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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%....

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 […]...

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...

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...

s agricultural land is not covered under the definition of Capital asset, capital gains on transfer of the same is not taxed. Suitable provisions may be introduced to exclude this Capital gain while calculating Book Profit for the purpose of MAT....

Chartered Accountants Association Surat (CASS) Comprehensive Pre-Budget 2023-24 Memorandum by CAAS highlighting hardships and areas of improvement where Income-Tax can become taxpayer friendly tax. Sr. No. Existing provision under the I. T. Act, 1961 Section 2 of Finance act: – Tax rates for non-corporate Tax payers 1 Difficulty / I...

Key Features – Return Preparation Utility (RPU) version 4.4 e-TDS/TCS Return Preparation Utility Ver. 4.4 for Regular & Correction Statement(s) from FY 2007-08 onwards. 5 new section codes are added under Annexure I (i.e. deductee details) of Form 26Q which are as below: Section Nature of payment (description to be populated for thi...

The present format of ITR as well as the one proposed in the draft Common ITR, requires the assessee to furnish Financial Statements in a format adapted to the requirements of the department for variety of reasons including meaningful analysis....

Income Tax Department initiated a Search & Seizure action on few groups engaged in the business of gold & diamond jewellery and real estate, on 17.11.2022. The searches were carried out at more than 30 premises spread over Patna, Bhagalpur, Dehri-on-Sone, Lucknow and Delhi. During the course of the search, large number of incrimin...

Income Tax Department initiated Search & Seizure actions on 20.10.2022 and 02.11.2022 on certain individuals who had executed Joint Development Agreements (JDAs) with various real-estate developers. The search action covered more than 50 premises spread across Bengaluru, Mumbai and Goa. During the course of the search operations, a la...