Income Tax news

Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date

Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha Industries Association has made a Representation against recent CBDT Circular No. 1/2023 Dated 06.01.2023 by which time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the ...

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Request to announce another Income Disclosure & Vivad Se Vishwas Scheme

Memorandum containing suggestions for Budget 2023 by CCI Professionals Forum with request to consider annoucing another Disclosure Scheme and Vivad Se Vishwas Scheme in national interest. CCI PROFESSIONALS’ FORUM (A unit of Calcutta Citizens’ Initiative) 3, Ho Chi Minh Sarani, Ground Floor, Kolkata 700071 Email npjainadv@gmail.com (M)...

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CBI Arrests Income Tax Officer & CA on Allegations of Bribery of Rs. 2.25 Lakh

CBI Arrests An Assistant Valuation Officer of Income Tax And An Auditor/CA on The Allegations of Bribery of Rs. 2.25 Lakh The Central Bureau of Investigation has arrested an Assistant Valuation Officer, Income Tax Valuation Cell, Chennai and an Auditor/Chartered Accountant in a bribery of Rs. 2.25 Lakh. A case was registered against a Sup...

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List of Banks For Income Tax Payments on NSDL & e-Filing Portal

Updated List of banks for tax payments available at e-Pay Tax service at e-Filing Portal and OLTAS e-Payment of Taxes at Protean (previously NSDL):+ List of banks for tax payments available at e-Pay Tax service at e-Filing Portal and OLTAS ePayment of Taxes at Protean (previously NSDL): Banks available at e-Filing Portal – 18 Banks [&he...

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15 Income Tax Budget 2022 Announcement and Progress so far

1. Income Tax Department brings reforms for Cooperatives! Alternate Minimum Tax for cooperative societies reduced to 15% to bring them at par with companies. Reduction of Alternate Minimum tax rate for cooperatives Announcement Currently, cooperative societies are required to pay Alternate Minimum Tax at the rate of eighteen and one half ...

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AIFTP requests Early disposal of Income-tax appeals pending before CIT(A)/NFAC

AIFTP appeal to Smt. Nirmala Sitharaman (Finance Minister) to direct the CBDT to direct the NFAC to hear the appeals expeditiously and effectively so that the tax payers will be able to get the finality on the tax dispute at the earliest. Also, considering the huge quantum of pendency, CBDT may be directed to frame […]...

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Gross Direct Tax collections for FY 2022-23 register a growth of 25.90%

The figures of Direct Tax collections for the Financial Year 2022-23, as on 17.12.2022 show that net collections are at Rs. 11,35,754 crore, compared to Rs. 9,47,959 crore in the corresponding period of the preceding Financial Year i.e FY 2021­22, representing an increase of 19.81%....

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Unlinked PAN Will Become Inoperative From 01.04.2023

As per sec 139AA of income tax act 1961, every person who has been allotted PAN as on 01.07.2017 and who is eligible to obtain Aadhaar Number have compulsorily link their Aadhaar and pan on or before 31st March 2023 With paying late fee as per Circular No. 7/2022 dated 30/3/2022. As per Income tax […]...

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Webinar on Monthly Updates on Direct & Indirect Taxes on 3rd December 2022

Direct & Indirect Taxes : Monthly Updates Date & Time – 3rd December 2022 (Time:11 a.m to 12:30 p.m) Tax Guru is Organizing a 1 and Half Hour Workshop for discussions on ‘Direct & Indirect Taxes : Monthly Updates’ on the following topics- GST – 1. Replying to notices for ITC denial for- A. Mismatch [&hellip...

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CBDT releases draft Common Income Tax Return Form for public consultation

At present, taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is [&h...

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