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| Dear Reader, | |||
| Greetings for the day!!! We are pleased to share the recent Income Tax notification and circulars. |
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| S.no | Description | Relevant links |
| 1. | Ministry of Finance implemented e-Verification Scheme 2021, allowing taxpayers to view and respond to discrepancies between third-party income information and their ITRs. | Press Release Dtd 26.02.2024 |
| 2. | Further to notifying ITR 1-6, CBDT now notifies ITR-7 for AY 2024-25. | Notification no. 24/2024 Dtd 01.03.2024 |
| 3. | CBDT provides recognition to “Uttar Pradesh Real Estate Regulatory Authority” u/s 10(46), outlining specific incomes and conditions for its applicability. | Notification no.25/2024 Dtd 01.03.2024 |
| 4. | CBDT provides recognition to “Karnataka Urban Water Supply and Drainage Board” u/s 10(46), outlining specific incomes and conditions for its applicability. | Notification no.26/2024 Dtd 01.03.2024 |
| 5. | Post implementing e-Verification Scheme-2021, CBDT identified various tax discrepancies in ITRs filed for A.Y. 2021-22 and thereby sent emails to taxpayers encouraging them to submit updated returns u/s 139(8A). | Press Release Dtd 04.03.2024 |
| 6. | Ministry of Finance introduces significant amendments in Form 3CD (Tax Audit), Form 3CEB (Transfer pricing) and Form 65 (For shipping companies). | Notification no.27/2024 Dtd 05.03.2024 |
| 7. | CBDT allows furnishing of audit report in applicable Form No. 10B/ 10BB for A.Y. 2023-24 on or before 31st March, 2024 to those trusts/ institutions which have erroneously furnished audit report on or before 31st October 2023 in Form No. 10B where Form No. 10BB was applicable and vice-versa. | Circular no.2/2024 Dtd 05.03.2024 |
| 8. | CBDT clarifies manner of computation of exemption for donations made by an eligible Trust/ institution to another eligible Trust/ institution. | Circular no.3/2024 Dtd 06.03.2024 |
| 9. | Due to unavailability of Form 26QE, CBDT ex-post facto extends due date to file the said form to 30th May 2023 (w.r.t. TDS deducted u/s 194S on transfer of Virtual digital assets during the period 1st July 2022 to 28th February 2023) and waives-off fee u/s 234E and interest upto 30th May 2023. | Circular no.4/2024 Dtd 07.03.2024 |
| 10. | CBDT provides an exemption from deducting TDS on specified payments to IFSC Units. | Notification no.28/2024 Dtd 07.03.2024 |
| We trust you will find this
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