positions, and exam format. The commission also activated the internet link, which will be active from September 17 to October 8, 2022. The SSC CGL exam will likely take place in December 2022.

The SSC CGL exam is administered by the Staff Selection Commission to choose candidates for positions within the Indian government's different agencies, divisions, and offices. It is a national-level exam that is used to fill Group B and Group C positions in government agencies. Release of SSC CGL Amendment Notice! A total of 20000 positions will be made available for application. The Staff Selection Commission administers the SSC CGL exam (SSC). The fact that the chosen applicants are hired for a variety of positions throughout the departments of the Central Government makes it one of the most anticipated exams of the year.

A national-level competitive exam called SSC CGL 2022 is used to select graduates for various Group "B" and "C" positions in the Central Government ministries. This recruiting exam offers a variety of job categories, including Assistant Audit Officer, Assistant Section Officer, Sub-Inspector, etc. Those who intend to apply for the exam should bookmark this page so they may come back and read the most recent information about the SSC CGL notice. For the most recent information on the Combined Graduate Level Examination (CGL) exam date, cut-off, openings, etc., scroll down.

One of the largest exams ever held in India for graduate students is the SSC CGL (Combined Graduate Level). Every year, SSC holds SSC CGL to fill a variety of positions across the various Ministries and Departments of the Government of India as well as within its Subordinate Offices. For students hoping to land a position in one of the reputable businesses run by the central government, the SSC CGL 2022 exam will be a fantastic opportunity. SSC fills hundreds of positions in government agencies each year. A government position can help you develop a steady career, but it also comes with a lot of obligations.

SSC CGL Vacancy 2022

In total, there are over 20,000 Group B and C Post openings that must be filled in 2022–2023. The SSC CGL Vacancy 2022 has been tabulated below by category and year.

SSC CGL Vacancy – Year-wise

Year

UR

SC 

ST

OBC

Total

SSC CGL 2022-23

—

—

—

—

20,000

SSC CGL 2021-22

3024

1204

703

897

7686

SSC CGL 2020-21

2891

1046

510

1858

7035

SSC CGL 2019-20

3674

1242

667

2198

8582

SSC CGL 2018-19

5770

1723

845

2933

11271

SSC CGL 2017-18

4144

1322

656

1999

8121

The Combined Graduate Level (CGL) Exam is administered by the Staff Selection Commission (SSC) in order to fill positions in a variety of subordinate services, including:

• Assist in the attached, subordinate, and ministries/departments of the Indian government.

• Central Excise & Customs Inspectors.

• Income Tax Inspectors.

• Customs preventive officers.

• Customs inspector.

• Central Bureau of Narcotics and CBI Sub-Inspectors.

• Assistant Enforcement Officer, Department of Revenue, Directorate of Enforcement.

• Divisional Accountants, Junior Accountants, Auditors, and UDCs in different Government of India offices.

• Auditor Offices under C&AG, CGDA, CGA, and other organizations.

• Tax Assistant in CBDT and CBEC; Accountant or Junior Accountant.

• Registrar General of India compiler. 

SSC CGL 2022 Exam Date

The announcement and SSC CGL Test Date 2022 for the Tier-1 exam have both been made public. The tier-1 exam is anticipated to take place in December 2022, according to the official statement. Within 15 days of the exam date, the admission card will be made available.

SSC CGL Exam Date 2022

Activity

Dates

Notification Release Date

17th September 2022

Online Application Process Starts

17th September 2022

Last Date to Apply Online

08th October 2022

Last date for the generation of offline Challan

08th October 2022 (11 pm)

Last date for payment through Challan

10th October 2022 (11 pm)

The window for Application Form Correction

12th to 13th October 2022

SSC CGL Tier-I Application Status

To be notified

SSC CGL Admit Card 2022 (Tier-1)

To be notified

SSC CGL Exam Date 2022 (Tier-I) 

December 2022

SSC CGL Exam Date 2022 (Tier-II) 

To be notified

SSC CGL 2022 Selection Process [Revised]

As seen below, the SSC CGL 2022 Examination will be divided into four tiers.

1.1 Tier I: Computer Based Test (Qualifying in nature)

1.2 Tier-II: Paper I (required for all positions), Paper-II for applicants seeking Junior Statistical Officer (JSO) positions with the Ministry of Statistics and Programme Implementation, and Paper III for those seeking Assistant Audit Officer/Assistant Accounts Officer positions.

• Roll numbers and admit cards will be issued to all applicants who successfully applied for the SSC CGL exam, allowing them to appear in the computer-based examination (Tier-I).

• Candidates will be chosen for Tier-II and Tier-III Examinations based on their performance in Tier-I, category-wise.

• Separate cut-offs for Tier-II Paper-II (i.e. for Tier-II Paper-II) will be released separately.

• Candidates will be shortlisted, category-wise, for the Tier-II and Tier-III Examinations based on the marks received in Tier-I.

• For Paper-I of Tier-II (for the position of Junior Statistical Officer (JSO)), Paper-III of Tier-II (for the positions of Assistant Audit Officer and Assistant Accounts Officer), and Paper-I of Tier-II, individual cut-offs will be announced separately (i.e. for all other posts).

• All applicants who passed the Tier I exam will take the Tier II exam.

• All applicants will be required to take Papers I, II, and III in Tier II. To appear in Paper-II and Paper-III, however, only particular applicants who have been shortlisted for the positions of Junior Statistical Officer (JSO) and Assistant Audit Officer/ Assistant Accounts Officer would be required to do so.

How to fill in SSC CGL Application Form 2022?

Step 1: Visit the SSC's official website, ssc.nic.in.

Step 2: On the SSC homepage, complete the captcha, enter your login information, and click Login.

Step 3: Go to the Apply Now button after logging in, then select the SSC CGL under the exams tab.

Step 4: Locate and click the apply now option under the SSC CGL Exam tab.

Step 5: The SSC CGL Exam Application Form will appear on the screen; complete it with the necessary information and select your exam site.

Step 6: Check the information carefully two or three times after entering it because SSC will not accept modifications made after the final submission.

Step 7: Upload your photo and signature in accordance with SSC requirements.

Step 8: Finish the SSC CGL application process by making the required online payments.

SSC CGL 2022 Application Fee

• Rs. 100 is the mandatory application fee.

• Exemption: Female, SC, ST, physically handicapped, and ex-serviceman applicants are not obliged to pay a fee.

• Only SBI should be used to pay application fees, whether through challans, SBI Net Banking, or credit/debit cards from other banks. Online-generated Challan forms will be used.

• After completing Part-1 registration, the candidate should print off the challan created online to make a cash payment. Continue with the Part-2 registration after paying the required amount in any SBI branch.

• After completing part-1 registration, candidates who wish to make payments online can proceed directly to part-2 registration. To proceed with Part-2 registration, the candidate must provide their registration number and date of birth.

ds for Inspector (Central Excise), Sub-Inspector (Central Bureau of Investigation), and Inspector (Preventive Officer) (National Investigation Agency).

[new-haryanvi-ragni]

ITR Filing FY 2021-22: I-T Dept gives big relief to taxpayers to claim THIS credit, here is everything you need to know

ITR Filing FY 2021-22: I-T Dept gives big relief to taxpayers to claim THIS credit, here is everything you need to know

The Central Board of Direct Taxes (CBDT) has amended tax Rules providing relief to taxpayers in claiming Foreign Tax Credit (FTC).  source https://zeenews.india.com/personal-finance/itr-filing-fy-2021-22-i-t-dept-gives-big-relief-to-taxpayers-to-claim-this-credit-here-is-everything-you-need-to-know-2499348.html

[guptachandanassociates]

HC follows CBDT’s Instruction; quashes sec. 148 notice issued for AY having escaped assessment below Rs. 50 lakh

HC follows CBDT’s Instruction; quashes sec. 148 notice issued for AY having escaped assessment below Rs. 50 lakh

INCOME TAX : Where for assessment years 2013-14 to 2015-16, income of assessee escaping assessment to tax was less than Rs. 50,00,000/- and notice had not been issued within limitation under unamended provisions of section 149, proceedings under amended provision of sections 148A and 149 as substituted by Finance Act, 2021, could not be initiatedINCOME TAX : Where for assessment years 2013-14 to…

[newspro24x7]

New tax rule implemented from today, PAN or Aadhaar is necessary for transactions of more than 20 lakhs, know what are the rules

New tax rule implemented from today, PAN or Aadhaar is necessary for transactions of more than 20 lakhs, know what are the rules

Tax rules : New tax rules have been implemented from today. The Central Board of Direct Taxes (CBDT) has implemented this by making the 15th amendment in the Income Tax Rule, the notification of which was issued on 10 May 2022. According to the new rule, if someone does a transaction of 20 lakhs or more in cash in a financial year, then he will have to give information of Aadhar card or PAN card.…

[thenetionalnews]

New cash transaction rules in bank, post office: PAN-Aadhaar will be necessary for cash transactions from 26 May

New cash transaction rules in bank, post office: PAN-Aadhaar will be necessary for cash transactions from 26 May

Cash Deposit New Rules: The government has made new rules regarding cash transactions in the bank or post office. According to the new rules, PAN and Aadhaar will be required for depositing cash of Rs 20 lakh or more in a bank or post office in any one financial year. The Central Board of Direct Taxes (CBDT) has issued new rules under the Income Tax (15th Amendment) Rules, 2022. However, the new…

[babatax]

PAN mandatory to deposit or withdraw Rs 20 lakh, opening current account

PAN mandatory to deposit or withdraw Rs 20 lakh, opening current account

From May 26 onwards, anyone depositing or withdrawing Rs 20 lakh or more from one or more bank accounts in a financial year will have to quote the Permanent Account Number (PAN) at the time of withdrawal. With a view to curb evasion of taxes through the use of cash, the Central Board of Indirect Taxes (CBDT) has notified amendments to the Income Tax Rules that have made mention of PAN mandatory…