Direct Tax

CA. Haresh Kenia, CA. Deepak Lala

  • REFINING ADMINISTRATIVE PROCESSES AND CLARIFYING HIERARCHICAL STRUCTURES WITHIN THE INCOME TAX DEPARTMENT.

    • NOTIFICATION No. 20/2024 /F. No. 279/Misc./66/2014-ITJ (Pt.) 06-02-2024

    The CBDT vide Notification No. 20/2024 dated February 06, 2024 has issued amendments in its earlier Notification No. 106/2022 dated September 02, 2022, under Section 118 of the Income Tax Act, 1961 (“the IT Act”) regarding the changes include substituting terms and defining the hierarchy of income-tax authorities, particularly regarding the Commissioner of Income-tax (Appeals) units. Certain serial numbers and entries in the First Schedule are omitted, and a new Second Schedule is added. These amendments are effective from January 22, 2024, namely: -

    1. Chief Commissioners of Income-tax as specified in Column (3) of the First Schedule shall be subordinate to the Principal Chief Commissioners of Income-tax as specified in Column (2) of the said Schedule;

    2. Commissioners of Income-tax (Appeals) Unit as specified in Column (4) of the First Schedule shall be subordinate to the Chief Commissioners of Income-tax as specified in Column (3) of the said Schedule:

      3. “(c) Commissioner of Income-tax (Appeals) Unit as specified in column (3) of the Second Schedule shall be subordinate to the Principal Chief Commissioner of Income-tax specified in column (2) of the said Schedule:

    Provided that no order shall be issued so as to interfere with the discretion of the Commissioner of Income-tax (Appeals) in exercise of his appellate functions.”;

    The First Schedule and Second Schedule is appended below the above notification.

  • CBDT NOTIFIES TAX INFORMATION EXCHANGE AGREEMENT: INDIA - SAMOA

    • NOTIFICATION No. 21/2024 F. No. 503/06/2012-FTD.II 07-02-2024

    An agreement between the Government of Republic of India and Government of Samoa for exchange of information with respect to taxes, was signed at Apia, Samoa on 12th day of March, 2020, as set out in the Annexure to this notification (hereinafter referred to as the “Agreement”). The said Agreement came into force on the 12th day of September, 2023, being the date of the later of the notifications of the completion of the procedures required by the respective laws of the contracting states for entry into force of the said Agreement, in accordance with paragraphs 1 and 2 of Article 12 of the said Agreement. Paragraph 2 of Article 12 of the said Agreement provides that the Agreement shall have effect forthwith after the date of entry into force. Now, therefore, in exercise of the powers conferred by sub-section (1) of section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that all the provisions of the said Agreement, as annexed hereto, shall be given effect to in the Union of India.

  •  CBDT ISSUES CORRIGENDUM CLARIFYING 6 CHANGES TO ITR FORMS ITR-2, ITR-3 AND ITR-5 FOR AY 2024-25

    • NOTIFICATION No. 22/2024 F. No. 370142/47/2023-TPL 21-02-2024

    The Central Board of Direct Taxes (CBDT) recently released a corrigendum, marked as Notification No. 22/2024 dated February 21, 2024, amending Notification No. 19/2024 dated January 31, 2024. This corrigendum serves to provide clarity and notify six specific changes and aspects concerning the Income Tax Return (ITR) Forms, namely ITR-2, ITR-3, and ITR-5, for the Assessment Year (A.Y.) 2024-25.