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Income Tax news

Income Tax Department conducts search & seizure in Haryana

The Income Tax Department had conducted a search and seizure operations on a diversified business group engaged in the manufacturing of plywood/plyboard, MDF board, inverter and vehicle batteries, and in the refining of lead on 11.01.2022.  More than 30 premises spread across the cities of Yamuna Nagar, Ambala, Karnal, and Mohali have be...

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56 Union Budget 2021-22 Provisions implemented by Government

Finance Act, 2021 has inserted specific section 89A in the Income-tax Act, 1961 to provide relief to NRI taxpayers who have an issue with respect to their accrued incomes in their foreign retirement accounts due to mismatch in taxation period....

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Advisory on Form 10CCB to avoid errors in filing & verification

Clarification on Form 10CCB To avoid errors in form filing and verification, kindly ensure that following points are considered: 1. Please assign Form 10CCB to respective Chartered Accountant(CA) from ‘My CA‘ functionality. 2. Once CA successfully submits the form, taxpayer can accept/reject the Form 10CCB under ‘Worklis...

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AOTAA files PIL before Orissa HC on the issue of late fee, interest & penalty under Income Tax

All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition; (ii) Issue notice to the opposite parties as to why writ in the nature of certiorari shall not be issued quashing/striking down “Clarification 1” given in Circular dated 09.09.2021 in respect of Section 2...

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Tamil Nadu Delta Region CA’s Representation for Extension of due dates

Joint Representation Letter of CA's in Thanjavur, Thiruvarur, Nagapattinam, Mayiladuthurai and Cuddalore Districts. CAs wrote to FM on the difficulties faced while using the new Income-tax e-filing portal and Request for waiver of late filing fees, penalties, interest, etc.,...

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Request to extend due date of furnishing Report of Audit for current fiscal year

I am informed that CBDT had carried out changes in the Tax Audit Schema thrice already with the latest one being on January 6th, 2022. These last-minute changes are causing unnecessary hassle for the audit professionals who themselves are struggling with the pandemic....

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Income Tax Dept searches two groups in the business of quarry operation

Income Tax Department conducts searches in Kerala The Income Tax Department carried out search and seizure operation on 05.01.2022 on two groups, engaged in the business of quarry operation.  More than 35 premises spread across districts of Kottayam, Eranakulam, Thrissur, Palakkad and Kannur have been covered in the search operation. Dur...

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Income Tax Dept searches 3 real estate developers in AP & Telangana

Income Tax Department carried out search and seizure operation on 05.01.2022 on three real estate developers, engaged in the business of land development as well as construction activities in the town of Kurnool and other mofussil areas of Andhra Pradesh and Telangana. More than two dozen premises have been covered in the search operation...

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ICAI requested CBDT to waive penalty for filing of tax audit reports

The Institute of Chartered Accountants of India has submitted a representation on 6th January, 2022 to Chairman, CBDT requesting to consider waiver of penalty and other consequences for furnishing of Report of Audit under any provision of the Income-tax Act, 1961 for the A. Y. 2021-22 after January 15, 2022....

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Request to extended Tax Audit & Related Return due dates for AY 2021-22

The Punjab Accountants Association has requested FM for Extension of due date for filing Tax Audit Reports and related Returns for AY 2021-22 under IT Act. 1961. They request FM to be kind enough and extend due date for uploading Tax Audit Reports further from 15th January, 2022 to 28th February, 2022 and related Income-tax […]...

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