Direct Tax

CA. Haresh Kenia, CA. Deepak Lala

  • CBDT NOTIFIES 28th INCOME TAX AMENDMENT RULES

    • NOTIFICATION No. 103/2023/ F. No. 370142/44/2023-TPL, DATED 18-12-2023

    The Central Board of Direct Taxes vide notification dated 18th December, 2023 has issued the Income-tax Amendment (Twenty-Eighth Amendment) Rules, 2023. The amendment provides that the forms and modes of investment or deposits allowed to be made by charitable or religious institutions and trusts eligible for income tax exemption shall include investment by way of acquiring units of POWERGRID Infrastructure Investment Trust. This notification shall come into effect from date of publication in official gazette.

  • CBDT NOTIFIES 29th INCOME TAX AMENDMENT RULES

    • NOTIFICATION No. 104/2023/ F. No. 370142/26/2023-TPL DATED 19-12-2023

    The Central Board of Direct Taxes vide notification dated 19th December, 2023 has issued the Income-tax (Twenty-Ninth Amendment) Rules, 2023 which amends Rules 10TA and 10TD to revise the definition of ‘Intra-Group Loan’ and outlines its ‘Safe Harbour’ They shall come into force from the 1st day of April, 2024. The amendment provides the method for calculation interest rate and reporting of payment of interest for intra-group loans.

    Intra-group loan means loan advanced to an associated enterprise being a non-resident, where the loan is not advanced by an enterprise, being a financial company including a bank or a financial institution or an enterprise engaged in lending or borrowing in the normal course of business.

    Earlier, only the loans issued in Indian currency and issued to wholly-owned subsidiary were included in the definition of intra-group loans. After this amendment, loans issued in currency other than the Indian rupee or loans provided to associated enterprise other than wholly-owned subsidiary will also be included in the definition of intra-group loans.

    The rules also redefine operating expenses and operating income.

    The Central Board of Direct Taxes (CBDT) has amended the Income Tax rules to liberalize the ‘safe harbour’ norms that allow multinational companies to avoid rigorous audit of their cross-border transactions by following certain requirements.

  • CBDT NOTIFIES 30th INCOME TAX AMENDMENT RULES

    • NOTIFICATION No. 105/2023/ F. No. 370142/45/2023-TPL (Part-I) DATED 22-12-2023

    The CBDT has vide above notified ITR1 (SAHAJ) and ITR4 (SUGAM) for Assessment Year 2024-25.