Income Tax - Form 29D to get refund of tax deducted under section 195 – Insertion of new section 239A and Rule 40G The Finance Bill 2022 had proposed an amendments in the provision of Section 248 and Insertion of Sec 239A to ease the Non Residents whose income other than interest is taxed under section 195 to […]...
Read MoreIncome Tax - Updated Income Tax Return has been introduced by inserting a new sub-section (8A) to Section 139 of Income Tax Act, 1961 to provide an opportunity to taxpayers to rectify the mistake of omission of income in the Return of Income filed....
Read MoreIncome Tax - Analysis of Section 194R of Income Tax Act, 1961 which relates to TDS on benefits or perquisite and is applicable with effect from 01.07.2022. APPLICABILITY: To all assesse (other than Individual & HUF) And Individual & HUF (having Business Aggregate Turnover above Rs. 1,00,00,000 or in case of Profession Professional receipt ...
Read MoreIncome Tax - 1.) What is Updated Return ? Updated Return is Return of Income under section 139(8A) of Income Tax Act 1961 to be filed in Form ITR-U which allow any taxpayer -to file return of income not filed earlier -to rectify any incorrect disclosure in Income Tax Return -to rectify or change head of Income -to […]...
Read MoreIncome Tax - The President has given assent on 31 March 2022, to the Finance Bill, 2022 passed by the Parliament with certain amendments. The key Direct Tax Amendments are summarized as under: KEY AMENDMENTS – DIRECT TAX SECTION 2(12A): DEFINITION OF “BOOKS OR BOOKS OF ACCOUNT” SECTION Amendments as introduced by The Finance Bill, 2022 on 1...
Read MoreIncome Tax - 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 ...
Read MoreIncome Tax - Union Finance Minister Government has proposes 39 amendments to Finance Bill, 2022 Smt. Nirmala Sitharaman has proposed 39 amendments to Finance Bill, 2022 vide a Notice of Amendments dated 23.03.2022 introduced in Lok Sabha. Full text of the Notice of Amendments is as follows:- *List No. 1 LOK SABHA FINANCE BILL, 2022 [As introduced in...
Read MoreIncome Tax - Union Finance Minister Nirmala Sitharaman said that Union Budget 2022-23 recognises and encourages the potential of youth, their technological skills and entrepreneurial spirit. “In the 75th year of our independence, the next 25 years are very critical to India’s development; therefore we wanted this year’s Budget to encourage...
Read MoreIncome Tax - Finance Minister Nirmala Sitharaman chairs post-Budget meeting with heads of Banks, NBFCs and Financial Institutions. Finance Minister exhorts all banks to sign up to Account Aggregator Framework, says it will improve credit flow and promote digital lending. Meeting emphasizes that Benefits of digital banking should reach every nook and c...
Read MoreIncome Tax - We here in, would like to bring to your kind notice, few of the issues which might be faced by taxpayers and Chartered accountants as regards certain specific proposals made in this Union Budget, 2022-2023....
Read MoreDhanwan Leasing and Finance Vs ITO (ITAT Indore) - Dhanwan Leasing and Finance Vs ITO (ITAT Indore) Section 68 of the Act provides that where any sum is found to be credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not...
Read MoreNotification No. 18/2022–Central Tax [S.O. 4569(E).] - (28/09/2022) - Central Government hereby appoints the 1st day of October, 2022, as the date on which the provisions of sections 100 to 114 of Finance Act, 2022, except clause (c) of section 110 and section 111, shall come into force vide Notification No. 18/2022–Central Tax | Dated: 28.09.2022. MINISTRY OF FINA...
Read MoreNotification No. 48/2022-Income Tax [G.S.R. 325(E)] - (29/04/2022) - CBDT Notifies vide Notification No. 48/2022-Income Tax Dated- 29.04.2022 Form and Manner for filing updated Income Tax return. Updated return can be filed from the assessment year 2020-21 onwards. Return shall be filed in form no. ITR-U along with applicable ITR form from ITR-1 to ITR-7. MINISTRY OF...
Read MoreNo. 6 of 2022 - (30/03/2022) - Finance Act, 2022 received the assent of the President on the 30th March, 2022. Full text of the same is as follows:- MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 30th March, 2022 The following Act of Parliament received the assent of the President on the 30th March, 2022 ...
Read MoreCircular No. 3/2022-Customs - (01/02/2022) - Circular No. 3/2022-Customs No. CBIC-190354/262/2021-TRU Section-CBEC Government of India Ministry of Finance Department of Revenue (Tax Research Unit) ***** Room No. 156, North Block New Delhi, dated the 1st of February, 2022 To, All Principal Chief Commissioners/ Chief Commissioners of Customs/Cus...
Read MoreBILL No. 18 OF 2022 - (01/02/2022) - FM Nirmala Sitharaman’s presented her fourth budget today i.e. on 1st February 2022. In budget FM has introduced Tax on Virtual Currencies, Introduces no change in Tax Rate for Individuals, Provided relief on Surcharge on LTCG etc. AS INTRODUCED IN LOK SABHA ON 1st FEBRUARY, 2022 Bill No. 18 of ...
Read MoreDhanwan Leasing and Finance Vs ITO (ITAT Indore) -
Notification No. 18/2022–Central Tax [S.O. 4569(E).] - 28/09/2022
Notification No. 48/2022-Income Tax [G.S.R. 325(E)] - 29/04/2022
No. 6 of 2022 - 30/03/2022