CBDT includes ‘IFSC Units’ in Rule 26 for computing TDS on foreign currency income.
Notification No. 64/2023, dated 17-8-2023.
Mutuality does not exempt interest income of club even if banks are corporate members of the club.
Secunderabad Club etc. v. CIT – [2023] 153 taxmann.com 441 (SC).
When HC set aside order of Income Tax Settlement Commission on a writ filed by Revenue, HC should have remanded the matter back to Settlement Commission (now Interim Board).
Shree Nilkanth Developers v. PCIT – [2023] 153 taxmann.com 415 (SC).
CBDT releases Office Order enlisting the procedure of constitution of Dispute Resolution Committee.
Office Order No. 1 of 2023, dated 14-8-2023.
CBDT issues clarifications on the applicability of section 10(10D) exemption on life insurance policies.
Circular No. 15 of 2023, dated 16-8-2023.
CBDT notifies Rule 11UACA to compute taxable income in respect of sum received under Life Insurance Policies to which exemption u/s 10(10D) does not apply.
Notification No. 61/2023, dated 16-8-2023.